Barclays PLC Purchases 87,818 Shares of Tanger Inc. (NYSE:SKT)

Barclays PLC boosted its position in Tanger Inc. (NYSE:SKT) by 36.5% in the 4th quarter, Holdings Channel reports. The firm owned 328,099 shares of the real estate investment trust’s stock after buying an additional 87,818 shares during the quarter. Barclays PLC’s holdings in Tanger were worth $11,198,000 at the end of the most recent quarter.

Several other large investors have also modified their holdings of the business. Summit Investment Advisors Inc. raised its holdings in shares of Tanger by 5.2% in the fourth quarter. Summit Investment Advisors Inc. now owns 11,139 shares of the real estate investment trust’s stock worth $380,000 after buying an additional 553 shares during the period. APG Asset Management US Inc. bought a new stake in shares of Tanger during the fourth quarter worth $20,955,000. Raymond James Financial Inc. purchased a new stake in shares of Tanger during the fourth quarter valued at $4,972,000. Greenland Capital Management LP grew its holdings in shares of Tanger by 147.9% in the fourth quarter. Greenland Capital Management LP now owns 42,142 shares of the real estate investment trust’s stock worth $1,438,000 after purchasing an additional 25,142 shares during the last quarter. Finally, Renaissance Technologies LLC increased its stake in Tanger by 5.7% in the 4th quarter. Renaissance Technologies LLC now owns 818,672 shares of the real estate investment trust’s stock worth $27,941,000 after buying an additional 44,265 shares during the period. Hedge funds and other institutional investors own 85.23% of the company’s stock.

Insiders Place Their Bets

In other news, COO Gallardo Leslie Swanson sold 12,500 shares of Tanger stock in a transaction 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 transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Corporate insiders own 5.70% of the company’s stock.

Tanger Price Performance

Shares of SKT stock opened at $31.10 on Tuesday. The company has a market cap of $3.52 billion, a P/E ratio of 35.75, a PEG ratio of 2.97 and a beta of 1.49. The company has a debt-to-equity ratio of 2.09, a current ratio of 0.44 and a quick ratio of 0.13. The stock’s 50-day moving average is $33.14 and its 200 day moving average is $33.97. Tanger Inc. has a 1-year low of $25.94 and a 1-year high of $37.57.

Tanger (NYSE:SKT) last posted its quarterly earnings data on Wednesday, February 19th. The real estate investment trust reported $0.54 EPS for the quarter, topping the consensus estimate of $0.52 by $0.02. The firm 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%. Research analysts predict that Tanger Inc. will post 2.24 earnings per share for the current fiscal year.

Tanger Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, May 15th. Shareholders of record on Wednesday, April 30th will be paid a $0.2925 dividend. The ex-dividend date of this dividend is Wednesday, April 30th. This is a boost from Tanger’s previous quarterly dividend of $0.28. This represents a $1.17 dividend on an annualized basis and a yield of 3.76%. Tanger’s dividend payout ratio (DPR) is 134.48%.

Wall Street Analyst Weigh In

Several equities research analysts have issued reports on SKT shares. The Goldman Sachs Group raised shares of Tanger from a “neutral” rating to a “buy” rating and boosted their price objective for the company from $39.00 to $40.00 in a research report on Friday, March 28th. BMO Capital Markets started coverage on Tanger in a report on Tuesday, January 28th. They set a “market perform” rating and a $36.00 price objective on the stock. Four investment analysts have rated the stock with a hold rating and four have given a buy rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $36.63.

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.