Allspring Global Investments Holdings LLC Increases Stake in Tanger Inc. (NYSE:SKT)

Allspring Global Investments Holdings LLC boosted its stake in Tanger Inc. (NYSE:SKT) by 1,740.5% in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 191,244 shares of the real estate investment trust’s stock after buying an additional 180,853 shares during the period. Allspring Global Investments Holdings LLC’s holdings in Tanger were worth $5,301,000 at the end of the most recent reporting period.

Several other large investors have also bought and sold shares of the company. BlackRock Inc. lifted its stake in shares of Tanger by 2.2% in the 2nd quarter. BlackRock Inc. now owns 18,889,097 shares of the real estate investment trust’s stock valued at $416,882,000 after purchasing an additional 399,522 shares during the period. Vanguard Group Inc. lifted its position in Tanger by 0.3% during the third quarter. Vanguard Group Inc. now owns 16,577,247 shares of the real estate investment trust’s stock valued at $226,777,000 after buying an additional 44,744 shares during the period. State Street Corp boosted its holdings in shares of Tanger by 1.3% during the 2nd quarter. State Street Corp now owns 6,538,718 shares of the real estate investment trust’s stock valued at $144,310,000 after buying an additional 82,202 shares in the last quarter. FMR LLC grew its position in shares of Tanger by 33.1% in the 3rd quarter. FMR LLC now owns 4,315,625 shares of the real estate investment trust’s stock worth $97,533,000 after buying an additional 1,072,443 shares during the period. Finally, Wellington Management Group LLP increased its stake in shares of Tanger by 29.9% in the 3rd quarter. Wellington Management Group LLP now owns 3,953,555 shares of the real estate investment trust’s stock worth $89,350,000 after acquiring an additional 909,622 shares in the last quarter. 85.23% of the stock is owned by institutional investors.

Tanger Trading Up 1.3 %

NYSE:SKT opened at $26.83 on Friday. The stock has a market cap of $2.93 billion, a price-to-earnings ratio of 29.16, a PEG ratio of 3.36 and a beta of 1.83. 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’s 50 day moving average price is $28.36 and its 200-day moving average price is $26.57. Tanger Inc. has a 52 week low of $18.00 and a 52 week high of $29.98.

Tanger Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, May 15th. Shareholders of record on Tuesday, April 30th will be paid a dividend of $0.275 per share. This represents a $1.10 annualized dividend and a yield of 4.10%. This is an increase from Tanger’s previous quarterly dividend of $0.26. The ex-dividend date of this dividend is Monday, April 29th. Tanger’s dividend payout ratio (DPR) is currently 113.04%.

Wall Street Analysts Forecast Growth

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

Tanger Profile

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.