ExodusPoint Capital Management LP Increases Stock Position in Tanger Inc. (NYSE:SKT)

ExodusPoint Capital Management LP lifted its holdings in shares of Tanger Inc. (NYSE:SKT) by 57.6% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 113,349 shares of the real estate investment trust’s stock after buying an additional 41,433 shares during the period. ExodusPoint Capital Management LP owned about 0.10% of Tanger worth $3,869,000 at the end of the most recent reporting period.

Several other hedge funds have also modified their holdings of SKT. Cannell & Spears LLC raised its position in Tanger by 263.1% in the fourth quarter. Cannell & Spears LLC now owns 276,682 shares of the real estate investment trust’s stock worth $9,443,000 after acquiring an additional 200,475 shares in the last quarter. Wellington Management Group LLP increased its holdings in shares of Tanger by 34.0% in the 4th quarter. Wellington Management Group LLP now owns 2,748,467 shares of the real estate investment trust’s stock valued at $93,805,000 after purchasing an additional 697,291 shares in the last quarter. Intrust Bank NA boosted its holdings in Tanger by 5.4% during the fourth quarter. Intrust Bank NA now owns 13,915 shares of the real estate investment trust’s stock worth $475,000 after buying an additional 714 shares in the last quarter. Pictet Asset Management Holding SA grew its position 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 period. Finally, Nomura Asset Management Co. Ltd. increased its holdings in Tanger by 7.3% in the fourth quarter. Nomura Asset Management Co. Ltd. now owns 145,420 shares of the real estate investment trust’s stock valued at $4,963,000 after buying an additional 9,850 shares in the last quarter. 85.23% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling at Tanger

In other Tanger news, COO Gallardo Leslie Swanson sold 12,500 shares of Tanger 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 $3,664,056.04. The trade was a 9.95 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. 5.80% of the stock is currently owned by insiders.

Analyst Upgrades and Downgrades

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

Tanger Stock Down 3.5 %

Shares of NYSE:SKT opened at $30.56 on Monday. The company has a quick ratio of 0.13, a current ratio of 0.44 and a debt-to-equity ratio of 2.09. The company has a market capitalization of $3.46 billion, a P/E ratio of 35.13, a P/E/G ratio of 2.97 and a beta of 1.49. Tanger Inc. has a 52-week low of $25.94 and a 52-week high of $37.57. The stock’s fifty day simple moving average is $33.64 and its 200-day simple moving average is $34.09.

Tanger (NYSE:SKT) last released its earnings results on Wednesday, February 19th. The real estate investment trust reported $0.54 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.52 by $0.02. The company had revenue of $132.17 million for the quarter, compared to analyst estimates of $129.10 million. Tanger had a net margin of 18.65% and a return on equity of 16.16%. As a group, equities research analysts forecast that Tanger Inc. will post 2.24 earnings per share for the current fiscal year.

Tanger Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, February 14th. Shareholders of record on Friday, January 31st were paid 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 3.60%. Tanger’s payout ratio is currently 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.