Summit Investment Advisors Inc. Has $380,000 Stake in Tanger Inc. (NYSE:SKT)

Summit Investment Advisors Inc. grew its position in Tanger Inc. (NYSE:SKT) by 5.2% in the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 11,139 shares of the real estate investment trust’s stock after buying an additional 553 shares during the quarter. Summit Investment Advisors Inc.’s holdings in Tanger were worth $380,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently made changes to their positions in the company. Aster Capital Management DIFC Ltd increased its stake in Tanger by 232.7% in the fourth quarter. Aster Capital Management DIFC Ltd now owns 1,048 shares of the real estate investment trust’s stock valued at $36,000 after acquiring an additional 733 shares during the last quarter. GAMMA Investing LLC boosted its holdings in shares of Tanger by 24.9% in the 4th quarter. GAMMA Investing LLC now owns 2,578 shares of the real estate investment trust’s stock valued at $88,000 after purchasing an additional 514 shares in the last quarter. Smartleaf Asset Management LLC increased its stake in shares of Tanger by 415.7% in 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. FIL Ltd raised its holdings in shares of Tanger by 16.2% during the 4th quarter. FIL Ltd now owns 2,874 shares of the real estate investment trust’s stock worth $98,000 after buying an additional 401 shares in the last quarter. Finally, KBC Group NV lifted its position in shares of Tanger by 21.6% during the 4th quarter. KBC Group NV now owns 4,474 shares of the real estate investment trust’s stock worth $153,000 after buying an additional 795 shares during the last quarter. 85.23% of the stock is currently owned by institutional investors and hedge funds.

Tanger Stock Up 1.4 %

Shares of NYSE SKT opened at $32.38 on Friday. The company has a 50 day simple moving average of $33.19 and a 200 day simple moving average of $33.98. The company has a debt-to-equity ratio of 2.09, a current ratio of 0.44 and a quick ratio of 0.13. Tanger Inc. has a 1 year low of $25.94 and a 1 year high of $37.57. The firm has a market cap of $3.67 billion, a PE ratio of 37.22, a price-to-earnings-growth ratio of 2.97 and a beta of 1.49.

Tanger (NYSE:SKT) last announced 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 firm had revenue of $132.17 million during the quarter, compared to analysts’ expectations of $129.10 million. Tanger had a net margin of 18.65% and a return on equity of 16.16%. On average, research analysts forecast that Tanger Inc. will post 2.24 EPS for the current year.

Tanger Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, May 15th. Shareholders of record on Wednesday, April 30th will be issued a dividend of $0.2925 per share. The ex-dividend date of this dividend is Wednesday, April 30th. This is an increase from Tanger’s previous quarterly dividend of $0.28. This represents a $1.17 annualized dividend and a yield of 3.61%. Tanger’s payout ratio is presently 134.48%.

Analyst Ratings Changes

A number of research firms have issued reports on SKT. BMO Capital Markets initiated coverage on Tanger in a research report on Tuesday, January 28th. They issued a “market perform” rating and a $36.00 target price on the stock. The Goldman Sachs Group upgraded shares of Tanger from a “neutral” rating to a “buy” rating and raised their price target for the company from $39.00 to $40.00 in a research note on Friday, March 28th. Four equities research analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $36.63.

Insider Buying and Selling at Tanger

In other news, COO Gallardo Leslie Swanson sold 12,500 shares of the business’s stock in a transaction that occurred on Tuesday, March 11th. The shares were sold at an average price of $32.38, for a total value of $404,750.00. Following the transaction, the chief operating officer now owns 113,158 shares in the company, valued at approximately $3,664,056.04. The trade was a 9.95 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Corporate insiders own 5.70% of the company’s stock.

Tanger 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.