Proficio Capital Partners LLC Acquires New Shares in Tanger Inc. (NYSE:SKT)

Proficio Capital Partners LLC purchased a new stake in Tanger Inc. (NYSE:SKT) in the 4th quarter, according to the company in its most recent 13F filing with the SEC. The fund purchased 60,478 shares of the real estate investment trust’s stock, valued at approximately $2,064,000. Proficio Capital Partners LLC owned approximately 0.05% of Tanger as of its most recent filing with the SEC.

Other hedge funds have also recently modified their holdings of the company. Natixis Advisors LLC lifted its position in shares of Tanger by 55.3% during the third quarter. Natixis Advisors LLC now owns 72,131 shares of the real estate investment trust’s stock valued at $2,393,000 after buying an additional 25,683 shares during the last quarter. Rhumbline Advisers boosted its holdings in Tanger by 2.6% in the fourth quarter. Rhumbline Advisers now owns 399,556 shares of the real estate investment trust’s stock worth $13,637,000 after acquiring an additional 10,283 shares in the last quarter. Asset Management One Co. Ltd. boosted its stake in Tanger by 4.9% in the 4th quarter. Asset Management One Co. Ltd. now owns 163,420 shares of the real estate investment trust’s stock worth $5,560,000 after purchasing an additional 7,647 shares in the last quarter. Charles Schwab Investment Management Inc. increased its stake in Tanger by 1.1% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 1,965,350 shares of the real estate investment trust’s stock valued at $65,210,000 after purchasing an additional 21,793 shares in the last quarter. Finally, Y Intercept Hong Kong Ltd acquired a new position in shares of Tanger in the 4th quarter valued at $709,000. Hedge funds and other institutional investors own 85.23% of the company’s stock.

Tanger Trading Up 1.6 %

Shares of NYSE:SKT opened at $32.72 on Thursday. The firm has a market capitalization of $3.69 billion, a price-to-earnings ratio of 37.61, a price-to-earnings-growth ratio of 2.97 and a beta of 1.88. The business’s 50 day moving average price is $33.68 and its 200-day moving average price is $33.93. The company has a debt-to-equity ratio of 2.09, a current ratio of 0.44 and a quick ratio of 0.13. Tanger Inc. has a 1 year low of $25.94 and a 1 year high of $37.57.

Tanger (NYSE:SKT) last released its quarterly earnings results on Wednesday, February 19th. The real estate investment trust reported $0.54 earnings per share for the quarter, topping the consensus estimate of $0.52 by $0.02. The firm had revenue of $132.17 million during the quarter, compared to the consensus estimate of $129.10 million. Tanger had a net margin of 18.65% and a return on equity of 16.16%. On average, equities research analysts forecast that Tanger Inc. will post 2.24 earnings per share for the current fiscal year.

Tanger Announces Dividend

The firm also recently declared 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 of this dividend was Friday, January 31st. This represents a $1.10 dividend on an annualized basis and a yield of 3.36%. Tanger’s payout ratio is presently 126.44%.

Wall Street Analysts Forecast Growth

A number of research firms have issued reports on SKT. BMO Capital Markets started coverage on shares of Tanger in a research report on Tuesday, January 28th. They set a “market perform” rating and a $36.00 price target for the company. Deutsche Bank Aktiengesellschaft started coverage on Tanger in a research report on Tuesday, December 17th. They set a “hold” rating and a $37.00 price target for the company. Five equities research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. According to data from MarketBeat, the stock has a consensus rating of “Hold” and an average target price of $36.00.

Insider Transactions at Tanger

In other Tanger news, COO Gallardo Leslie Swanson sold 12,500 shares of the business’s stock in a transaction dated Tuesday, March 11th. The shares were sold at an average price of $32.38, for a total value of $404,750.00. Following the transaction, the chief operating officer now directly owns 113,158 shares in the company, valued at $3,664,056.04. The trade was a 9.95 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Insiders own 5.80% of the company’s stock.

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.