Barclays PLC Purchases 152,796 Shares of Tanger Inc. (NYSE:SKT)

Barclays PLC increased its position in shares of Tanger Inc. (NYSE:SKT) by 174.7% during the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 240,281 shares of the real estate investment trust’s stock after purchasing an additional 152,796 shares during the period. Barclays PLC’s holdings in Tanger were worth $7,973,000 at the end of the most recent reporting period.

A number of other large investors have also modified their holdings of SKT. CWM LLC increased its holdings in Tanger by 418.6% in the 2nd quarter. CWM LLC now owns 1,732 shares of the real estate investment trust’s stock valued at $47,000 after buying an additional 1,398 shares during the period. Blue Trust Inc. boosted its position in shares of Tanger by 1,412.1% during the 2nd quarter. Blue Trust Inc. now owns 877 shares of the real estate investment trust’s stock valued at $26,000 after acquiring an additional 819 shares in the last quarter. Nisa Investment Advisors LLC increased its stake in Tanger by 0.8% in the second quarter. Nisa Investment Advisors LLC now owns 181,338 shares of the real estate investment trust’s stock valued at $4,916,000 after acquiring an additional 1,485 shares during the period. 1620 Investment Advisors Inc. raised its position in Tanger by 45.6% in the second quarter. 1620 Investment Advisors Inc. now owns 10,268 shares of the real estate investment trust’s stock worth $278,000 after purchasing an additional 3,217 shares in the last quarter. Finally, Louisiana State Employees Retirement System lifted its stake in Tanger by 3.2% during the second quarter. Louisiana State Employees Retirement System now owns 55,000 shares of the real estate investment trust’s stock worth $1,491,000 after purchasing an additional 1,700 shares during the period. 85.23% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling at Tanger

In related news, CAO Thomas Joseph Guerrieri, Jr. sold 3,000 shares of the firm’s stock in a transaction on Tuesday, November 19th. The shares were sold at an average price of $36.27, for a total value of $108,810.00. Following the completion of the transaction, the chief accounting officer now owns 59,641 shares of the company’s stock, valued at approximately $2,163,179.07. This trade represents a 4.79 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Company insiders own 5.80% of the company’s stock.

Analyst Ratings Changes

SKT has been the subject of a number of recent research reports. Bank of America raised Tanger from a “neutral” rating to a “buy” rating and increased their target price for the stock from $35.00 to $40.00 in a report on Monday, November 11th. The Goldman Sachs Group lifted their price objective on Tanger from $31.00 to $35.00 and gave the company a “neutral” rating in a report on Friday, November 15th. Scotiabank upped their target price on shares of Tanger from $28.00 to $30.00 and gave the stock a “sector perform” rating in a report on Monday, August 26th. Citigroup increased their target price on shares of Tanger from $34.00 to $41.00 and gave the stock a “buy” rating in a research report on Wednesday, November 13th. Finally, Evercore ISI boosted their price target on shares of Tanger from $31.00 to $33.00 and gave the company an “in-line” rating in a report on Thursday, November 7th. Four investment analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $35.13.

Tanger Stock Performance

Shares of SKT opened at $35.41 on Wednesday. The firm’s 50 day moving average price is $35.17 and its two-hundred day moving average price is $31.11. The company has a debt-to-equity ratio of 2.40, a quick ratio of 0.13 and a current ratio of 0.13. Tanger Inc. has a twelve month low of $25.67 and a twelve month high of $37.57. The firm has a market cap of $3.92 billion, a P/E ratio of 41.07, a PEG ratio of 2.78 and a beta of 1.90.

Tanger (NYSE:SKT) last announced its earnings results on Wednesday, November 6th. The real estate investment trust reported $0.22 earnings per share for the quarter, missing analysts’ consensus estimates of $0.53 by ($0.31). Tanger had a return on equity of 16.25% and a net margin of 18.55%. The company had revenue of $133.00 million during the quarter, compared to analyst estimates of $125.80 million. During the same period in the previous year, the company posted $0.50 earnings per share. Tanger’s revenue for the quarter was up 13.3% on a year-over-year basis. On average, analysts forecast that Tanger Inc. will post 2.11 EPS for the current fiscal year.

Tanger Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, November 15th. Investors of record on Thursday, October 31st were given a $0.275 dividend. This represents a $1.10 dividend on an annualized basis and a yield of 3.11%. The ex-dividend date of this dividend was Thursday, October 31st. Tanger’s dividend payout ratio is presently 127.91%.

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.