Allspring Global Investments Holdings LLC Increases Position in Tanger Inc. (NYSE:SKT)

Allspring Global Investments Holdings LLC boosted its holdings in Tanger Inc. (NYSE:SKT) by 13.6% in the third quarter, according to its most recent Form 13F filing with the SEC. The fund owned 317,549 shares of the real estate investment trust’s stock after purchasing an additional 38,036 shares during the period. Allspring Global Investments Holdings LLC owned about 0.29% of Tanger worth $10,536,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently bought and sold shares of SKT. Blue Trust Inc. boosted its stake in shares of Tanger by 504.1% during the 3rd quarter. Blue Trust Inc. now owns 5,298 shares of the real estate investment trust’s stock valued at $176,000 after buying an additional 4,421 shares during the last quarter. Creative Planning raised its holdings in Tanger by 14.5% in the third quarter. Creative Planning now owns 9,637 shares of the real estate investment trust’s stock valued at $320,000 after acquiring an additional 1,219 shares in the last quarter. Exchange Traded Concepts LLC bought a new position in Tanger during the 3rd quarter valued at $151,000. Perpetual Ltd acquired a new position in Tanger during the 3rd quarter worth $453,000. Finally, Future Financial Wealth Managment LLC bought a new stake in shares of Tanger in the 3rd quarter worth about $228,000. Institutional investors and hedge funds own 85.23% of the company’s stock.

Tanger Stock Performance

Shares of SKT stock opened at $33.69 on Friday. The company has a market cap of $3.68 billion, a P/E ratio of 37.43, a PEG ratio of 2.89 and a beta of 1.89. The business has a 50 day moving average of $32.01 and a two-hundred day moving average of $29.07. Tanger Inc. has a 52 week low of $21.42 and a 52 week high of $34.81. The company has a quick ratio of 0.13, a current ratio of 0.13 and a debt-to-equity ratio of 2.53.

Tanger Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, November 15th. Investors of record on Thursday, October 31st will be given a dividend of $0.275 per share. The ex-dividend date is Thursday, October 31st. This represents a $1.10 dividend on an annualized basis and a yield of 3.27%. Tanger’s dividend payout ratio is currently 122.22%.

Wall Street Analyst Weigh In

Several brokerages have recently commented on SKT. Evercore ISI increased their price target on shares of Tanger from $29.00 to $31.00 and gave the stock an “in-line” rating in a research report on Monday, September 16th. Compass Point increased their target price on Tanger from $34.00 to $36.00 and gave the stock a “buy” rating in a report on Friday. Scotiabank boosted their price target on Tanger from $28.00 to $30.00 and gave the company a “sector perform” rating in a report on Monday, August 26th. Finally, Bank of America raised their price objective on Tanger from $31.00 to $35.00 and gave the stock a “neutral” rating in a research note on Friday, October 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, Tanger currently has an average rating of “Moderate Buy” and an average target price of $32.33.

Tanger 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.