Cibc World Markets Corp Acquires Shares of 9,964 Tanger Inc. (NYSE:SKT)

Cibc World Markets Corp bought a new stake in shares of Tanger Inc. (NYSE:SKT) during the fourth quarter, HoldingsChannel reports. The firm bought 9,964 shares of the real estate investment trust’s stock, valued at approximately $340,000.

A number of other hedge funds and other institutional investors have also recently modified their holdings of SKT. Mutual of America Capital Management LLC boosted its stake in Tanger by 1.9% during the fourth quarter. Mutual of America Capital Management LLC now owns 16,767 shares of the real estate investment trust’s stock worth $572,000 after acquiring an additional 319 shares in the last quarter. DAVENPORT & Co LLC boosted its position in shares of Tanger by 1.4% in the 4th quarter. DAVENPORT & Co LLC now owns 31,462 shares of the real estate investment trust’s stock worth $1,074,000 after purchasing an additional 425 shares in the last quarter. GAMMA Investing LLC grew 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 buying an additional 514 shares during the last quarter. Exchange Traded Concepts LLC increased its position in Tanger by 12.8% during the 4th quarter. Exchange Traded Concepts LLC now owns 5,131 shares of the real estate investment trust’s stock valued at $175,000 after buying an additional 583 shares in the last quarter. Finally, Louisiana State Employees Retirement System raised its stake in Tanger by 1.1% during the fourth quarter. Louisiana State Employees Retirement System now owns 53,500 shares of the real estate investment trust’s stock valued at $1,826,000 after buying an additional 600 shares during the last quarter. 85.23% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several equities analysts have recently weighed in on the company. Deutsche Bank Aktiengesellschaft assumed coverage on Tanger in a report on Tuesday, December 17th. They set a “hold” rating and a $37.00 price target for the company. BMO Capital Markets assumed coverage on shares of Tanger in a research note on Tuesday, January 28th. They set a “market perform” rating and a $36.00 price objective for the company. Five equities research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average target price of $36.00.

Insider Buying and Selling

In related news, COO Gallardo Leslie Swanson sold 12,500 shares of the business’s stock in a transaction that occurred on Tuesday, March 11th. The shares were sold at an average price of $32.38, for a total transaction of $404,750.00. Following the completion of the sale, the chief operating officer now directly owns 113,158 shares in the company, valued at approximately $3,664,056.04. The trade was a 9.95 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. 5.80% of the stock is currently owned by corporate insiders.

Tanger Price Performance

Shares of NYSE:SKT opened at $33.37 on Tuesday. The company has a debt-to-equity ratio of 2.09, a quick ratio of 0.13 and a current ratio of 0.44. The firm has a market cap of $3.76 billion, a price-to-earnings ratio of 38.35, a price-to-earnings-growth ratio of 2.97 and a beta of 1.88. The business has a 50-day simple moving average of $33.65 and a two-hundred day simple moving average of $33.99. Tanger Inc. has a fifty-two week low of $25.94 and a fifty-two week high of $37.57.

Tanger (NYSE:SKT) last released its quarterly earnings data on Wednesday, February 19th. The real estate investment trust reported $0.54 earnings per share for the quarter, beating the consensus estimate of $0.52 by $0.02. Tanger had a net margin of 18.65% and a return on equity of 16.16%. The firm had revenue of $132.17 million during the quarter, compared to analysts’ expectations of $129.10 million. On average, analysts expect that Tanger Inc. will post 2.24 earnings per share for the current year.

Tanger Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, February 14th. Stockholders of record on Friday, January 31st were paid a $0.275 dividend. The ex-dividend date of this dividend was Friday, January 31st. This represents a $1.10 dividend on an annualized basis and a dividend yield of 3.30%. Tanger’s dividend payout ratio (DPR) is currently 126.44%.

Tanger 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.