Public Employees Retirement System of Ohio Raises Stock Holdings in Tanger Inc. (NYSE:SKT)

Public Employees Retirement System of Ohio increased its stake in Tanger Inc. (NYSE:SKT) by 0.7% during the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 157,260 shares of the real estate investment trust’s stock after purchasing an additional 1,155 shares during the period. Public Employees Retirement System of Ohio owned approximately 0.14% of Tanger worth $5,218,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also bought and sold shares of the stock. Stifel Financial Corp increased its holdings in shares of Tanger by 48.5% in the 3rd quarter. Stifel Financial Corp now owns 67,402 shares of the real estate investment trust’s stock worth $2,236,000 after buying an additional 22,002 shares during the last quarter. Beck Capital Management LLC increased its stake in Tanger by 77.3% in the third quarter. Beck Capital Management LLC now owns 109,276 shares of the real estate investment trust’s stock valued at $3,626,000 after acquiring an additional 47,642 shares during the last quarter. Atom Investors LP bought a new position in Tanger in the third quarter valued at $564,000. Point72 Asia Singapore Pte. Ltd. raised its position in Tanger by 255.2% during the third quarter. Point72 Asia Singapore Pte. Ltd. now owns 6,437 shares of the real estate investment trust’s stock valued at $214,000 after purchasing an additional 4,625 shares in the last quarter. Finally, Verition Fund Management LLC lifted its stake in Tanger by 23.8% during the third quarter. Verition Fund Management LLC now owns 37,989 shares of the real estate investment trust’s stock worth $1,260,000 after purchasing an additional 7,300 shares during the last quarter. 85.23% of the stock is owned by hedge funds and other institutional investors.

Insider Activity at Tanger

In related news, CAO Thomas Joseph Guerrieri, Jr. sold 3,000 shares of Tanger 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 sale, the chief accounting officer now owns 59,641 shares in the company, valued at $2,163,179.07. The trade was a 4.79 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. 5.80% of the stock is owned by company insiders.

Tanger Stock Performance

Shares of SKT stock opened at $35.53 on Friday. 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 fifty-two week low of $25.67 and a fifty-two week high of $37.57. The company has a market capitalization of $3.93 billion, a P/E ratio of 41.31, a PEG ratio of 2.78 and a beta of 1.90. The stock has a 50 day moving average price of $35.13 and a two-hundred day moving average price of $31.02.

Tanger (NYSE:SKT) last posted its quarterly earnings results on Wednesday, November 6th. The real estate investment trust reported $0.22 EPS for the quarter, missing analysts’ consensus estimates of $0.53 by ($0.31). The firm had revenue of $133.00 million for the quarter, compared to the consensus estimate of $125.80 million. Tanger had a net margin of 18.55% and a return on equity of 16.25%. The company’s quarterly revenue was up 13.3% compared to the same quarter last year. During the same quarter in the prior year, the company earned $0.50 earnings per share. Analysts expect that Tanger Inc. will post 2.11 earnings per share for the current year.

Tanger Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, November 15th. Investors of record on Thursday, October 31st were paid a $0.275 dividend. The ex-dividend date was Thursday, October 31st. This represents a $1.10 annualized dividend and a dividend yield of 3.10%. Tanger’s payout ratio is presently 127.91%.

Wall Street Analyst Weigh In

Several brokerages have recently commented on SKT. Scotiabank increased their price objective on Tanger from $28.00 to $30.00 and gave the company a “sector perform” rating in a research report on Monday, August 26th. Evercore ISI increased their price target on shares of Tanger from $31.00 to $33.00 and gave the company an “in-line” rating in a research report on Thursday, November 7th. The Goldman Sachs Group lifted their price target 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. Bank of America raised shares of Tanger from a “neutral” rating to a “buy” rating and upped their price objective for the company from $35.00 to $40.00 in a research note on Monday, November 11th. Finally, Citigroup lifted 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. Three research analysts have rated the stock with a hold rating and four have given a buy rating to the company’s stock. Based on data from MarketBeat, Tanger currently has a consensus rating of “Moderate Buy” and an average target price of $34.86.

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.