Cannell & Spears LLC Acquires 200,475 Shares of Tanger Inc. (NYSE:SKT)

Cannell & Spears LLC lifted its stake in Tanger Inc. (NYSE:SKT) by 263.1% in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 276,682 shares of the real estate investment trust’s stock after buying an additional 200,475 shares during the period. Cannell & Spears LLC’s holdings in Tanger were worth $9,443,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other large investors have also added to or reduced their stakes in SKT. GAMMA Investing LLC increased its position in shares of Tanger by 24.9% in the fourth quarter. GAMMA Investing LLC now owns 2,578 shares of the real estate investment trust’s stock worth $88,000 after purchasing an additional 514 shares during the period. Smartleaf Asset Management LLC increased its holdings in Tanger by 415.7% in the 4th quarter. Smartleaf Asset Management LLC now owns 2,790 shares of the real estate investment trust’s stock valued at $95,000 after buying an additional 2,249 shares during the period. KBC Group NV raised its position in shares of Tanger by 21.6% in the 4th quarter. KBC Group NV now owns 4,474 shares of the real estate investment trust’s stock valued at $153,000 after buying an additional 795 shares in the last quarter. Exchange Traded Concepts LLC lifted its holdings in shares of Tanger by 12.8% during the 4th quarter. Exchange Traded Concepts LLC now owns 5,131 shares of the real estate investment trust’s stock worth $175,000 after acquiring an additional 583 shares during the period. Finally, CIBC Asset Management Inc acquired a new stake in shares of Tanger during the 4th quarter worth approximately $200,000. Institutional investors and hedge funds own 85.23% of the company’s stock.

Tanger Stock Performance

Shares of Tanger stock opened at $32.88 on Monday. The stock has a market cap of $3.71 billion, a price-to-earnings ratio of 37.79, a P/E/G ratio of 2.97 and a beta of 1.88. Tanger Inc. has a twelve month low of $25.94 and a twelve month high of $37.57. The company’s fifty day moving average is $33.64 and its 200 day moving average is $34.02. The company has a quick ratio of 0.13, a current ratio of 0.44 and a debt-to-equity ratio of 2.09.

Tanger (NYSE:SKT) last announced its earnings results on Wednesday, February 19th. The real estate investment trust reported $0.54 EPS for the quarter, beating the consensus estimate of $0.52 by $0.02. Tanger had a return on equity of 16.16% and a net margin of 18.65%. The business had revenue of $132.17 million for the quarter, compared to analysts’ expectations of $129.10 million. Sell-side analysts forecast that Tanger Inc. will post 2.24 EPS for the current year.

Tanger Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, February 14th. Investors of record on Friday, January 31st were issued a $0.275 dividend. The ex-dividend date of this dividend was Friday, January 31st. This represents a $1.10 annualized dividend and a yield of 3.35%. Tanger’s payout ratio is 126.44%.

Analyst Upgrades and Downgrades

Several brokerages recently weighed in on SKT. Deutsche Bank Aktiengesellschaft initiated coverage on Tanger in a research report on Tuesday, December 17th. They set a “hold” rating and a $37.00 price objective for the company. The Goldman Sachs Group raised shares of Tanger from a “neutral” rating to a “buy” rating and lifted their price target for the company from $39.00 to $40.00 in a report on Friday. Finally, BMO Capital Markets began coverage on shares of Tanger in a research note on Tuesday, January 28th. They issued a “market perform” rating and a $36.00 price objective for the company. Four analysts have rated the stock with a hold rating and four have issued a buy rating to the company. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $36.63.

Insider Buying and Selling at Tanger

In other news, COO Gallardo Leslie Swanson sold 12,500 shares of Tanger stock in a transaction on Tuesday, March 11th. The shares were sold at an average price of $32.38, for a total value of $404,750.00. Following the completion of the sale, the chief operating officer now owns 113,158 shares in the company, valued at $3,664,056.04. The trade was a 9.95 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Insiders own 5.80% of the company’s stock.

Tanger 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.