Bokf Na Acquires 1,902 Shares of Tanger Inc. (NYSE:SKT)

Bokf Na grew its holdings in shares of Tanger Inc. (NYSE:SKT) by 23.6% during the 4th quarter, HoldingsChannel reports. The institutional investor owned 9,956 shares of the real estate investment trust’s stock after purchasing an additional 1,902 shares during the period. Bokf Na’s holdings in Tanger were worth $325,000 as of its most recent SEC filing.

Several other hedge funds also recently modified their holdings of SKT. Aster Capital Management DIFC Ltd boosted its position 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 valued at $36,000 after purchasing an additional 733 shares during the last quarter. Coppell Advisory Solutions LLC boosted its holdings in shares of Tanger by 144.4% in the 4th quarter. Coppell Advisory Solutions LLC now owns 2,368 shares of the real estate investment trust’s stock valued at $80,000 after buying an additional 1,399 shares during the last quarter. GAMMA Investing LLC grew 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 in the last quarter. Smartleaf Asset Management LLC increased its holdings in 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 buying an additional 2,249 shares during the last quarter. Finally, FIL Ltd raised its position in Tanger by 16.2% during the fourth quarter. FIL Ltd now owns 2,874 shares of the real estate investment trust’s stock worth $98,000 after acquiring an additional 401 shares in the last quarter. Institutional investors own 85.23% of the company’s stock.

Tanger Stock Performance

Shares of NYSE:SKT opened at $30.15 on Friday. The company’s 50 day simple moving average is $31.92 and its 200 day simple moving average is $33.67. The company has a debt-to-equity ratio of 2.09, a current ratio of 0.44 and a quick ratio of 0.13. Tanger Inc. has a 1 year low of $25.94 and a 1 year high of $37.57. The stock has a market capitalization of $3.41 billion, a price-to-earnings ratio of 34.66, a price-to-earnings-growth ratio of 2.97 and a beta of 1.18.

Tanger (NYSE:SKT) last issued its quarterly earnings results on Wednesday, April 30th. The real estate investment trust reported $0.53 earnings per share (EPS) for the quarter, meeting the consensus estimate of $0.53. Tanger had a return on equity of 16.16% and a net margin of 18.65%. The company had revenue of $129.29 million for the quarter, compared to analyst estimates of $128.24 million. During the same quarter last year, the company posted $0.52 EPS. The company’s revenue for the quarter was up 9.7% compared to the same quarter last year. As a group, research analysts predict that Tanger Inc. will post 2.24 EPS for the current fiscal year.

Tanger Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, May 15th. Investors of record on Wednesday, April 30th will be issued a dividend of $0.2925 per share. The ex-dividend date of this dividend is Wednesday, April 30th. 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 3.88%. Tanger’s payout ratio is 139.29%.

Insider Buying and Selling

In other news, COO Gallardo Leslie Swanson sold 12,500 shares of Tanger 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 sale, the chief operating officer now directly owns 113,158 shares of the company’s stock, valued at approximately $3,664,056.04. This trade represents a 9.95 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. 5.70% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

SKT has been the subject of a number of analyst reports. Scotiabank decreased their price objective on shares of Tanger from $38.00 to $33.00 and set a “sector perform” rating for the company in a research report on Wednesday, April 23rd. Evercore ISI raised Tanger to a “hold” rating in a research report on Friday, May 2nd. BMO Capital Markets initiated coverage on Tanger in a research report on Tuesday, January 28th. They issued a “market perform” rating and a $36.00 price objective for the company. Finally, The Goldman Sachs Group upgraded Tanger from a “neutral” rating to a “buy” rating and lifted their target price for the stock from $39.00 to $40.00 in a research note on Friday, March 28th. Four equities research analysts have rated the stock with a hold rating and four have issued a buy rating to the company. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $37.00.

Tanger Company 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.