Creative Planning Grows Stock Holdings in Tanger Inc. (NYSE:SKT)

Creative Planning boosted its holdings in shares of Tanger Inc. (NYSE:SKT) by 14.5% during the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 9,637 shares of the real estate investment trust’s stock after purchasing an additional 1,219 shares during the quarter. Creative Planning’s holdings in Tanger were worth $320,000 as of its most recent SEC filing.

Other hedge funds also recently bought and sold shares of the company. Exchange Traded Concepts LLC bought a new position in Tanger during the third quarter valued at $151,000. Perpetual Ltd bought a new position in shares of Tanger in the third quarter worth about $453,000. Future Financial Wealth Managment LLC bought a new position in shares of Tanger in the third quarter worth about $228,000. GAMMA Investing LLC grew its holdings in shares of Tanger by 62.0% in the third quarter. GAMMA Investing LLC now owns 2,064 shares of the real estate investment trust’s stock worth $68,000 after purchasing an additional 790 shares during the last quarter. Finally, Handelsbanken Fonder AB grew its holdings in shares of Tanger by 28.3% in the third quarter. Handelsbanken Fonder AB now owns 31,753 shares of the real estate investment trust’s stock worth $1,054,000 after purchasing an additional 7,000 shares during the last quarter. Hedge funds and other institutional investors own 85.23% of the company’s stock.

Wall Street Analyst Weigh In

A number of research analysts have recently commented on the stock. Scotiabank upped their price target 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. Evercore ISI upped their price target on shares of Tanger from $31.00 to $33.00 and gave the stock an “in-line” rating in a report on Thursday. Compass Point upped their price objective on shares of Tanger from $34.00 to $36.00 and gave the stock a “buy” rating in a research note on Friday, October 25th. Finally, Bank of America upped their price objective on shares of Tanger from $31.00 to $35.00 and gave the stock a “neutral” rating in a research note on Friday, October 11th. Three analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $32.67.

Tanger Stock Up 0.3 %

NYSE:SKT opened at $35.55 on Friday. Tanger Inc. has a fifty-two week low of $23.82 and a fifty-two week high of $35.85. The stock has a market capitalization of $3.89 billion, a P/E ratio of 41.34, a P/E/G ratio of 2.87 and a beta of 1.88. The company has a debt-to-equity ratio of 2.53, a quick ratio of 0.13 and a current ratio of 0.13. The company’s 50-day simple moving average is $32.89 and its 200-day simple moving average is $29.54.

Tanger Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, November 15th. Investors of record on Thursday, October 31st will be paid a $0.275 dividend. This represents a $1.10 dividend on an annualized basis and a yield of 3.09%. The ex-dividend date is Thursday, October 31st. Tanger’s dividend payout ratio (DPR) is presently 127.91%.

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.