UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC Grows Stock Position in Tanger Inc. (NYSE:SKT)

UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its holdings in Tanger Inc. (NYSE:SKT) by 387.7% in the third quarter, according to the company in its most recent disclosure with the SEC. The fund owned 775,411 shares of the real estate investment trust’s stock after buying an additional 616,417 shares during the quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC’s holdings in Tanger were worth $25,728,000 at the end of the most recent reporting period.

Several other institutional investors have also recently modified their holdings of SKT. Blue Trust Inc. raised its stake in shares of Tanger by 1,412.1% in the second quarter. Blue Trust Inc. now owns 877 shares of the real estate investment trust’s stock worth $26,000 after purchasing an additional 819 shares during the last quarter. HHM Wealth Advisors LLC purchased a new position in shares of Tanger in the second quarter worth about $27,000. Whittier Trust Co. purchased a new position in shares of Tanger in the second quarter worth about $33,000. GAMMA Investing LLC raised its stake in shares of Tanger by 44.6% in the second quarter. GAMMA Investing LLC now owns 1,274 shares of the real estate investment trust’s stock worth $35,000 after purchasing an additional 393 shares during the last quarter. Finally, CWM LLC raised its stake in shares of Tanger by 418.6% in the second quarter. CWM LLC now owns 1,732 shares of the real estate investment trust’s stock worth $47,000 after purchasing an additional 1,398 shares during the last quarter. 85.23% of the stock is currently owned by hedge funds and other institutional investors.

Tanger Stock Up 0.0 %

Shares of SKT opened at $36.83 on Thursday. 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 Inc. has a 12 month low of $25.67 and a 12 month high of $37.57. The stock’s 50 day moving average is $34.72 and its two-hundred day moving average is $30.61. The firm has a market cap of $4.08 billion, a P/E ratio of 42.83, a PEG ratio of 2.89 and a beta of 1.90.

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

Tanger Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Friday, November 15th. Shareholders of record on Thursday, October 31st were issued a $0.275 dividend. This represents a $1.10 annualized dividend and a yield of 2.99%. The ex-dividend date of this dividend was Thursday, October 31st. Tanger’s payout ratio is currently 127.91%.

Wall Street Analyst Weigh In

Several research analysts have recently issued reports on SKT shares. Evercore ISI raised their price objective on Tanger from $31.00 to $33.00 and gave the stock an “in-line” rating in a research note on Thursday, November 7th. Scotiabank lifted their price target on Tanger from $28.00 to $30.00 and gave the company a “sector perform” rating in a research report on Monday, August 26th. Compass Point lifted their price target on Tanger from $34.00 to $36.00 and gave the company a “buy” rating in a research report on Friday, October 25th. Bank of America upgraded Tanger from a “neutral” rating to a “buy” rating and lifted their price target for the company from $35.00 to $40.00 in a research report on Monday, November 11th. Finally, Citigroup lifted their price target on Tanger from $34.00 to $41.00 and gave the company a “buy” rating in a research report on Wednesday, November 13th. Three investment analysts have rated the stock with a hold rating and four have issued a buy rating to the company. According to MarketBeat, Tanger presently has a consensus rating of “Moderate Buy” and a consensus target price of $34.86.

Insider Transactions at Tanger

In other news, CAO Thomas Joseph Guerrieri, Jr. sold 3,000 shares of Tanger stock in a transaction that occurred on Tuesday, November 19th. The stock was sold at an average price of $36.27, for a total value of $108,810.00. Following the sale, the chief accounting officer now directly owns 59,641 shares of the company’s stock, valued at $2,163,179.07. The trade was a 4.79 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. Corporate insiders own 5.80% of the company’s stock.

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.