DAVENPORT & Co LLC Purchases 5,750 Shares of Tanger Inc. (NYSE:SKT)

DAVENPORT & Co LLC boosted its position in shares of Tanger Inc. (NYSE:SKT) by 23.9% during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 29,825 shares of the real estate investment trust’s stock after acquiring an additional 5,750 shares during the period. DAVENPORT & Co LLC’s holdings in Tanger were worth $827,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. FMR LLC grew its holdings in Tanger by 16,418.2% during the 1st quarter. FMR LLC now owns 2,249,283 shares of the real estate investment trust’s stock valued at $44,153,000 after buying an additional 2,235,666 shares in the last quarter. Norges Bank purchased a new stake in Tanger during the 4th quarter valued at approximately $16,663,000. Wellington Management Group LLP grew its holdings in Tanger by 29.9% during the 3rd quarter. Wellington Management Group LLP now owns 3,953,555 shares of the real estate investment trust’s stock valued at $89,350,000 after buying an additional 909,622 shares in the last quarter. State Street Corp grew its holdings in Tanger by 12.6% during the 1st quarter. State Street Corp now owns 6,252,459 shares of the real estate investment trust’s stock valued at $107,480,000 after buying an additional 700,755 shares in the last quarter. Finally, JPMorgan Chase & Co. grew its holdings in shares of Tanger by 40.1% in the first quarter. JPMorgan Chase & Co. now owns 2,329,080 shares of the real estate investment trust’s stock valued at $45,720,000 after purchasing an additional 667,077 shares in the last quarter. Institutional investors own 85.23% of the company’s stock.

Analysts Set New Price Targets

A number of research analysts recently weighed in on SKT shares. JPMorgan Chase & Co. raised shares of Tanger from a “neutral” rating to an “overweight” rating and raised their target price for the company from $27.00 to $29.00 in a report on Monday, December 18th. Evercore ISI raised their target price on shares of Tanger from $28.00 to $29.00 and gave the company an “in-line” rating in a report on Wednesday, February 28th. Bank of America raised shares of Tanger from an “underperform” rating to a “neutral” rating and raised their target price for the company from $24.00 to $31.00 in a report on Friday. Finally, Citigroup raised shares of Tanger from a “neutral” rating to a “buy” rating and raised their target price for the company from $30.00 to $33.00 in a report on Friday, March 22nd. Five investment analysts have rated the stock with a hold rating and two have given a buy rating to the company. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus target price of $29.00.

Tanger Stock Up 1.3 %

NYSE SKT opened at $28.01 on Tuesday. The company has a quick ratio of 0.19, a current ratio of 0.19 and a debt-to-equity ratio of 2.43. The company has a fifty day moving average of $28.30 and a two-hundred day moving average of $26.39. The firm has a market capitalization of $3.06 billion, a price-to-earnings ratio of 30.45, a PEG ratio of 4.03 and a beta of 1.83. Tanger Inc. has a 52 week low of $18.00 and a 52 week high of $29.98.

Tanger Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, February 15th. Shareholders of record on Wednesday, January 31st were paid a dividend of $0.26 per share. This represents a $1.04 annualized dividend and a yield of 3.71%. The ex-dividend date was Tuesday, January 30th. Tanger’s payout ratio is 113.04%.

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.