New York State Common Retirement Fund Raises Stock Position in Tanger Inc. (NYSE:SKT)

New York State Common Retirement Fund raised its stake in shares of Tanger Inc. (NYSE:SKT) by 5.3% during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 109,367 shares of the real estate investment trust’s stock after purchasing an additional 5,468 shares during the period. New York State Common Retirement Fund’s holdings in Tanger were worth $3,032,000 at the end of the most recent quarter.

Several other institutional investors have also modified their holdings of SKT. FMR LLC lifted its position in shares of Tanger by 33.1% in the third quarter. FMR LLC now owns 4,315,625 shares of the real estate investment trust’s stock valued at $97,533,000 after acquiring an additional 1,072,443 shares in the last quarter. Wellington Management Group LLP boosted its stake 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 worth $89,350,000 after purchasing an additional 909,622 shares during the last quarter. Charles Schwab Investment Management Inc. grew its holdings in shares of Tanger by 1.7% during the third quarter. Charles Schwab Investment Management Inc. now owns 1,868,188 shares of the real estate investment trust’s stock worth $42,221,000 after buying an additional 31,910 shares in the last quarter. Invesco Ltd. raised its position in shares of Tanger by 35.9% in the third quarter. Invesco Ltd. now owns 723,109 shares of the real estate investment trust’s stock valued at $16,342,000 after buying an additional 190,979 shares during the last quarter. Finally, Knights of Columbus Asset Advisors LLC raised its position in shares of Tanger by 98.0% in the fourth quarter. Knights of Columbus Asset Advisors LLC now owns 348,514 shares of the real estate investment trust’s stock valued at $9,661,000 after buying an additional 172,527 shares during the last quarter. Institutional investors and hedge funds own 85.23% of the company’s stock.

Tanger Stock Performance

Shares of Tanger stock opened at $27.43 on Tuesday. The firm has a market cap of $3.00 billion, a PE ratio of 30.14, a price-to-earnings-growth ratio of 3.47 and a beta of 1.85. The company has a quick ratio of 0.20, a current ratio of 0.20 and a debt-to-equity ratio of 2.54. Tanger Inc. has a 52 week low of $18.69 and a 52 week high of $29.98. The business’s fifty day simple moving average is $28.34 and its 200-day simple moving average is $27.05.

Tanger Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, May 15th. Shareholders of record on Tuesday, April 30th will be given a dividend of $0.275 per share. The ex-dividend date is Monday, April 29th. This is a boost from Tanger’s previous quarterly dividend of $0.26. This represents a $1.10 dividend on an annualized basis and a dividend yield of 4.01%. Tanger’s dividend payout ratio (DPR) is currently 120.88%.

Analysts Set New Price Targets

A number of research analysts have weighed in on the stock. Evercore ISI decreased their target price on shares of Tanger from $29.00 to $28.00 and set an “in-line” rating on the stock in a research note on Wednesday, May 1st. Compass Point raised Tanger from a “neutral” rating to a “buy” rating and boosted their price objective for the stock from $31.00 to $32.00 in a research note on Thursday, May 2nd. Bank of America upgraded Tanger from an “underperform” rating to a “neutral” rating and upped their target price for the company from $24.00 to $31.00 in a report on Friday, April 5th. Finally, Citigroup upgraded Tanger from a “neutral” rating to a “buy” rating and lifted their price target for the stock from $30.00 to $33.00 in a report on Friday, March 22nd. Four equities research analysts have rated the stock with a hold rating and three have issued a buy rating to the company’s stock. According to data from MarketBeat, Tanger has an average rating of “Hold” and an average price target of $29.83.

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.