Tanger Inc. (NYSE:SKT) Stake Boosted by Illinois Municipal Retirement Fund

Illinois Municipal Retirement Fund raised its position in shares of Tanger Inc. (NYSE:SKT) by 8.2% in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 60,453 shares of the real estate investment trust’s stock after buying an additional 4,590 shares during the quarter. Illinois Municipal Retirement Fund owned 0.05% of Tanger worth $2,063,000 at the end of the most recent quarter.

A number of other hedge funds also recently bought and sold shares of SKT. Natixis Advisors LLC raised its holdings in shares of Tanger by 55.3% during the third quarter. Natixis Advisors LLC now owns 72,131 shares of the real estate investment trust’s stock valued at $2,393,000 after acquiring an additional 25,683 shares during the period. Asset Management One Co. Ltd. grew its position in Tanger by 4.9% during the 4th quarter. Asset Management One Co. Ltd. now owns 163,420 shares of the real estate investment trust’s stock worth $5,560,000 after purchasing an additional 7,647 shares in the last quarter. Charles Schwab Investment Management Inc. raised its stake in Tanger by 1.1% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 1,965,350 shares of the real estate investment trust’s stock valued at $65,210,000 after purchasing an additional 21,793 shares during the period. Rhumbline Advisers lifted its holdings in shares of Tanger by 2.6% in the fourth quarter. Rhumbline Advisers now owns 399,556 shares of the real estate investment trust’s stock valued at $13,637,000 after purchasing an additional 10,283 shares in the last quarter. Finally, Fisher Asset Management LLC lifted its holdings in shares of Tanger by 5.2% in the third quarter. Fisher Asset Management LLC now owns 503,053 shares of the real estate investment trust’s stock valued at $16,691,000 after purchasing an additional 25,014 shares in the last quarter. 85.23% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of research analysts have recently weighed in on SKT shares. Evercore ISI lifted their price target on Tanger from $31.00 to $33.00 and gave the company an “in-line” rating in a report on Thursday, November 7th. Bank of America raised Tanger from a “neutral” rating to a “buy” rating and lifted their target price for the company from $35.00 to $40.00 in a research note on Monday, November 11th. Deutsche Bank Aktiengesellschaft initiated coverage on shares of Tanger in a research report on Tuesday, December 17th. They issued a “hold” rating and a $37.00 price target for the company. BMO Capital Markets assumed coverage on shares of Tanger in a research report on Tuesday, January 28th. They set a “market perform” rating and a $36.00 price objective on the stock. Finally, Citigroup increased their target price on shares of Tanger from $34.00 to $41.00 and gave the stock a “buy” rating in a research report on Wednesday, November 13th. Five research analysts have rated the stock with a hold rating and three have given a buy rating to the company. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and a consensus target price of $36.00.

Tanger Trading Up 1.0 %

NYSE:SKT opened at $35.45 on Friday. The company has a market capitalization of $4.00 billion, a P/E ratio of 40.75, a P/E/G ratio of 2.97 and a beta of 1.91. The stock’s 50 day moving average price is $33.82 and its 200 day moving average price is $33.45. 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 Inc. has a 52 week low of $25.94 and a 52 week high of $37.57.

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

Tanger Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, February 14th. Shareholders of record on Friday, January 31st were given a $0.275 dividend. The ex-dividend date of this dividend was Friday, January 31st. This represents a $1.10 dividend on an annualized basis and a dividend yield of 3.10%. Tanger’s dividend payout ratio is currently 126.44%.

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.