GAMMA Investing LLC Grows Stock Position in Tanger Inc. (NYSE:SKT)

GAMMA Investing LLC grew its position in shares of Tanger Inc. (NYSE:SKT) by 24.9% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 2,578 shares of the real estate investment trust’s stock after buying an additional 514 shares during the period. GAMMA Investing LLC’s holdings in Tanger were worth $88,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Victory Capital Management Inc. raised its stake in Tanger by 6.8% in the 2nd quarter. Victory Capital Management Inc. now owns 59,238 shares of the real estate investment trust’s stock valued at $1,606,000 after acquiring an additional 3,775 shares during the period. Arizona State Retirement System raised its position in shares of Tanger by 3.0% in the second quarter. Arizona State Retirement System now owns 30,491 shares of the real estate investment trust’s stock valued at $827,000 after purchasing an additional 897 shares during the period. Choreo LLC bought a new stake in shares of Tanger in the second quarter valued at approximately $221,000. Texas Permanent School Fund Corp boosted its holdings in Tanger by 11.6% in the 2nd quarter. Texas Permanent School Fund Corp now owns 105,211 shares of the real estate investment trust’s stock worth $2,852,000 after buying an additional 10,968 shares during the period. Finally, BOKF NA boosted its holdings in Tanger by 100.9% in the 2nd quarter. BOKF NA now owns 9,810 shares of the real estate investment trust’s stock worth $266,000 after buying an additional 4,926 shares during the period. Institutional investors own 85.23% of the company’s stock.

Insiders Place Their Bets

In other news, CAO Thomas Joseph Guerrieri, Jr. sold 3,000 shares of the business’s stock in a transaction on Tuesday, November 19th. The shares were sold at an average price of $36.27, for a total transaction of $108,810.00. Following the sale, the chief accounting officer now owns 59,641 shares in the company, valued at approximately $2,163,179.07. The trade was a 4.79 % decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. 5.80% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

Several equities research analysts have issued reports on SKT shares. Deutsche Bank Aktiengesellschaft began coverage on Tanger in a research report on Tuesday, December 17th. They set a “hold” rating and a $37.00 target price on the stock. Evercore ISI increased their price objective on Tanger from $31.00 to $33.00 and gave the stock an “in-line” rating in a report on Thursday, November 7th. Bank of America raised Tanger from a “neutral” rating to a “buy” rating and lifted their target price for the company from $35.00 to $40.00 in a report on Monday, November 11th. Compass Point increased their price target on shares of Tanger from $34.00 to $36.00 and gave the stock a “buy” rating in a report on Friday, October 25th. Finally, Citigroup boosted their price objective on shares of Tanger from $34.00 to $41.00 and gave the company a “buy” rating in a research note on Wednesday, November 13th. Four research analysts have rated the stock with a hold rating and three have issued a buy rating to the company’s stock. According to data from MarketBeat.com, Tanger presently has an average rating of “Hold” and an average target price of $36.00.

Tanger Stock Down 1.2 %

Shares of NYSE:SKT opened at $32.59 on Friday. The stock has a market capitalization of $3.61 billion, a P/E ratio of 37.90, a price-to-earnings-growth ratio of 2.78 and a beta of 1.92. The stock’s 50-day moving average price is $35.20 and its 200-day moving average price is $31.99. The company has a current ratio of 0.13, a quick ratio of 0.13 and a debt-to-equity ratio of 2.40. Tanger Inc. has a 12-month low of $25.67 and a 12-month high of $37.57.

Tanger (NYSE:SKT) last posted its quarterly earnings results on Wednesday, November 6th. The real estate investment trust reported $0.22 EPS for the quarter, missing analysts’ consensus estimates of $0.53 by ($0.31). Tanger had a net margin of 18.55% and a return on equity of 16.25%. The firm had revenue of $133.00 million for the quarter, compared to the consensus estimate of $125.80 million. During the same quarter in the prior year, the company earned $0.50 earnings per share. The company’s quarterly revenue was up 13.3% compared to the same quarter last year. On average, equities analysts anticipate that Tanger Inc. will post 2.11 earnings per share for the current year.

About Tanger

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.