Tanger Inc. $SKT Shares Bought by JPMorgan Chase & Co.

JPMorgan Chase & Co. lifted its stake in shares of Tanger Inc. (NYSE:SKT) by 26.6% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 984,836 shares of the real estate investment trust’s stock after acquiring an additional 207,199 shares during the quarter. JPMorgan Chase & Co. owned about 0.86% of Tanger worth $33,327,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Royal Bank of Canada boosted its stake in Tanger by 2.8% during the 1st quarter. Royal Bank of Canada now owns 145,184 shares of the real estate investment trust’s stock valued at $4,905,000 after purchasing an additional 3,995 shares in the last quarter. AQR Capital Management LLC raised its stake in shares of Tanger by 17.8% in the 1st quarter. AQR Capital Management LLC now owns 38,209 shares of the real estate investment trust’s stock worth $1,291,000 after buying an additional 5,765 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its stake in shares of Tanger by 6.0% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 64,251 shares of the real estate investment trust’s stock worth $2,171,000 after buying an additional 3,631 shares in the last quarter. United Services Automobile Association acquired a new stake in shares of Tanger in the first quarter valued at $233,000. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its holdings in shares of Tanger by 436.9% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 801,200 shares of the real estate investment trust’s stock valued at $27,073,000 after buying an additional 651,961 shares during the period. Institutional investors own 85.23% of the company’s stock.

Analyst Ratings Changes

A number of research analysts recently issued reports on the company. Weiss Ratings reaffirmed a “buy (b)” rating on shares of Tanger in a report on Wednesday, January 21st. Scotiabank raised their price objective on shares of Tanger from $33.00 to $34.00 and gave the company a “sector perform” rating in a research report on Wednesday, January 14th. Bank of America reaffirmed a “neutral” rating and issued a $39.00 price objective on shares of Tanger in a research note on Friday, March 6th. Compass Point downgraded shares of Tanger from a “buy” rating to a “neutral” rating and set a $38.00 target price on the stock. in a report on Thursday, February 26th. Finally, Barclays increased their target price on shares of Tanger from $36.00 to $38.00 and gave the company an “equal weight” rating in a research note on Monday, March 2nd. One analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating and six have issued a Hold rating to the company’s stock. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and a consensus price target of $36.88.

Tanger Stock Down 4.0%

Shares of Tanger stock opened at $34.08 on Monday. Tanger Inc. has a 12-month low of $28.69 and a 12-month high of $37.95. The firm has a market capitalization of $3.90 billion, a PE ratio of 34.08, a price-to-earnings-growth ratio of 1.63 and a beta of 1.16. The company has a quick ratio of 0.40, a current ratio of 0.40 and a debt-to-equity ratio of 2.17. The stock’s fifty day moving average is $34.50 and its 200-day moving average is $33.85.

Tanger Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, February 13th. Shareholders of record on Friday, January 30th were paid a dividend of $0.2925 per share. The ex-dividend date of this dividend was Friday, January 30th. This represents a $1.17 dividend on an annualized basis and a yield of 3.4%. Tanger’s dividend payout ratio is currently 117.00%.

About Tanger

Tanger Factory Outlet Centers, Inc (NYSE: SKT) is a real estate investment trust specializing in the ownership, development and management of outlet shopping centers. The company’s portfolio comprises more than 40 outlet properties anchored by leading fashion and lifestyle brands. Tanger’s centers are designed to offer off-price retail experiences in open-air, community-oriented settings, providing value-focused shoppers with access to premium brands at reduced prices.

Founded in 1981 by Stanley K.