Vanguard Group Inc. Has $591.71 Million Stock Position in Tanger Inc. (NYSE:SKT)

Vanguard Group Inc. boosted its holdings in shares of Tanger Inc. (NYSE:SKT) by 1.1% in the first quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 17,511,443 shares of the real estate investment trust’s stock after acquiring an additional 193,141 shares during the quarter. Vanguard Group Inc. owned 15.47% of Tanger worth $591,712,000 at the end of the most recent quarter.

A number of other institutional investors have also recently bought and sold shares of SKT. Wells Fargo & Company MN boosted its position in Tanger by 8.7% during the 4th quarter. Wells Fargo & Company MN now owns 203,243 shares of the real estate investment trust’s stock worth $6,937,000 after acquiring an additional 16,296 shares during the period. Bank of Montreal Can boosted its position in Tanger by 12.1% during the 4th quarter. Bank of Montreal Can now owns 16,351 shares of the real estate investment trust’s stock worth $558,000 after acquiring an additional 1,764 shares during the period. Invesco Ltd. boosted its position in Tanger by 9.5% during the 4th quarter. Invesco Ltd. now owns 895,466 shares of the real estate investment trust’s stock worth $30,562,000 after acquiring an additional 78,014 shares during the period. Raymond James Financial Inc. acquired a new stake in Tanger during the 4th quarter worth about $4,972,000. Finally, Summit Investment Advisors Inc. boosted its position in Tanger by 5.2% during the 4th quarter. Summit Investment Advisors Inc. now owns 11,139 shares of the real estate investment trust’s stock worth $380,000 after acquiring an additional 553 shares during the period. 85.23% of the stock is currently owned by institutional investors and hedge funds.

Tanger Stock Up 1.7%

SKT opened at $32.97 on Thursday. The business has a 50 day moving average price of $31.05 and a 200 day moving average price of $31.83. Tanger Inc. has a twelve month low of $27.37 and a twelve month high of $37.57. The company has a debt-to-equity ratio of 2.31, a quick ratio of 0.11 and a current ratio of 0.11. The firm has a market cap of $3.73 billion, a P/E ratio of 37.47, a price-to-earnings-growth ratio of 2.14 and a beta of 1.23.

Tanger (NYSE:SKT) last posted its earnings results on Monday, August 4th. The real estate investment trust reported $0.58 earnings per share for the quarter, topping the consensus estimate of $0.56 by $0.02. The firm had revenue of $133.44 million during the quarter, compared to analyst estimates of $132.02 million. Tanger had a return on equity of 15.45% and a net margin of 18.22%. The company’s revenue for the quarter was up 9.2% on a year-over-year basis. During the same period in the previous year, the company earned $0.53 EPS. Research analysts forecast that Tanger Inc. will post 2.24 EPS for the current year.

Tanger Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, August 15th. Shareholders of record on Thursday, July 31st will be given a $0.2925 dividend. This represents a $1.17 annualized dividend and a yield of 3.5%. The ex-dividend date of this dividend is Thursday, July 31st. Tanger’s payout ratio is currently 132.95%.

Wall Street Analyst Weigh In

A number of brokerages have commented on SKT. Wall Street Zen upgraded Tanger from a “sell” rating to a “hold” rating in a research report on Saturday, August 9th. Barclays began coverage on Tanger in a research report on Wednesday, July 2nd. They set an “equal weight” rating and a $33.00 price objective for the company. Evercore ISI raised Tanger to a “hold” rating in a research note on Friday, May 2nd. Scotiabank cut their price target on Tanger from $38.00 to $33.00 and set a “sector perform” rating for the company in a research note on Wednesday, April 23rd. Finally, LADENBURG THALM/SH SH began coverage on Tanger in a research note on Friday, July 18th. They set a “buy” rating and a $35.00 price target for the company. Six research analysts have rated the stock with a hold rating and five have given a buy rating to the company’s stock. According to MarketBeat.com, the company has an average rating of “Hold” and a consensus price target of $36.40.

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.