Renaissance Technologies LLC Boosts Stake in Tanger Inc. (NYSE:SKT)

Renaissance Technologies LLC raised its holdings in Tanger Inc. (NYSE:SKT) by 20.4% during the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 575,226 shares of the real estate investment trust’s stock after purchasing an additional 97,400 shares during the quarter. Renaissance Technologies LLC owned 0.53% of Tanger worth $15,594,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Blue Trust Inc. raised its position in Tanger by 1,412.1% in the second quarter. Blue Trust Inc. now owns 877 shares of the real estate investment trust’s stock valued at $26,000 after purchasing an additional 819 shares during the period. HHM Wealth Advisors LLC purchased a new stake in Tanger in the second quarter valued at $27,000. Whittier Trust Co. purchased a new stake in Tanger in the second quarter valued at $33,000. GAMMA Investing LLC raised its position in Tanger by 44.6% in the second quarter. GAMMA Investing LLC now owns 1,274 shares of the real estate investment trust’s stock valued at $35,000 after purchasing an additional 393 shares during the period. Finally, CWM LLC raised its holdings in shares of Tanger by 418.6% in the 2nd quarter. CWM LLC now owns 1,732 shares of the real estate investment trust’s stock valued at $47,000 after buying an additional 1,398 shares during the period. Hedge funds and other institutional investors own 85.23% of the company’s stock.

Tanger Price Performance

Shares of NYSE SKT opened at $31.91 on Friday. The stock’s 50-day moving average is $29.28 and its two-hundred day moving average is $28.24. The company has a debt-to-equity ratio of 2.53, a current ratio of 0.13 and a quick ratio of 0.13. Tanger Inc. has a 1-year low of $21.42 and a 1-year high of $32.05. The company has a market cap of $3.49 billion, a price-to-earnings ratio of 35.07, a price-to-earnings-growth ratio of 3.23 and a beta of 1.89.

Tanger Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Thursday, August 15th. Shareholders of record on Wednesday, July 31st were issued a dividend of $0.275 per share. The ex-dividend date was Wednesday, July 31st. This represents a $1.10 annualized dividend and a yield of 3.45%. Tanger’s dividend payout ratio (DPR) is 120.88%.

Wall Street Analysts Forecast Growth

Several equities research analysts recently issued reports on SKT shares. Compass Point boosted their price objective on Tanger from $32.00 to $34.00 and gave the company a “buy” rating in a report on Wednesday, September 11th. Evercore ISI boosted their price objective on Tanger from $29.00 to $31.00 and gave the company an “in-line” rating in a report on Monday, September 16th. Finally, Scotiabank boosted their price objective on Tanger from $28.00 to $30.00 and gave the company a “sector perform” rating in a report on Monday, August 26th. Four analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. According to MarketBeat.com, the company has an average rating of “Hold” and a consensus target price of $31.33.

Tanger 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.