Principal Financial Group Inc. Buys 30,618 Shares of Tanger Inc. (NYSE:SKT)

Principal Financial Group Inc. grew its position in shares of Tanger Inc. (NYSE:SKT) by 5.4% during the fourth quarter, according to its most recent filing with the SEC. The firm owned 601,266 shares of the real estate investment trust’s stock after acquiring an additional 30,618 shares during the period. Principal Financial Group Inc. owned about 0.54% of Tanger worth $20,521,000 at the end of the most recent quarter.

Other institutional investors have also recently made changes to their positions in the company. Loomis Sayles & Co. L P raised its holdings in Tanger by 3,393.9% in 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 in the last quarter. GAMMA Investing LLC increased its stake in shares of Tanger by 24.9% in the 4th quarter. GAMMA Investing LLC now owns 2,578 shares of the real estate investment trust’s stock worth $88,000 after acquiring an additional 514 shares in the last quarter. KBC Group NV lifted its position in Tanger by 31.5% during the 3rd quarter. KBC Group NV now owns 3,679 shares of the real estate investment trust’s stock valued at $122,000 after acquiring an additional 881 shares during the period. Mirae Asset Global Investments Co. Ltd. boosted 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 acquiring an additional 1,107 shares in the last quarter. Finally, Truvestments Capital LLC purchased a new stake in Tanger in the third quarter worth about $160,000. Institutional investors own 85.23% of the company’s stock.

Analyst Upgrades and Downgrades

A number of analysts have recently commented on the company. Citigroup boosted their price target on Tanger from $34.00 to $41.00 and gave the stock a “buy” rating in a research report on Wednesday, November 13th. Bank of America raised Tanger from a “neutral” rating to a “buy” rating and increased their target price for the stock from $35.00 to $40.00 in a research note on Monday, November 11th. BMO Capital Markets initiated coverage on Tanger in a research report on Tuesday, January 28th. They issued a “market perform” rating and a $36.00 price target for the company. Evercore ISI raised their price objective on shares of Tanger from $31.00 to $33.00 and gave the company an “in-line” rating in a research note on Thursday, November 7th. Finally, The Goldman Sachs Group lifted their target price on shares of Tanger from $31.00 to $35.00 and gave the stock a “neutral” rating in a report on Friday, November 15th. Five equities research analysts have rated the stock with a hold rating and three have issued a buy rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of “Hold” and an average target price of $36.00.

Tanger Stock Performance

Shares of SKT stock opened at $35.99 on Tuesday. The company has a quick ratio of 0.13, a current ratio of 0.44 and a debt-to-equity ratio of 2.09. The company has a 50 day moving average price of $33.78 and a 200-day moving average price of $33.37. Tanger Inc. has a 52 week low of $25.94 and a 52 week high of $37.57. The firm has a market capitalization of $3.98 billion, a PE ratio of 41.37, a P/E/G ratio of 2.97 and a beta of 1.91.

Tanger (NYSE:SKT) last announced its earnings results on Wednesday, February 19th. The real estate investment trust reported $0.54 earnings per share for the quarter, beating analysts’ consensus estimates of $0.52 by $0.02. The business had revenue of $132.17 million during the quarter, compared to analyst estimates of $129.10 million. Tanger had a net margin of 18.65% and a return on equity of 16.16%. As a group, equities research analysts expect that Tanger Inc. will post 2.24 earnings per share for the current year.

Tanger Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, February 14th. Shareholders of record on Friday, January 31st were issued a $0.275 dividend. This represents a $1.10 dividend on an annualized basis and a yield of 3.06%. The ex-dividend date was Friday, January 31st. Tanger’s dividend payout ratio is 126.44%.

Tanger Company 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.