Principal Financial Group Inc. Purchases 30,618 Shares of Tanger Inc. (NYSE:SKT)

Principal Financial Group Inc. increased its position in shares of Tanger Inc. (NYSE:SKT) by 5.4% during the 4th quarter, Holdings Channel reports. The firm owned 601,266 shares of the real estate investment trust’s stock after acquiring an additional 30,618 shares during the period. Principal Financial Group Inc.’s holdings in Tanger were worth $20,521,000 at the end of the most recent reporting period.

Other large investors also recently modified their holdings of the company. Creative Planning grew its holdings in Tanger by 14.5% during the 3rd quarter. Creative Planning now owns 9,637 shares of the real estate investment trust’s stock valued at $320,000 after buying an additional 1,219 shares in the last quarter. International Assets Investment Management LLC grew its stake in Tanger by 3,218.0% during the third quarter. International Assets Investment Management LLC now owns 14,931 shares of the real estate investment trust’s stock valued at $495,000 after acquiring an additional 14,481 shares in the last quarter. Hennion & Walsh Asset Management Inc. purchased a new position in Tanger during the third quarter valued at $415,000. Mirae Asset Global Investments Co. Ltd. increased its holdings in Tanger by 35.3% in the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 4,244 shares of the real estate investment trust’s stock valued at $140,000 after acquiring an additional 1,107 shares during the last quarter. Finally, Custom Index Systems LLC purchased a new stake in Tanger in the 3rd quarter worth $201,000. Hedge funds and other institutional investors own 85.23% of the company’s stock.

Analyst Upgrades and Downgrades

A number of brokerages have recently weighed in on SKT. Evercore ISI raised their price objective on Tanger from $31.00 to $33.00 and gave the company an “in-line” rating in a research report on Thursday, November 7th. Deutsche Bank Aktiengesellschaft initiated 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 began 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. Bank of America raised shares of Tanger from a “neutral” rating to a “buy” rating and raised their target price for the company from $35.00 to $40.00 in a report on Monday, November 11th. Finally, Citigroup upped their price target on shares of Tanger from $34.00 to $41.00 and gave the company a “buy” rating in a research note on Wednesday, November 13th. Five research analysts have rated the stock with a hold rating and three have given a buy rating to the stock. Based on data from MarketBeat.com, Tanger presently has an average rating of “Hold” and a consensus price target of $36.00.

Tanger Price Performance

Shares of Tanger stock opened at $35.99 on Tuesday. The stock has a 50 day moving average price of $33.78 and a 200-day moving average price of $33.37. Tanger Inc. has a one year low of $25.94 and a one year high of $37.57. The stock has a market cap of $3.98 billion, a price-to-earnings ratio of 41.37, a price-to-earnings-growth ratio of 2.97 and a beta of 1.91. The company has a debt-to-equity ratio of 2.09, a quick ratio of 0.13 and a current ratio of 0.44.

Tanger (NYSE:SKT) last posted its quarterly earnings data on Wednesday, February 19th. The real estate investment trust reported $0.54 earnings per share for the quarter, topping analysts’ consensus estimates of $0.52 by $0.02. The company had revenue of $132.17 million for 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%. Equities analysts expect that Tanger Inc. will post 2.24 EPS for the current year.

Tanger Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, February 14th. Shareholders of record on Friday, January 31st were issued a dividend of $0.275 per share. This represents a $1.10 annualized dividend and a yield of 3.06%. The ex-dividend date of this dividend was Friday, January 31st. Tanger’s payout ratio is 126.44%.

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.