Tanger Inc. (NYSE:SKT) Holdings Boosted by JPMorgan Chase & Co.

JPMorgan Chase & Co. lifted its holdings in Tanger Inc. (NYSE:SKT) by 2.2% in the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 444,901 shares of the real estate investment trust’s stock after buying an additional 9,701 shares during the period. JPMorgan Chase & Co. owned about 0.40% of Tanger worth $14,762,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also modified their holdings of SKT. GAMMA Investing LLC boosted its holdings in shares of 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 increased its position in Tanger by 31.5% in the 3rd 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 last quarter. Arizona State Retirement System raised its stake in shares of Tanger by 3.0% during the 2nd quarter. Arizona State Retirement System now owns 30,491 shares of the real estate investment trust’s stock worth $827,000 after purchasing an additional 897 shares in the last quarter. Inspire Investing LLC lifted its stake in Tanger by 7.7% in the second quarter. Inspire Investing LLC now owns 13,034 shares of the real estate investment trust’s stock valued at $353,000 after acquiring an additional 931 shares during the last quarter. Finally, HHM Wealth Advisors LLC acquired a new stake in shares of Tanger in the 2nd quarter valued at $27,000. Hedge funds and other institutional investors own 85.23% of the company’s stock.

Tanger Price Performance

Shares of Tanger stock opened at $32.59 on Friday. The firm has a fifty day moving average price of $35.21 and a two-hundred day moving average price of $31.91. The company has a debt-to-equity ratio of 2.40, a current ratio of 0.13 and a quick ratio of 0.13. Tanger Inc. has a fifty-two week low of $25.67 and a fifty-two week high of $37.57. The company has a market cap of $3.61 billion, a PE ratio of 37.90, a price-to-earnings-growth ratio of 2.78 and a beta of 1.92.

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

Wall Street Analyst Weigh In

SKT has been the subject of a number of analyst reports. Bank of America raised Tanger from a “neutral” rating to a “buy” rating and boosted their price target for the stock 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. Deutsche Bank Aktiengesellschaft began coverage on shares of Tanger in a research note on Tuesday, December 17th. They issued a “hold” rating and a $37.00 price objective for the company. The Goldman Sachs Group raised their target price on shares of Tanger from $31.00 to $35.00 and gave the company a “neutral” rating in a research note on Friday, November 15th. Finally, Evercore ISI boosted their target price on shares of Tanger from $31.00 to $33.00 and gave the stock an “in-line” rating in a research report on Thursday, November 7th. Four research analysts have rated the stock with a hold rating and three have issued a buy rating to the company’s stock. Based on data from MarketBeat, Tanger has a consensus rating of “Hold” and a consensus target price of $36.00.

Insiders Place Their Bets

In related 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 value 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 document filed with the SEC, which is available at 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.