Tanger Inc. (NYSE:SKT) Short Interest Down 16.2% in February

Tanger Inc. (NYSE:SKT) was the target of a large decline in short interest in February. As of February 15th, there was short interest totalling 4,030,000 shares, a decline of 16.2% from the January 31st total of 4,810,000 shares. Based on an average daily trading volume, of 714,300 shares, the days-to-cover ratio is presently 5.6 days.

Institutional Investors Weigh In On Tanger

A number of institutional investors have recently added to or reduced their stakes in SKT. Mutual of America Capital Management LLC boosted its stake 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 valued at $572,000 after purchasing an additional 319 shares in the last quarter. Maryland State Retirement & Pension System lifted its holdings in Tanger by 0.9% during the 4th quarter. Maryland State Retirement & Pension System now owns 37,277 shares of the real estate investment trust’s stock valued at $1,272,000 after purchasing an additional 349 shares during the last quarter. FIL Ltd boosted its position in Tanger by 16.2% in the fourth quarter. FIL Ltd now owns 2,874 shares of the real estate investment trust’s stock valued at $98,000 after buying an additional 401 shares in the last quarter. DAVENPORT & Co LLC grew its stake in Tanger by 1.4% during the fourth quarter. DAVENPORT & Co LLC now owns 31,462 shares of the real estate investment trust’s stock worth $1,074,000 after buying an additional 425 shares during the last quarter. Finally, Pictet Asset Management Holding SA grew its stake in Tanger by 1.5% during the fourth quarter. Pictet Asset Management Holding SA now owns 32,851 shares of the real estate investment trust’s stock worth $1,121,000 after buying an additional 480 shares during the last quarter. 85.23% of the stock is owned by institutional investors and hedge funds.

Tanger Stock Performance

NYSE:SKT traded up $0.45 during mid-day trading on Wednesday, hitting $35.41. 281,206 shares of the company’s stock traded hands, compared to its average volume of 731,972. The firm has a market capitalization of $3.99 billion, a price-to-earnings ratio of 40.74, a price-to-earnings-growth ratio of 2.97 and a beta of 1.91. The firm has a 50 day moving average of $33.89 and a two-hundred day moving average of $33.69. The company has a current ratio of 0.44, a quick ratio of 0.13 and a debt-to-equity ratio of 2.09. Tanger has a 12 month low of $25.94 and a 12 month high of $37.57.

Tanger (NYSE:SKT) last posted its quarterly earnings data on Wednesday, February 19th. The real estate investment trust reported $0.54 earnings per share 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 company had revenue of $132.17 million during the quarter, compared to analysts’ expectations of $129.10 million. On average, equities analysts forecast that Tanger will post 2.24 earnings per share for the current fiscal year.

Tanger Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, February 14th. Investors of record on Friday, January 31st were paid a $0.275 dividend. This represents a $1.10 annualized dividend and a dividend yield of 3.11%. The ex-dividend date of this dividend was Friday, January 31st. Tanger’s payout ratio is presently 126.44%.

Analyst Ratings Changes

Several equities analysts recently weighed in on SKT shares. The Goldman Sachs Group raised their price objective on shares of Tanger from $31.00 to $35.00 and gave the company a “neutral” rating in a research report on Friday, November 15th. Deutsche Bank Aktiengesellschaft started coverage on shares of Tanger in a research note on Tuesday, December 17th. They issued a “hold” rating and a $37.00 price objective for the company. 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 upgraded Tanger from a “neutral” rating to a “buy” rating and upped their price target for the stock from $35.00 to $40.00 in a research note on Monday, November 11th. Finally, Evercore ISI raised their price objective on Tanger from $31.00 to $33.00 and gave the company an “in-line” rating in a research note on Thursday, November 7th. Five research analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and an average target price of $36.00.

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.