Charles Schwab Investment Management Inc. Has $66.65 Million Stake in Tanger Inc. (NYSE:SKT)

Charles Schwab Investment Management Inc. decreased its position in Tanger Inc. (NYSE:SKT) by 1.2% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 1,972,414 shares of the real estate investment trust’s stock after selling 24,686 shares during the period. Charles Schwab Investment Management Inc. owned approximately 1.74% of Tanger worth $66,648,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also bought and sold shares of SKT. Nuveen Asset Management LLC lifted its holdings in Tanger by 78.6% in the fourth quarter. Nuveen Asset Management LLC now owns 1,714,769 shares of the real estate investment trust’s stock valued at $58,525,000 after buying an additional 754,429 shares during the period. Northern Trust Corp raised its holdings in shares of Tanger by 56.4% during the fourth quarter. Northern Trust Corp now owns 1,817,052 shares of the real estate investment trust’s stock valued at $62,016,000 after purchasing an additional 655,237 shares during the period. Vanguard Group Inc. raised its holdings in shares of Tanger by 1.1% during the first quarter. Vanguard Group Inc. now owns 17,511,443 shares of the real estate investment trust’s stock valued at $591,712,000 after purchasing an additional 193,141 shares during the period. Jefferies Financial Group Inc. acquired a new position in shares of Tanger during the first quarter valued at about $6,296,000. Finally, Edgestream Partners L.P. raised its holdings in shares of Tanger by 168.4% during the first quarter. Edgestream Partners L.P. now owns 262,511 shares of the real estate investment trust’s stock valued at $8,870,000 after purchasing an additional 164,690 shares during the period. Institutional investors and hedge funds own 85.23% of the company’s stock.

Tanger Stock Down 1.4%

Shares of Tanger stock opened at $32.48 on Friday. 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 stock has a market capitalization of $3.68 billion, a PE ratio of 36.90, a price-to-earnings-growth ratio of 2.16 and a beta of 1.23. Tanger Inc. has a 52-week low of $27.82 and a 52-week high of $37.57. The company has a 50-day simple moving average of $31.11 and a two-hundred day simple moving average of $31.82.

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

Tanger Dividend Announcement

The company 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 dividend on an annualized basis and a dividend yield of 3.6%. The ex-dividend date is Thursday, July 31st. Tanger’s dividend payout ratio is presently 132.95%.

Wall Street Analysts Forecast Growth

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

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.