Tanger Inc. (NYSE:SKT) Shares Purchased by Knights of Columbus Asset Advisors LLC

Knights of Columbus Asset Advisors LLC raised its stake in Tanger Inc. (NYSE:SKT) by 98.0% during the 4th quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 348,514 shares of the real estate investment trust’s stock after buying an additional 172,527 shares during the period. Tanger makes up about 0.6% of Knights of Columbus Asset Advisors LLC’s investment portfolio, making the stock its 26th largest holding. Knights of Columbus Asset Advisors LLC’s holdings in Tanger were worth $9,661,000 as of its most recent filing with the SEC.

Other institutional investors and hedge funds also recently modified their holdings of the company. Federated Hermes Inc. boosted its holdings in shares of Tanger by 2,457.1% in the fourth quarter. Federated Hermes Inc. now owns 141,485 shares of the real estate investment trust’s stock worth $3,922,000 after buying an additional 135,952 shares during the period. Sumitomo Mitsui Trust Holdings Inc. lifted its position in shares of Tanger by 4.7% in the 4th quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 124,290 shares of the real estate investment trust’s stock valued at $3,445,000 after acquiring an additional 5,536 shares in the last quarter. Louisiana State Employees Retirement System purchased a new stake in shares of Tanger in the 4th quarter valued at approximately $1,461,000. Allspring Global Investments Holdings LLC boosted its stake in Tanger by 1,740.5% in the 4th quarter. Allspring Global Investments Holdings LLC now owns 191,244 shares of the real estate investment trust’s stock worth $5,301,000 after purchasing an additional 180,853 shares during the period. Finally, International Assets Investment Management LLC purchased a new position in Tanger during the 4th quarter worth approximately $346,000. 85.23% of the stock is owned by institutional investors and hedge funds.

Tanger Stock Up 0.6 %

NYSE SKT traded up $0.17 on Friday, reaching $26.99. The stock had a trading volume of 200,212 shares, compared to its average volume of 758,957. The company has a current ratio of 0.19, a quick ratio of 0.19 and a debt-to-equity ratio of 2.43. Tanger Inc. has a 1 year low of $18.00 and a 1 year high of $29.98. The business has a 50 day moving average price of $28.36 and a 200 day moving average price of $26.57. The company has a market capitalization of $2.95 billion, a price-to-earnings ratio of 29.32, a P/E/G ratio of 3.35 and a beta of 1.83.

Tanger Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, May 15th. Shareholders of record on Tuesday, April 30th will be given a $0.275 dividend. This represents a $1.10 annualized dividend and a yield of 4.08%. This is an increase from Tanger’s previous quarterly dividend of $0.26. The ex-dividend date of this dividend is Monday, April 29th. Tanger’s payout ratio is currently 119.57%.

Analysts Set New Price Targets

A number of research firms have recently issued reports on SKT. Evercore ISI increased their target price on Tanger from $28.00 to $29.00 and gave the company an “in-line” rating in a report on Wednesday, February 28th. Citigroup upgraded Tanger from a “neutral” rating to a “buy” rating and raised their price objective for the stock from $30.00 to $33.00 in a research report on Friday, March 22nd. Finally, Bank of America raised Tanger from an “underperform” rating to a “neutral” rating and lifted their target price for the company from $24.00 to $31.00 in a research note on Friday, April 5th. Five research analysts have rated the stock with a hold rating and two have assigned a buy rating to the stock. Based on data from MarketBeat, Tanger presently has a consensus rating of “Hold” and a consensus price target of $29.00.

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.