Federated Hermes Inc. Acquires 3,022 Shares of Tanger Inc. (NYSE:SKT)

Federated Hermes Inc. grew its holdings in shares of Tanger Inc. (NYSE:SKT) by 1.6% in the 4th quarter, according to its most recent disclosure with the SEC. The fund owned 190,741 shares of the real estate investment trust’s stock after acquiring an additional 3,022 shares during the period. Federated Hermes Inc.’s holdings in Tanger were worth $6,510,000 as of its most recent SEC filing.

A number of other hedge funds also recently modified their holdings of the business. Aster Capital Management DIFC Ltd raised its position in Tanger by 232.7% during the 4th quarter. Aster Capital Management DIFC Ltd now owns 1,048 shares of the real estate investment trust’s stock worth $36,000 after purchasing an additional 733 shares during the last quarter. GAMMA Investing LLC increased its stake in shares of Tanger by 24.9% in the fourth quarter. GAMMA Investing LLC now owns 2,578 shares of the real estate investment trust’s stock valued at $88,000 after buying an additional 514 shares during the period. Smartleaf Asset Management LLC raised its position in shares of Tanger by 415.7% during the fourth quarter. Smartleaf Asset Management LLC now owns 2,790 shares of the real estate investment trust’s stock worth $95,000 after acquiring an additional 2,249 shares during the last quarter. KBC Group NV lifted its stake in shares of Tanger by 21.6% in the fourth quarter. KBC Group NV now owns 4,474 shares of the real estate investment trust’s stock worth $153,000 after acquiring an additional 795 shares during the period. Finally, Exchange Traded Concepts LLC boosted its holdings in Tanger by 12.8% in the fourth quarter. Exchange Traded Concepts LLC now owns 5,131 shares of the real estate investment trust’s stock valued at $175,000 after acquiring an additional 583 shares during the last quarter. Institutional investors and hedge funds own 85.23% of the company’s stock.

Insiders Place Their Bets

In other news, COO Gallardo Leslie Swanson sold 12,500 shares of the stock in a transaction dated Tuesday, March 11th. The shares were 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. This represents a 9.95 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Corporate insiders own 5.80% of the company’s stock.

Tanger Stock Down 0.1 %

Shares of NYSE SKT opened at $30.91 on Friday. 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 firm has a market cap of $3.50 billion, a PE ratio of 35.52, a P/E/G ratio of 2.97 and a beta of 1.49. The company’s fifty day simple moving average is $33.34 and its 200 day simple moving average is $34.01. Tanger Inc. has a 12-month low of $25.94 and a 12-month high of $37.57.

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

Tanger Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, May 15th. Shareholders of record on Wednesday, April 30th will be paid a dividend of $0.2925 per share. This represents a $1.17 dividend on an annualized basis and a yield of 3.79%. The ex-dividend date is Wednesday, April 30th. This is a positive change from Tanger’s previous quarterly dividend of $0.28. Tanger’s payout ratio is 134.48%.

Wall Street Analysts Forecast Growth

Several research analysts have issued reports 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 stock from $39.00 to $40.00 in a report on Friday, March 28th. BMO Capital Markets began coverage on shares of Tanger in a research note on Tuesday, January 28th. They set a “market perform” rating and a $36.00 target price for the company. Finally, Deutsche Bank Aktiengesellschaft started coverage on shares of Tanger in a report on Tuesday, December 17th. They issued a “hold” rating and a $37.00 target price on the stock. 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.com, the company has an average rating of “Moderate Buy” and a consensus target price of $36.63.

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.