Harvest Investment Services LLC Makes New Investment in Tanger Inc. (NYSE:SKT)

Harvest Investment Services LLC purchased a new stake in shares of Tanger Inc. (NYSE:SKT) in the fourth quarter, according to its most recent filing with the SEC. The firm purchased 18,773 shares of the real estate investment trust’s stock, valued at approximately $641,000.

Several other institutional investors have also modified their holdings of SKT. Aster Capital Management DIFC Ltd raised its holdings in Tanger by 232.7% during the fourth 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 raised its stake in shares of Tanger by 24.9% during the 4th quarter. GAMMA Investing LLC now owns 2,578 shares of the real estate investment trust’s stock worth $88,000 after buying an additional 514 shares during the last quarter. Smartleaf Asset Management LLC boosted its position 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 worth $95,000 after buying an additional 2,249 shares in the last quarter. FIL Ltd grew its stake in Tanger by 16.2% in the 4th quarter. FIL Ltd now owns 2,874 shares of the real estate investment trust’s stock valued at $98,000 after acquiring an additional 401 shares during the last quarter. Finally, KBC Group NV increased its holdings in Tanger by 21.6% during the 4th quarter. KBC Group NV now owns 4,474 shares of the real estate investment trust’s stock valued at $153,000 after acquiring an additional 795 shares in the last quarter. Hedge funds and other institutional investors own 85.23% of the company’s stock.

Analyst Upgrades and Downgrades

Several analysts have recently commented on the stock. The Goldman Sachs Group upgraded shares of Tanger from a “neutral” rating to a “buy” rating and increased their price target for the company from $39.00 to $40.00 in a research report on Friday, March 28th. BMO Capital Markets assumed coverage on Tanger in a research report on Tuesday, January 28th. They set a “market perform” rating and a $36.00 price target for the company. Four equities research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $36.63.

Insider Activity at Tanger

In other Tanger news, COO Gallardo Leslie Swanson sold 12,500 shares of the company’s stock in a transaction dated Tuesday, March 11th. The stock was sold at an average price of $32.38, for a total transaction of $404,750.00. Following the completion of the sale, the chief operating officer now directly 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 legal filing with the SEC, which is available through this hyperlink. 5.70% of the stock is owned by insiders.

Tanger Stock Up 1.9 %

Shares of NYSE:SKT opened at $31.68 on Wednesday. The company has a current ratio of 0.44, a quick ratio of 0.13 and a debt-to-equity ratio of 2.09. The firm has a market cap of $3.59 billion, a price-to-earnings ratio of 36.41, a PEG ratio of 2.97 and a beta of 1.49. The stock’s 50-day moving average price is $33.08 and its two-hundred day moving average price is $33.96. Tanger Inc. has a 12-month low of $25.94 and a 12-month high of $37.57.

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

Tanger Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, May 15th. Investors of record on Wednesday, April 30th will be given a $0.2925 dividend. This is a positive change from Tanger’s previous quarterly dividend of $0.28. This represents a $1.17 annualized dividend and a dividend yield of 3.69%. The ex-dividend date of this dividend is Wednesday, April 30th. Tanger’s dividend payout ratio (DPR) is 134.48%.

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.