Allianz Asset Management GmbH Raises Position in Tanger Inc. $SKT

Allianz Asset Management GmbH grew its holdings in Tanger Inc. (NYSE:SKT) by 68.1% in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 109,489 shares of the real estate investment trust’s stock after acquiring an additional 44,374 shares during the period. Allianz Asset Management GmbH owned about 0.10% of Tanger worth $3,705,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds have also modified their holdings of the company. M&T Bank Corp increased its holdings in Tanger by 3.3% during the 2nd quarter. M&T Bank Corp now owns 10,272 shares of the real estate investment trust’s stock worth $314,000 after purchasing an additional 326 shares during the period. Amalgamated Bank grew its position in shares of Tanger by 1.1% during the third quarter. Amalgamated Bank now owns 32,386 shares of the real estate investment trust’s stock worth $1,096,000 after buying an additional 342 shares in the last quarter. California State Teachers Retirement System increased its stake in shares of Tanger by 0.4% during the second quarter. California State Teachers Retirement System now owns 101,225 shares of the real estate investment trust’s stock worth $3,095,000 after buying an additional 391 shares during the period. Arizona State Retirement System raised its holdings in Tanger by 1.4% in the third quarter. Arizona State Retirement System now owns 33,489 shares of the real estate investment trust’s stock valued at $1,133,000 after acquiring an additional 452 shares in the last quarter. Finally, EverSource Wealth Advisors LLC lifted its stake in Tanger by 127.3% in the second quarter. EverSource Wealth Advisors LLC now owns 948 shares of the real estate investment trust’s stock worth $29,000 after acquiring an additional 531 shares during the last quarter. 85.23% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

SKT has been the topic of a number of recent analyst reports. Weiss Ratings restated a “buy (b)” rating on shares of Tanger in a report on Wednesday, January 21st. Scotiabank increased their target price on Tanger from $33.00 to $34.00 and gave the company a “sector perform” rating in a report on Wednesday, January 14th. Barclays restated a “positive” rating and issued a $36.00 price target on shares of Tanger in a research note on Tuesday, January 13th. LADENBURG THALM/SH SH raised Tanger to a “strong-buy” rating in a research report on Thursday, November 20th. Finally, Citigroup reissued a “neutral” rating and set a $35.00 target price (down previously from $38.00) on shares of Tanger in a research report on Wednesday, November 19th. One research analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating and three have assigned a Hold rating to the stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $36.00.

Tanger Stock Performance

Shares of SKT opened at $34.16 on Wednesday. The company’s 50 day simple moving average is $33.39 and its 200-day simple moving average is $33.22. The firm has a market cap of $3.93 billion, a PE ratio of 36.34, a price-to-earnings-growth ratio of 1.48 and a beta of 1.18. Tanger Inc. has a 12-month low of $28.69 and a 12-month high of $36.76. The company has a current ratio of 0.51, a quick ratio of 0.51 and a debt-to-equity ratio of 2.20.

Tanger Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, February 13th. Investors of record on Friday, January 30th will be issued a dividend of $0.2925 per share. The ex-dividend date of this dividend is Friday, January 30th. This represents a $1.17 dividend on an annualized basis and a dividend yield of 3.4%. Tanger’s dividend payout ratio (DPR) is currently 124.47%.

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.