Wealth Enhancement Advisory Services LLC Invests $237,000 in Tanger Inc. (NYSE:SKT)

Wealth Enhancement Advisory Services LLC purchased a new position in shares of Tanger Inc. (NYSE:SKT) during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm purchased 6,954 shares of the real estate investment trust’s stock, valued at approximately $237,000.

A number of other large investors also recently modified their holdings of the company. FMR LLC lifted its stake in shares of Tanger by 24.9% during the 4th quarter. FMR LLC now owns 9,397,189 shares of the real estate investment trust’s stock valued at $320,726,000 after buying an additional 1,873,835 shares in the last quarter. Wellington Management Group LLP boosted its position in Tanger by 34.0% in the 4th quarter. Wellington Management Group LLP now owns 2,748,467 shares of the real estate investment trust’s stock valued at $93,805,000 after buying an additional 697,291 shares during the period. Charles Schwab Investment Management Inc. boosted its position in Tanger by 1.6% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 1,997,100 shares of the real estate investment trust’s stock valued at $68,161,000 after buying an additional 31,750 shares during the period. Northern Trust Corp lifted its position in shares of Tanger by 56.4% in the 4th quarter. Northern Trust Corp now owns 1,817,052 shares of the real estate investment trust’s stock worth $62,016,000 after purchasing an additional 655,237 shares during the period. Finally, Millennium Management LLC lifted its position in shares of Tanger by 0.5% in the 4th quarter. Millennium Management LLC now owns 1,748,635 shares of the real estate investment trust’s stock worth $59,681,000 after purchasing an additional 8,590 shares during the period. Hedge funds and other institutional investors own 85.23% of the company’s stock.

Tanger Stock Up 1.1%

NYSE:SKT opened at $30.02 on Tuesday. The firm has a market capitalization of $3.40 billion, a P/E ratio of 34.50, a PEG ratio of 2.97 and a beta of 1.19. Tanger Inc. has a 1-year low of $25.94 and a 1-year high of $37.57. The company’s fifty day moving average price is $30.61 and its 200-day moving average price is $32.69. The company has a debt-to-equity ratio of 2.09, a current ratio of 0.44 and a quick ratio of 0.13.

Tanger (NYSE:SKT) last released its quarterly earnings results on Wednesday, April 30th. The real estate investment trust reported $0.53 EPS for the quarter, meeting the consensus estimate of $0.53. The company had revenue of $129.29 million for the quarter, compared to analyst estimates of $128.24 million. Tanger had a net margin of 18.65% and a return on equity of 16.16%. The firm’s revenue was up 9.7% on a year-over-year basis. During the same quarter last year, the business earned $0.52 earnings per share. As a group, equities research analysts anticipate that Tanger Inc. will post 2.24 EPS for the current year.

Tanger Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, May 15th. Shareholders of record on Wednesday, April 30th were issued a dividend of $0.2925 per share. This represents a $1.17 annualized dividend and a yield of 3.90%. This is an increase from Tanger’s previous quarterly dividend of $0.28. The ex-dividend date was Wednesday, April 30th. Tanger’s dividend payout ratio (DPR) is presently 139.29%.

Analyst Upgrades and Downgrades

Several research analysts recently commented on the stock. The Goldman Sachs Group upgraded shares of Tanger from a “neutral” rating to a “buy” rating and boosted their price objective for the stock from $39.00 to $40.00 in a research note on Friday, March 28th. Evercore ISI upgraded shares of Tanger to a “hold” rating in a research note on Friday, May 2nd. Finally, Scotiabank cut their price target on shares of Tanger from $38.00 to $33.00 and set a “sector perform” rating on the stock in a research note on Wednesday, April 23rd. Four investment analysts have rated the stock with a hold rating and four have given a buy rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $37.00.

Tanger Company 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.