Charles Schwab Investment Management Inc. Has $68.16 Million Stock Position in Tanger Inc. (NYSE:SKT)

Charles Schwab Investment Management Inc. raised its stake in Tanger Inc. (NYSE:SKT) by 1.6% during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,997,100 shares of the real estate investment trust’s stock after buying an additional 31,750 shares during the period. Charles Schwab Investment Management Inc. owned 1.80% of Tanger worth $68,161,000 at the end of the most recent quarter.

A number of other hedge funds have also recently added to or reduced their stakes in the stock. FMR LLC boosted its position in Tanger by 32.2% in the third quarter. FMR LLC now owns 7,523,354 shares of the real estate investment trust’s stock valued at $249,625,000 after buying an additional 1,832,261 shares in the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its position in Tanger by 387.7% in the third 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 valued at $25,728,000 after buying an additional 616,417 shares in the last quarter. Principal Financial Group Inc. boosted its position in Tanger by 5.4% in the fourth quarter. Principal Financial Group Inc. now owns 601,266 shares of the real estate investment trust’s stock valued at $20,521,000 after buying an additional 30,618 shares in the last quarter. Fisher Asset Management LLC boosted its position in Tanger by 1.6% in the fourth quarter. Fisher Asset Management LLC now owns 511,051 shares of the real estate investment trust’s stock valued at $17,442,000 after buying an additional 7,998 shares in the last quarter. Finally, JPMorgan Chase & Co. boosted its position in Tanger by 2.2% in the third quarter. JPMorgan Chase & Co. now owns 444,901 shares of the real estate investment trust’s stock valued at $14,762,000 after buying an additional 9,701 shares in the last quarter. Institutional investors and hedge funds own 85.23% of the company’s stock.

Wall Street Analyst Weigh In

SKT has been the subject of several analyst reports. Citigroup raised their price target on shares of Tanger from $34.00 to $41.00 and gave the company a “buy” rating in a research note on Wednesday, November 13th. Deutsche Bank Aktiengesellschaft initiated coverage on shares of Tanger in a research note on Tuesday, December 17th. They set a “hold” rating and a $37.00 price target for the company. BMO Capital Markets initiated coverage on shares of Tanger in a research note on Tuesday, January 28th. They set a “market perform” rating and a $36.00 price target for the company. Finally, The Goldman Sachs Group raised their price target 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. Five analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus price target of $36.00.

Tanger Price Performance

Shares of NYSE SKT opened at $32.88 on Wednesday. Tanger Inc. has a twelve month low of $25.94 and a twelve month high of $37.57. The firm has a fifty day simple moving average of $33.87 and a 200 day simple moving average of $33.84. The company has a market capitalization of $3.71 billion, a PE ratio of 37.79, a P/E/G ratio of 2.97 and a beta of 1.88. The company has a quick ratio of 0.13, a current ratio of 0.44 and a debt-to-equity ratio of 2.09.

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, topping analysts’ consensus estimates of $0.52 by $0.02. Tanger had a net margin of 18.65% and a return on equity of 16.16%. The business had revenue of $132.17 million during the quarter, compared to the consensus estimate of $129.10 million. On average, sell-side analysts forecast that Tanger Inc. will post 2.24 EPS for the current year.

Tanger Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, February 14th. Investors of record on Friday, January 31st were paid a dividend of $0.275 per share. This represents a $1.10 dividend on an annualized basis and a yield of 3.35%. The ex-dividend date was Friday, January 31st. Tanger’s dividend payout ratio is presently 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.