Wellington Management Group LLP Has $93.81 Million Holdings in Tanger Inc. (NYSE:SKT)

Wellington Management Group LLP boosted its stake in Tanger Inc. (NYSE:SKT) by 34.0% during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 2,748,467 shares of the real estate investment trust’s stock after buying an additional 697,291 shares during the quarter. Wellington Management Group LLP owned approximately 2.44% of Tanger worth $93,805,000 at the end of the most recent quarter.

A number of other large investors have also recently bought and sold shares of SKT. GAMMA Investing LLC lifted its holdings in shares of Tanger by 24.9% during the fourth quarter. GAMMA Investing LLC now owns 2,578 shares of the real estate investment trust’s stock valued at $88,000 after acquiring an additional 514 shares during the period. Smartleaf Asset Management LLC lifted its holdings in Tanger by 415.7% during 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 purchasing an additional 2,249 shares during the last quarter. KBC Group NV boosted its position in Tanger by 21.6% in the fourth 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 grew its stake in Tanger by 12.8% during the fourth quarter. Exchange Traded Concepts LLC now owns 5,131 shares of the real estate investment trust’s stock worth $175,000 after buying an additional 583 shares during the last quarter. Finally, CIBC Asset Management Inc acquired a new stake in shares of Tanger during the fourth quarter worth approximately $200,000. 85.23% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

Several brokerages have recently commented on SKT. The Goldman Sachs Group raised Tanger from a “neutral” rating to a “buy” rating and boosted their target price for the stock from $39.00 to $40.00 in a report on Friday, March 28th. Deutsche Bank Aktiengesellschaft began coverage on Tanger in a research note on Tuesday, December 17th. They issued a “hold” rating and a $37.00 price objective on the stock. Finally, BMO Capital Markets began coverage on Tanger in a research note on Tuesday, January 28th. They issued a “market perform” rating and a $36.00 target price for the company. Four equities 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, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $36.63.

Insider Activity at Tanger

In related news, COO Gallardo Leslie Swanson sold 12,500 shares of the company’s stock in a transaction dated Tuesday, March 11th. The stock was 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 approximately $3,664,056.04. This represents a 9.95 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. 5.80% of the stock is currently owned by company insiders.

Tanger Stock Down 8.6 %

Shares of SKT opened at $31.68 on Friday. The business’s fifty day moving average price is $33.69 and its two-hundred day moving average price is $34.06. The firm has a market capitalization of $3.57 billion, a price-to-earnings ratio of 36.41, a PEG ratio of 2.97 and a beta of 1.88. Tanger Inc. has a 52 week low of $25.94 and a 52 week high of $37.57. The company has a debt-to-equity ratio of 2.09, a quick ratio of 0.13 and a current ratio of 0.44.

Tanger (NYSE:SKT) last posted its quarterly 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. The business had revenue of $132.17 million for the quarter, compared to analysts’ expectations of $129.10 million. Tanger had a return on equity of 16.16% and a net margin of 18.65%. On average, analysts predict that Tanger Inc. will post 2.24 earnings per share for the current year.

Tanger Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, February 14th. Investors of record on Friday, January 31st were paid a dividend of $0.275 per share. This represents a $1.10 dividend on an annualized basis and a dividend yield of 3.47%. The ex-dividend date of this dividend was Friday, January 31st. Tanger’s dividend payout ratio (DPR) is 126.44%.

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.