Federated Hermes Inc. Increases Holdings in Tanger Inc. (NYSE:SKT)

Federated Hermes Inc. raised its stake in Tanger Inc. (NYSE:SKT) by 2,457.1% in the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 141,485 shares of the real estate investment trust’s stock after buying an additional 135,952 shares during the quarter. Federated Hermes Inc. owned approximately 0.13% of Tanger worth $3,922,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also modified their holdings of the stock. FMR LLC grew its holdings in shares of Tanger by 33.1% in the third quarter. FMR LLC now owns 4,315,625 shares of the real estate investment trust’s stock valued at $97,533,000 after purchasing an additional 1,072,443 shares during the period. Wellington Management Group LLP increased its holdings in shares of Tanger by 29.9% during the 3rd quarter. Wellington Management Group LLP now owns 3,953,555 shares of the real estate investment trust’s stock worth $89,350,000 after buying an additional 909,622 shares during the last quarter. Charles Schwab Investment Management Inc. raised its position in shares of Tanger by 1.7% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 1,868,188 shares of the real estate investment trust’s stock valued at $42,221,000 after buying an additional 31,910 shares during the period. Invesco Ltd. raised its position in shares of Tanger by 35.9% during the 3rd quarter. Invesco Ltd. now owns 723,109 shares of the real estate investment trust’s stock valued at $16,342,000 after buying an additional 190,979 shares during the period. Finally, Swiss National Bank grew its position in Tanger by 0.9% in the third quarter. Swiss National Bank now owns 231,300 shares of the real estate investment trust’s stock worth $5,227,000 after acquiring an additional 2,000 shares during the period. 85.23% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

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

Tanger Stock Performance

Shares of Tanger stock opened at $28.88 on Friday. The company has a debt-to-equity ratio of 2.43, a current ratio of 0.19 and a quick ratio of 0.19. The stock has a market capitalization of $3.15 billion, a price-to-earnings ratio of 31.39, a price-to-earnings-growth ratio of 3.62 and a beta of 1.83. The business has a 50-day moving average of $28.46 and a 200 day moving average of $26.77. Tanger Inc. has a 12 month low of $18.00 and a 12 month high of $29.98.

Tanger Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, May 15th. Investors of record on Tuesday, April 30th will be issued a $0.275 dividend. The ex-dividend date is Monday, April 29th. This represents a $1.10 dividend on an annualized basis and a dividend yield of 3.81%. This is a boost from Tanger’s previous quarterly dividend of $0.26. Tanger’s payout ratio is 113.04%.

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.