International Assets Investment Management LLC Makes New $346,000 Investment in Tanger Inc. (NYSE:SKT)

International Assets Investment Management LLC bought a new stake in shares of Tanger Inc. (NYSE:SKT) in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor bought 12,474 shares of the real estate investment trust’s stock, valued at approximately $346,000.

Several other institutional investors also recently made changes to their positions in SKT. Asset Management One Co. Ltd. grew its stake in Tanger by 33.5% during the 4th quarter. Asset Management One Co. Ltd. now owns 214,944 shares of the real estate investment trust’s stock worth $6,040,000 after buying an additional 53,985 shares during the last quarter. DAVENPORT & Co LLC lifted its position in Tanger by 23.9% in the 4th quarter. DAVENPORT & Co LLC now owns 29,825 shares of the real estate investment trust’s stock valued at $827,000 after purchasing an additional 5,750 shares during the last quarter. Spirit of America Management Corp NY acquired a new position in Tanger during the 4th quarter valued at about $305,000. Future Financial Wealth Managment LLC acquired a new position in Tanger during the 4th quarter valued at about $210,000. Finally, Raymond James & Associates grew its position in Tanger by 54.2% in the 4th quarter. Raymond James & Associates now owns 108,682 shares of the real estate investment trust’s stock worth $3,013,000 after purchasing an additional 38,200 shares during the last quarter. 85.23% of the stock is owned by institutional investors.

Tanger Trading Up 0.7 %

Shares of SKT stock opened at $28.88 on Friday. The stock has a 50-day simple moving average of $28.46 and a 200 day simple moving average of $26.77. The stock has a market capitalization of $3.15 billion, a P/E ratio of 31.45, a P/E/G ratio of 3.62 and a beta of 1.83. Tanger Inc. has a fifty-two week low of $18.00 and a fifty-two week high of $29.98. The company has a quick ratio of 0.19, a current ratio of 0.19 and a debt-to-equity ratio of 2.43.

Tanger Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, May 15th. Investors of record on Tuesday, April 30th will be issued a $0.275 dividend. This is an increase from Tanger’s previous quarterly dividend of $0.26. This represents a $1.10 dividend on an annualized basis and a dividend yield of 3.81%. The ex-dividend date is Monday, April 29th. Tanger’s payout ratio is presently 113.04%.

Analyst Ratings Changes

Several brokerages have recently issued reports on SKT. Evercore ISI boosted their price objective on Tanger from $28.00 to $29.00 and gave the stock an “in-line” rating in a research report on Wednesday, February 28th. Citigroup raised Tanger from a “neutral” rating to a “buy” rating and increased their price target for the stock from $30.00 to $33.00 in a research note on Friday, March 22nd. Finally, Bank of America upgraded shares of Tanger from an “underperform” rating to a “neutral” rating and lifted their price objective for the company from $24.00 to $31.00 in a research note on Friday, April 5th. Five investment analysts have rated the stock with a hold rating and two have given a buy rating to the stock. According to data from MarketBeat, the stock presently has an average rating of “Hold” and an average price target of $29.00.

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.