The Manufacturers Life Insurance Company Acquires 3,184 Shares of Tanger Inc. (NYSE:SKT)

The Manufacturers Life Insurance Company grew its holdings in shares of Tanger Inc. (NYSE:SKT) by 5.7% during the second quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 59,460 shares of the real estate investment trust’s stock after purchasing an additional 3,184 shares during the quarter. The Manufacturers Life Insurance Company owned about 0.05% of Tanger worth $1,612,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors have also modified their holdings of the company. Blue Trust Inc. raised its holdings in shares of Tanger by 1,412.1% during the 2nd quarter. Blue Trust Inc. now owns 877 shares of the real estate investment trust’s stock valued at $26,000 after purchasing an additional 819 shares in the last quarter. HHM Wealth Advisors LLC bought a new position in shares of Tanger during the 2nd quarter valued at $27,000. Whittier Trust Co. bought a new position in shares of Tanger during the 2nd quarter valued at $33,000. GAMMA Investing LLC raised its holdings in shares of Tanger by 44.6% during the 2nd quarter. GAMMA Investing LLC now owns 1,274 shares of the real estate investment trust’s stock valued at $35,000 after purchasing an additional 393 shares in the last quarter. Finally, CWM LLC raised its holdings in shares of Tanger by 418.6% during the 2nd quarter. CWM LLC now owns 1,732 shares of the real estate investment trust’s stock valued at $47,000 after purchasing an additional 1,398 shares in the last quarter. Institutional investors own 85.23% of the company’s stock.

Tanger Stock Performance

Shares of SKT opened at $33.56 on Friday. The company’s fifty day moving average price is $30.56 and its 200 day moving average price is $28.64. Tanger Inc. has a one year low of $21.42 and a one year high of $33.85. The company has a debt-to-equity ratio of 2.53, a current ratio of 0.13 and a quick ratio of 0.13. The company has a market capitalization of $3.67 billion, a PE ratio of 36.87, a price-to-earnings-growth ratio of 3.39 and a beta of 1.89.

Tanger Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, August 15th. Stockholders of record on Wednesday, July 31st were issued a dividend of $0.275 per share. The ex-dividend date of this dividend was Wednesday, July 31st. This represents a $1.10 annualized dividend and a dividend yield of 3.28%. Tanger’s payout ratio is 120.88%.

Analysts Set New Price Targets

Several brokerages recently commented on SKT. Evercore ISI lifted their target price on shares of Tanger from $29.00 to $31.00 and gave the stock an “in-line” rating in a report on Monday, September 16th. Scotiabank lifted their target price on shares of Tanger from $28.00 to $30.00 and gave the stock a “sector perform” rating in a report on Monday, August 26th. Finally, Compass Point lifted their target price on shares of Tanger from $32.00 to $34.00 and gave the stock a “buy” rating in a report on Wednesday, September 11th. Three investment analysts have rated the stock with a hold rating and three have issued a buy rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $31.33.

Tanger Company Profile

Tanger Inc (NYSE: SKT) is a leading owner and operator of outlet and open-air retail shopping destinations, with over 43 years of expertise in the retail and outlet shopping industries. Tanger’s portfolio of 38 outlet centers, one adjacent managed center and one open-air lifestyle center comprises over 15 million square feet well positioned across tourist destinations and vibrant markets in 20 U.S.