Ibex Wealth Advisors Makes New $733,000 Investment in Tanger Inc. (NYSE:SKT)

Ibex Wealth Advisors purchased a new position in shares of Tanger Inc. (NYSE:SKT) in the fourth quarter, Holdings Channel.com reports. The firm purchased 21,467 shares of the real estate investment trust’s stock, valued at approximately $733,000.

Several other institutional investors have also made changes to their positions in SKT. Point72 Asia Singapore Pte. Ltd. bought a new position in Tanger during the second quarter valued at approximately $49,000. Loomis Sayles & Co. L P increased its stake in shares of Tanger by 3,393.9% during the 3rd quarter. Loomis Sayles & Co. L P now owns 1,712 shares of the real estate investment trust’s stock worth $57,000 after purchasing an additional 1,663 shares during the last quarter. GAMMA Investing LLC raised its holdings in shares of Tanger by 62.0% during the 3rd quarter. GAMMA Investing LLC now owns 2,064 shares of the real estate investment trust’s stock valued at $68,000 after purchasing an additional 790 shares in the last quarter. KBC Group NV lifted its stake in shares of Tanger by 31.5% in the 3rd quarter. KBC Group NV now owns 3,679 shares of the real estate investment trust’s stock valued at $122,000 after purchasing an additional 881 shares during the last quarter. Finally, Mirae Asset Global Investments Co. Ltd. lifted its stake in shares of Tanger by 35.3% in the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 4,244 shares of the real estate investment trust’s stock valued at $140,000 after purchasing an additional 1,107 shares during the last quarter. 85.23% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

SKT has been the topic of several recent research reports. Citigroup raised their target price on Tanger from $34.00 to $41.00 and gave the company a “buy” rating in a report on Wednesday, November 13th. Bank of America raised Tanger from a “neutral” rating to a “buy” rating and raised their price objective for the company from $35.00 to $40.00 in a research note on Monday, November 11th. Evercore ISI upped their target price on Tanger from $31.00 to $33.00 and gave the stock an “in-line” rating in a research report on Thursday, November 7th. The Goldman Sachs Group boosted their price objective on shares of Tanger from $31.00 to $35.00 and gave the stock a “neutral” rating in a research note on Friday, November 15th. Finally, Deutsche Bank Aktiengesellschaft assumed coverage on shares of Tanger in a research note on Tuesday, December 17th. They issued a “hold” rating and a $37.00 target price on the stock. Five investment analysts have rated the stock with a hold rating and three have assigned a buy rating to the company’s stock. According to MarketBeat, Tanger has an average rating of “Hold” and an average price target of $36.00.

Tanger Trading Down 1.2 %

Shares of SKT stock opened at $32.77 on Thursday. The firm has a market capitalization of $3.63 billion, a P/E ratio of 38.11, a price-to-earnings-growth ratio of 2.71 and a beta of 1.92. Tanger Inc. has a 1 year low of $25.67 and a 1 year high of $37.57. The firm’s fifty day simple moving average is $34.59 and its 200 day simple moving average is $32.58. The company has a current ratio of 0.13, a quick ratio of 0.13 and a debt-to-equity ratio of 2.40.

Tanger (NYSE:SKT) last posted its quarterly earnings data on Wednesday, November 6th. The real estate investment trust reported $0.22 earnings per share (EPS) for the quarter, missing the consensus estimate 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 for the quarter, compared to the consensus estimate of $125.80 million. During the same quarter in the previous year, the firm posted $0.50 EPS. The business’s revenue for the quarter was up 13.3% compared to the same quarter last year. As a group, sell-side analysts predict that Tanger Inc. will post 2.11 EPS for the current year.

Tanger Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, February 14th. Shareholders of record on Friday, January 31st will be given a $0.275 dividend. The ex-dividend date is Friday, January 31st. This represents a $1.10 dividend on an annualized basis and a dividend yield of 3.36%. Tanger’s dividend payout ratio is currently 127.91%.

Insider Transactions at Tanger

In other news, CAO Thomas Joseph Guerrieri, Jr. sold 3,000 shares of the firm’s stock in a transaction dated Tuesday, November 19th. The shares were sold at an average price of $36.27, for a total transaction of $108,810.00. Following the completion of the transaction, the chief accounting officer now directly 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 position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. 5.80% of the stock is owned by insiders.

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.