Hennion & Walsh Asset Management Inc. Raises Stock Position in Tanger Inc. (NYSE:SKT)

Hennion & Walsh Asset Management Inc. boosted its position in shares of Tanger Inc. (NYSE:SKT) by 36.4% during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 17,045 shares of the real estate investment trust’s stock after purchasing an additional 4,549 shares during the period. Hennion & Walsh Asset Management Inc.’s holdings in Tanger were worth $582,000 at the end of the most recent quarter.

Other institutional investors also recently bought and sold shares of the company. Point72 Asia Singapore Pte. Ltd. purchased a new position in Tanger during the second quarter worth about $49,000. Loomis Sayles & Co. L P raised its stake in Tanger by 3,393.9% during the third quarter. Loomis Sayles & Co. L P now owns 1,712 shares of the real estate investment trust’s stock worth $57,000 after purchasing an additional 1,663 shares during the period. GAMMA Investing LLC raised its stake in Tanger by 62.0% during 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 period. KBC Group NV raised its stake in Tanger by 31.5% during the third quarter. KBC Group NV now owns 3,679 shares of the real estate investment trust’s stock worth $122,000 after purchasing an additional 881 shares during the period. Finally, Mirae Asset Global Investments Co. Ltd. raised its stake in Tanger by 35.3% during the third quarter. Mirae Asset Global Investments Co. Ltd. now owns 4,244 shares of the real estate investment trust’s stock worth $140,000 after purchasing an additional 1,107 shares during the period. 85.23% of the stock is owned by hedge funds and other institutional investors.

Tanger Trading Up 1.0 %

Shares of SKT stock opened at $33.17 on Tuesday. The company has a debt-to-equity ratio of 2.40, a quick ratio of 0.13 and a current ratio of 0.13. The stock has a market capitalization of $3.67 billion, a P/E ratio of 38.57, a price-to-earnings-growth ratio of 2.70 and a beta of 1.92. The company has a 50 day moving average price of $35.02 and a 200 day moving average price of $32.31. Tanger Inc. has a fifty-two week low of $25.67 and a fifty-two week high of $37.57.

Tanger (NYSE:SKT) last announced its quarterly earnings data on Wednesday, November 6th. The real estate investment trust reported $0.22 earnings per share for the quarter, missing analysts’ consensus estimates of $0.53 by ($0.31). The business had revenue of $133.00 million during the quarter, compared to analyst estimates of $125.80 million. Tanger had a net margin of 18.55% and a return on equity of 16.25%. The company’s revenue for the quarter was up 13.3% on a year-over-year basis. During the same quarter last year, the firm posted $0.50 EPS. Equities research analysts predict that Tanger Inc. will post 2.11 EPS for the current fiscal year.

Tanger Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, February 14th. Shareholders of record on Friday, January 31st will be issued a dividend of $0.275 per share. This represents a $1.10 annualized dividend and a yield of 3.32%. The ex-dividend date of this dividend is Friday, January 31st. Tanger’s dividend payout ratio (DPR) is presently 127.91%.

Insiders Place Their Bets

In other Tanger news, CAO Thomas Joseph Guerrieri, Jr. sold 3,000 shares of the business’s stock in a transaction that occurred 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 completion of the transaction, the chief accounting officer now owns 59,641 shares in the company, valued at $2,163,179.07. The trade was a 4.79 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. 5.80% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

A number of equities research analysts have weighed in on SKT shares. The Goldman Sachs Group lifted their price target on shares of Tanger from $31.00 to $35.00 and gave the company a “neutral” rating in a research report on Friday, November 15th. Citigroup lifted their price target on shares of Tanger from $34.00 to $41.00 and gave the company a “buy” rating in a research report on Wednesday, November 13th. Bank of America upgraded shares of Tanger from a “neutral” rating to a “buy” rating and lifted their price target for the company from $35.00 to $40.00 in a research report on Monday, November 11th. Compass Point lifted their price target on shares of Tanger from $34.00 to $36.00 and gave the company a “buy” rating in a research report on Friday, October 25th. Finally, Deutsche Bank Aktiengesellschaft started coverage on shares of Tanger in a research report on Tuesday, December 17th. They set a “hold” rating and a $37.00 price target for the company. Four equities research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. Based on data from MarketBeat, Tanger has a consensus rating of “Hold” and an average price target of $36.00.

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.