Rhumbline Advisers Has $13.64 Million Position in Tanger Inc. (NYSE:SKT)

Rhumbline Advisers increased its position in shares of Tanger Inc. (NYSE:SKT) by 2.6% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 399,556 shares of the real estate investment trust’s stock after purchasing an additional 10,283 shares during the period. Rhumbline Advisers owned approximately 0.36% of Tanger worth $13,637,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds have also added to or reduced their stakes in SKT. FMR LLC lifted its holdings in Tanger by 32.2% during the 3rd quarter. FMR LLC now owns 7,523,354 shares of the real estate investment trust’s stock worth $249,625,000 after purchasing an additional 1,832,261 shares during the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its holdings in Tanger by 387.7% during the 3rd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 775,411 shares of the real estate investment trust’s stock worth $25,728,000 after purchasing an additional 616,417 shares during the last quarter. Algert Global LLC lifted its holdings in Tanger by 183.7% during the 3rd quarter. Algert Global LLC now owns 243,623 shares of the real estate investment trust’s stock worth $8,083,000 after purchasing an additional 157,742 shares during the last quarter. Barclays PLC lifted its holdings in Tanger by 174.7% during the 3rd quarter. Barclays PLC now owns 240,281 shares of the real estate investment trust’s stock worth $7,973,000 after purchasing an additional 152,796 shares during the last quarter. Finally, Sumitomo Mitsui Trust Group Inc. lifted its holdings in Tanger by 74.3% during the 4th quarter. Sumitomo Mitsui Trust Group Inc. now owns 206,704 shares of the real estate investment trust’s stock worth $7,055,000 after purchasing an additional 88,106 shares during the last quarter. 85.23% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several equities analysts have weighed in on SKT shares. Bank of America raised Tanger from a “neutral” rating to a “buy” rating and lifted their price objective for the company from $35.00 to $40.00 in a report on Monday, November 11th. The Goldman Sachs Group lifted their price objective on Tanger from $31.00 to $35.00 and gave the company a “neutral” rating in a report on Friday, November 15th. BMO Capital Markets started coverage on Tanger in a report on Tuesday, January 28th. They issued a “market perform” rating and a $36.00 price objective for the company. Deutsche Bank Aktiengesellschaft started coverage on Tanger in a report on Tuesday, December 17th. They issued a “hold” rating and a $37.00 price objective for the company. Finally, Evercore ISI lifted their price objective on Tanger from $31.00 to $33.00 and gave the company an “in-line” rating in a report on Thursday, November 7th. Five analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus target price of $36.00.

Tanger Trading Down 0.2 %

Shares of SKT opened at $35.88 on Friday. Tanger Inc. has a 52-week low of $25.94 and a 52-week high of $37.57. The business’s fifty day moving average is $33.77 and its 200-day moving average is $33.27. The company has a debt-to-equity ratio of 2.09, a quick ratio of 0.13 and a current ratio of 0.44. The firm has a market cap of $3.97 billion, a price-to-earnings ratio of 41.24, a PEG ratio of 2.97 and a beta of 1.91.

Tanger (NYSE:SKT) last issued its quarterly earnings results on Wednesday, February 19th. The real estate investment trust reported $0.54 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.52 by $0.02. The company had revenue of $132.17 million for the quarter, compared to analyst estimates of $129.10 million. Tanger had a return on equity of 16.16% and a net margin of 18.65%. Equities analysts anticipate that Tanger Inc. will post 2.24 EPS for the current fiscal year.

Tanger Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, February 14th. Investors of record on Friday, January 31st were given a dividend of $0.275 per share. The ex-dividend date was Friday, January 31st. This represents a $1.10 dividend on an annualized basis and a yield of 3.07%. Tanger’s dividend payout ratio is currently 126.44%.

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.