Raymond James & Associates Buys 38,200 Shares of Tanger Inc. (NYSE:SKT)

Raymond James & Associates raised its stake in shares of Tanger Inc. (NYSE:SKT) by 54.2% in the fourth quarter, according to the company in its most recent disclosure with the SEC. The firm owned 108,682 shares of the real estate investment trust’s stock after acquiring an additional 38,200 shares during the quarter. Raymond James & Associates owned approximately 0.10% of Tanger worth $3,013,000 as of its most recent filing with the SEC.

Several other institutional investors and hedge funds also recently made changes to their positions in SKT. Loomis Sayles & Co. L P boosted its position in Tanger by 4,051.4% in the third quarter. Loomis Sayles & Co. L P now owns 1,453 shares of the real estate investment trust’s stock valued at $33,000 after buying an additional 1,418 shares in the last quarter. Tower Research Capital LLC TRC boosted its holdings in shares of Tanger by 151.5% in the 1st quarter. Tower Research Capital LLC TRC now owns 1,846 shares of the real estate investment trust’s stock worth $37,000 after acquiring an additional 1,112 shares in the last quarter. Point72 Hong Kong Ltd bought a new stake in Tanger during the 1st quarter worth approximately $74,000. Advisory Services Network LLC grew its position in Tanger by 84.7% during the 1st quarter. Advisory Services Network LLC now owns 3,845 shares of the real estate investment trust’s stock worth $75,000 after acquiring an additional 1,763 shares during the last quarter. Finally, Lazard Asset Management LLC acquired a new stake in Tanger during the 3rd quarter valued at $103,000. Institutional investors and hedge funds own 85.23% of the company’s stock.

Analysts Set New Price Targets

Several brokerages have recently commented on SKT. JPMorgan Chase & Co. upgraded Tanger from a “neutral” rating to an “overweight” rating and increased their target price for the stock from $27.00 to $29.00 in a report on Monday, December 18th. Bank of America raised shares of Tanger from an “underperform” rating to a “neutral” rating and increased their price objective for the stock from $24.00 to $31.00 in a report on Friday, April 5th. Evercore ISI boosted their target price on shares of Tanger from $28.00 to $29.00 and gave the stock an “in-line” rating in a research note on Wednesday, February 28th. Finally, Citigroup upgraded shares of Tanger from a “neutral” rating to a “buy” rating and upped their target price for the stock from $30.00 to $33.00 in a research report on Friday, March 22nd. Five analysts have rated the stock with a hold rating and two have assigned a buy rating to the company’s stock. According to MarketBeat.com, the company has a consensus rating of “Hold” and a consensus price target of $29.00.

Tanger Stock Performance

Shares of NYSE:SKT opened at $26.76 on Friday. The stock has a market capitalization of $2.92 billion, a P/E ratio of 29.09, a P/E/G ratio of 3.42 and a beta of 1.83. The company has a current ratio of 0.19, a quick ratio of 0.19 and a debt-to-equity ratio of 2.43. Tanger Inc. has a 1-year low of $18.00 and a 1-year high of $29.98. The business has a 50-day moving average price of $28.32 and a two-hundred day moving average price of $26.49.

Tanger Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, May 15th. Investors of record on Tuesday, April 30th will be issued a $0.275 dividend. This is a positive change from Tanger’s previous quarterly dividend of $0.26. This represents a $1.10 annualized dividend and a yield of 4.11%. The ex-dividend date is Monday, April 29th. Tanger’s dividend payout ratio is currently 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.