ARS Investment Partners LLC Buys New Shares in Tanger Inc. (NYSE:SKT)

ARS Investment Partners LLC bought a new stake in shares of Tanger Inc. (NYSE:SKT) in the 4th quarter, according to its most recent filing with the SEC. The institutional investor bought 16,262 shares of the real estate investment trust’s stock, valued at approximately $555,000.

Other large investors have also recently bought and sold shares of the company. Point72 Asia Singapore Pte. Ltd. acquired a new position in Tanger during the 2nd quarter valued at $49,000. Loomis Sayles & Co. L P raised its stake in shares of Tanger by 3,393.9% in the 3rd quarter. Loomis Sayles & Co. L P now owns 1,712 shares of the real estate investment trust’s stock valued at $57,000 after buying an additional 1,663 shares in the last quarter. GAMMA Investing LLC raised its stake in shares of Tanger by 62.0% in the 3rd quarter. GAMMA Investing LLC now owns 2,064 shares of the real estate investment trust’s stock valued at $68,000 after buying an additional 790 shares in the last quarter. KBC Group NV raised its stake in shares of Tanger by 31.5% in the 3rd quarter. KBC Group NV now owns 3,679 shares of the real estate investment trust’s stock valued at $122,000 after buying an additional 881 shares in the last quarter. Finally, Mirae Asset Global Investments Co. Ltd. raised its stake in shares of 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 buying an additional 1,107 shares in the last quarter. 85.23% of the stock is currently owned by institutional investors and hedge funds.

Tanger Stock Performance

Shares of SKT stock opened at $33.17 on Tuesday. The company has a debt-to-equity ratio of 2.40, a quick ratio of 0.13 and a current ratio of 0.13. The company has a market capitalization of $3.67 billion, a P/E ratio of 38.57, a price-to-earnings-growth ratio of 2.75 and a beta of 1.92. The company’s 50 day moving average price is $35.02 and its two-hundred day moving average price is $32.31. Tanger Inc. has a 52 week low of $25.67 and a 52 week high of $37.57.

Tanger (NYSE:SKT) last issued its quarterly earnings results on Wednesday, November 6th. The real estate investment trust reported $0.22 earnings per share for the quarter, missing the consensus estimate of $0.53 by ($0.31). The business had revenue of $133.00 million for the quarter, compared to the consensus estimate of $125.80 million. Tanger had a return on equity of 16.25% and a net margin of 18.55%. Tanger’s revenue was up 13.3% compared to the same quarter last year. During the same period in the prior year, the business earned $0.50 earnings per share. On average, analysts expect that Tanger Inc. will post 2.11 earnings per share for the current fiscal year.

Tanger Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, February 14th. Investors of record on Friday, January 31st will be paid a $0.275 dividend. The ex-dividend date is Friday, January 31st. This represents a $1.10 annualized dividend and a dividend yield of 3.32%. Tanger’s dividend payout ratio is presently 127.91%.

Insider Activity at Tanger

In related news, CAO Thomas Joseph Guerrieri, Jr. sold 3,000 shares of the firm’s stock in a transaction on Tuesday, November 19th. The shares were sold at an average price of $36.27, for a total value of $108,810.00. Following the completion of the transaction, the chief accounting officer now directly owns 59,641 shares of the company’s stock, valued at approximately $2,163,179.07. This trade represents a 4.79 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 5.80% of the stock is owned by company insiders.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently weighed in on SKT shares. Evercore ISI upped their target price on shares of Tanger from $31.00 to $33.00 and gave the stock an “in-line” rating in a report on Thursday, November 7th. The Goldman Sachs Group increased their price objective on shares of Tanger from $31.00 to $35.00 and gave the stock a “neutral” rating in a report on Friday, November 15th. Compass Point raised their target price on shares of Tanger from $34.00 to $36.00 and gave the company a “buy” rating in a research note on Friday, October 25th. Citigroup raised their target price 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. Finally, Deutsche Bank Aktiengesellschaft assumed coverage on shares of Tanger in a research report on Tuesday, December 17th. They issued a “hold” rating and a $37.00 price target on the stock. Four research analysts have rated the stock with a hold rating and three have given a buy rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus price target of $36.00.

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.