CIBC Asset Management Inc Buys Shares of 5,869 Tanger Inc. (NYSE:SKT)

CIBC Asset Management Inc bought a new stake in Tanger Inc. (NYSE:SKT) during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm bought 5,869 shares of the real estate investment trust’s stock, valued at approximately $200,000.

Several other institutional investors also recently modified their holdings of the company. FMR LLC grew its holdings in shares of 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 in the last quarter. Charles Schwab Investment Management Inc. grew its holdings in shares of 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 worth $65,210,000 after purchasing an additional 21,793 shares in the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its holdings in shares of 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 in the last quarter. Principal Financial Group Inc. grew its holdings in shares of Tanger by 5.4% during the 4th quarter. Principal Financial Group Inc. now owns 601,266 shares of the real estate investment trust’s stock worth $20,521,000 after purchasing an additional 30,618 shares in the last quarter. Finally, Fisher Asset Management LLC grew its holdings in shares of Tanger by 5.2% during the 3rd quarter. Fisher Asset Management LLC now owns 503,053 shares of the real estate investment trust’s stock worth $16,691,000 after purchasing an additional 25,014 shares in the last quarter. Institutional investors and hedge funds own 85.23% of the company’s stock.

Analyst Ratings Changes

SKT has been the topic of several recent research reports. Citigroup lifted their price objective on Tanger from $34.00 to $41.00 and gave the stock a “buy” rating in a report on Wednesday, November 13th. BMO Capital Markets started coverage on Tanger in a research report on Tuesday, January 28th. They set a “market perform” rating and a $36.00 target price 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 target price for the company. Evercore ISI raised their target price on Tanger from $31.00 to $33.00 and gave the stock an “in-line” rating in a research report on Thursday, November 7th. Finally, Bank of America upgraded Tanger from a “neutral” rating to a “buy” rating and raised their target price for the stock from $35.00 to $40.00 in a research report on Monday, November 11th. Five investment analysts have rated the stock with a hold rating and three have assigned a buy rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus price target of $36.00.

Tanger Trading Down 1.5 %

Shares of SKT opened at $35.33 on Thursday. The stock has a fifty day moving average price of $33.81 and a two-hundred day moving average price of $33.44. The company has a debt-to-equity ratio of 2.09, a quick ratio of 0.13 and a current ratio of 0.44. Tanger Inc. has a 52-week low of $25.94 and a 52-week high of $37.57. The company has a market cap of $3.91 billion, a price-to-earnings ratio of 40.60, a PEG ratio of 2.97 and a beta of 1.91.

Tanger (NYSE:SKT) last issued its quarterly earnings data 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. Tanger had a return on equity of 16.16% and a net margin of 18.65%. The firm had revenue of $132.17 million during the quarter, compared to the consensus estimate of $129.10 million. Analysts predict that Tanger Inc. will post 2.24 EPS for the current fiscal year.

Tanger Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, February 14th. Stockholders 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 dividend yield of 3.11%. Tanger’s 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.