MSH Capital Advisors LLC Buys New Position in Tanger Inc. (NYSE:SKT)

MSH Capital Advisors LLC purchased a new position in Tanger Inc. (NYSE:SKT) in the fourth quarter, HoldingsChannel reports. The institutional investor purchased 16,543 shares of the real estate investment trust’s stock, valued at approximately $565,000.

A number of other institutional investors have also recently made changes to their positions in the stock. Mutual of America Capital Management LLC boosted its holdings in shares of Tanger by 1.9% in the 4th quarter. Mutual of America Capital Management LLC now owns 16,767 shares of the real estate investment trust’s stock worth $572,000 after purchasing an additional 319 shares in the last quarter. Maryland State Retirement & Pension System raised its stake in shares of Tanger by 0.9% during the fourth quarter. Maryland State Retirement & Pension System now owns 37,277 shares of the real estate investment trust’s stock worth $1,272,000 after acquiring an additional 349 shares in the last quarter. FIL Ltd raised its stake in shares of Tanger by 16.2% during the fourth quarter. FIL Ltd now owns 2,874 shares of the real estate investment trust’s stock worth $98,000 after acquiring an additional 401 shares in the last quarter. DAVENPORT & Co LLC lifted its holdings in shares of Tanger by 1.4% in the 4th quarter. DAVENPORT & Co LLC now owns 31,462 shares of the real estate investment trust’s stock worth $1,074,000 after acquiring an additional 425 shares during the last quarter. Finally, Pictet Asset Management Holding SA boosted its stake in shares of Tanger by 1.5% in the 4th quarter. Pictet Asset Management Holding SA now owns 32,851 shares of the real estate investment trust’s stock valued at $1,121,000 after purchasing an additional 480 shares in the last quarter. Institutional investors own 85.23% of the company’s stock.

Wall Street Analyst Weigh In

Several analysts have weighed in on the stock. BMO Capital Markets assumed coverage on shares of Tanger in a research note on Tuesday, January 28th. They issued a “market perform” rating and a $36.00 price target for the company. The Goldman Sachs Group raised Tanger from a “neutral” rating to a “buy” rating and boosted their target price for the company from $39.00 to $40.00 in a research note on Friday, March 28th. Four research analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $36.63.

Tanger Stock Down 0.4 %

NYSE SKT opened at $31.94 on Thursday. Tanger Inc. has a 1 year low of $25.94 and a 1 year high of $37.57. The stock has a market capitalization of $3.62 billion, a PE ratio of 36.71, a PEG ratio of 2.97 and a beta of 1.49. The company has a debt-to-equity ratio of 2.09, a current ratio of 0.44 and a quick ratio of 0.13. The business’s 50-day moving average is $33.22 and its 200 day moving average is $33.98.

Tanger (NYSE:SKT) last posted its earnings results on Wednesday, February 19th. The real estate investment trust reported $0.54 earnings per share (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 firm 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 earnings per share for the current year.

Tanger Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, May 15th. Stockholders of record on Wednesday, April 30th will be given a $0.2925 dividend. This represents a $1.17 annualized dividend and a dividend yield of 3.66%. This is a boost from Tanger’s previous quarterly dividend of $0.28. The ex-dividend date of this dividend is Wednesday, April 30th. Tanger’s dividend payout ratio (DPR) is currently 134.48%.

Insider Activity

In other news, COO Gallardo Leslie Swanson sold 12,500 shares of the company’s stock in a transaction dated Tuesday, March 11th. The shares were sold at an average price of $32.38, for a total value of $404,750.00. Following the sale, the chief operating officer now directly owns 113,158 shares of the company’s stock, valued at $3,664,056.04. This represents a 9.95 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Insiders own 5.70% of the company’s stock.

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.