Citigroup Inc. Increases Holdings in Tanger Inc. $SKT

Citigroup Inc. grew its holdings in shares of Tanger Inc. (NYSE:SKT) by 13.5% in the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 196,082 shares of the real estate investment trust’s stock after buying an additional 23,305 shares during the period. Citigroup Inc.’s holdings in Tanger were worth $6,626,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors also recently bought and sold shares of the business. Xponance Inc. lifted its holdings in Tanger by 6.7% during the 1st quarter. Xponance Inc. now owns 8,156 shares of the real estate investment trust’s stock worth $276,000 after buying an additional 514 shares during the last quarter. Summit Investment Advisors Inc. lifted its holdings in Tanger by 5.2% during the 4th 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 last quarter. Public Employees Retirement System of Ohio lifted its holdings in Tanger by 0.4% during the 4th quarter. Public Employees Retirement System of Ohio now owns 157,814 shares of the real estate investment trust’s stock worth $5,386,000 after buying an additional 554 shares during the last quarter. Albert D Mason Inc. lifted its holdings in Tanger by 0.9% during the 1st quarter. Albert D Mason Inc. now owns 66,999 shares of the real estate investment trust’s stock worth $2,264,000 after buying an additional 606 shares during the last quarter. Finally, Nissay Asset Management Corp Japan ADV lifted its holdings in Tanger by 4.0% during the 4th quarter. Nissay Asset Management Corp Japan ADV now owns 16,279 shares of the real estate investment trust’s stock worth $554,000 after buying an additional 624 shares during the last quarter. 85.23% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of analysts have issued reports on SKT shares. Wall Street Zen raised Tanger from a “sell” rating to a “hold” rating in a report on Saturday, August 9th. LADENBURG THALM/SH SH started coverage on Tanger in a report on Friday, July 18th. They set a “buy” rating and a $35.00 price target for the company. Scotiabank reduced their target price on Tanger from $38.00 to $33.00 and set a “sector perform” rating for the company in a report on Wednesday, April 23rd. Evercore ISI raised Tanger to a “hold” rating in a report on Friday, May 2nd. Finally, Barclays started coverage on Tanger in a report on Wednesday, July 2nd. They issued an “equal weight” rating and a $33.00 target price for the company. Six investment analysts have rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. According to MarketBeat, the stock has an average rating of “Hold” and a consensus price target of $36.40.

Tanger Stock Performance

Shares of SKT stock opened at $32.29 on Monday. The stock has a market capitalization of $3.65 billion, a PE ratio of 36.69, a price-to-earnings-growth ratio of 2.12 and a beta of 1.23. Tanger Inc. has a 52-week low of $27.84 and a 52-week high of $37.57. The stock’s 50-day moving average price is $31.15 and its 200 day moving average price is $31.79. The company has a quick ratio of 0.11, a current ratio of 0.11 and a debt-to-equity ratio of 2.31.

Tanger (NYSE:SKT) last issued its quarterly earnings results on Monday, August 4th. The real estate investment trust reported $0.58 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.56 by $0.02. The firm had revenue of $133.44 million for the quarter, compared to analysts’ expectations of $132.02 million. Tanger had a return on equity of 15.45% and a net margin of 18.22%. The firm’s revenue for the quarter was up 9.2% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.53 EPS. As a group, equities research analysts forecast that Tanger Inc. will post 2.24 EPS for the current year.

Tanger Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, August 15th. Investors of record on Thursday, July 31st were given a $0.2925 dividend. This represents a $1.17 annualized dividend and a yield of 3.6%. The ex-dividend date was Thursday, July 31st. Tanger’s payout ratio is 132.95%.

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.