GAMMA Investing LLC Raises Position in Tanger Inc. (NYSE:SKT)

GAMMA Investing LLC lifted its stake in shares of Tanger Inc. (NYSE:SKT) by 3,414.0% during the first quarter, Holdings Channel reports. The fund owned 90,591 shares of the real estate investment trust’s stock after acquiring an additional 88,013 shares during the period. GAMMA Investing LLC’s holdings in Tanger were worth $3,061,000 as of its most recent SEC filing.

A number of other large investors have also modified their holdings of the stock. FMR LLC boosted its holdings in Tanger by 24.9% in the fourth quarter. FMR LLC now owns 9,397,189 shares of the real estate investment trust’s stock valued at $320,726,000 after purchasing an additional 1,873,835 shares during the period. Nuveen Asset Management LLC boosted its stake in shares of Tanger by 78.6% in the 4th quarter. Nuveen Asset Management LLC now owns 1,714,769 shares of the real estate investment trust’s stock valued at $58,525,000 after buying an additional 754,429 shares during the period. Wellington Management Group LLP grew its position in shares of Tanger by 34.0% during the fourth quarter. Wellington Management Group LLP now owns 2,748,467 shares of the real estate investment trust’s stock worth $93,805,000 after buying an additional 697,291 shares in the last quarter. Northern Trust Corp grew its position in shares of Tanger by 56.4% during the fourth quarter. Northern Trust Corp now owns 1,817,052 shares of the real estate investment trust’s stock worth $62,016,000 after buying an additional 655,237 shares in the last quarter. Finally, Norges Bank purchased a new stake in shares of Tanger during the fourth quarter worth approximately $22,239,000. Hedge funds and other institutional investors own 85.23% of the company’s stock.

Analyst Ratings Changes

A number of brokerages recently issued reports on SKT. Evercore ISI upgraded shares of Tanger to a “hold” rating in a research note on Friday, May 2nd. Scotiabank reduced their price objective on shares of Tanger from $38.00 to $33.00 and set a “sector perform” rating on the stock in a report on Wednesday, April 23rd. Finally, The Goldman Sachs Group raised shares of Tanger from a “neutral” rating to a “buy” rating and lifted their price objective for the stock from $39.00 to $40.00 in a research report on Friday, March 28th. Four equities research analysts have rated the stock with a hold rating and four have issued a buy rating to the company’s stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $37.00.

Tanger Stock Performance

Shares of SKT opened at $30.42 on Thursday. The company has a market capitalization of $3.44 billion, a price-to-earnings ratio of 34.96, a price-to-earnings-growth ratio of 2.97 and a beta of 1.19. Tanger Inc. has a 52-week low of $25.94 and a 52-week high of $37.57. The company has a quick ratio of 0.13, a current ratio of 0.44 and a debt-to-equity ratio of 2.09. The stock has a 50 day moving average price of $30.62 and a 200 day moving average price of $32.90.

Tanger (NYSE:SKT) last issued its earnings results on Wednesday, April 30th. The real estate investment trust reported $0.53 earnings per share (EPS) for the quarter, meeting the consensus estimate of $0.53. The business had revenue of $129.29 million during the quarter, compared to analysts’ expectations of $128.24 million. Tanger had a net margin of 18.65% and a return on equity of 16.16%. The company’s revenue for the quarter was up 9.7% on a year-over-year basis. During the same quarter in the prior year, the business posted $0.52 EPS. Research analysts predict that Tanger Inc. will post 2.24 EPS for the current fiscal year.

Tanger Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, May 15th. Shareholders of record on Wednesday, April 30th were paid a $0.2925 dividend. This represents a $1.17 annualized dividend and a yield of 3.85%. The ex-dividend date was Wednesday, April 30th. This is an increase from Tanger’s previous quarterly dividend of $0.28. Tanger’s dividend payout ratio is currently 139.29%.

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.