Atom Investors LP Invests $564,000 in Tanger Inc. (NYSE:SKT)

Atom Investors LP purchased a new stake in shares of Tanger Inc. (NYSE:SKT) during the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund purchased 16,985 shares of the real estate investment trust’s stock, valued at approximately $564,000.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Blue Trust Inc. increased its stake in shares of Tanger by 1,412.1% during the second quarter. Blue Trust Inc. now owns 877 shares of the real estate investment trust’s stock valued at $26,000 after buying an additional 819 shares during the period. HHM Wealth Advisors LLC bought a new stake in Tanger in the second quarter valued at $27,000. Whittier Trust Co. purchased a new position in Tanger during the 2nd quarter valued at $33,000. GAMMA Investing LLC increased its position in shares of Tanger by 44.6% during the second quarter. GAMMA Investing LLC now owns 1,274 shares of the real estate investment trust’s stock valued at $35,000 after buying an additional 393 shares during the period. Finally, CWM LLC raised its stake in Tanger by 418.6% in the second quarter. CWM LLC now owns 1,732 shares of the real estate investment trust’s stock worth $47,000 after buying an additional 1,398 shares in the last quarter. Institutional investors own 85.23% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research analysts have weighed in on the company. Evercore ISI upped their target price on Tanger from $31.00 to $33.00 and gave the stock an “in-line” rating in a report on Thursday, November 7th. Scotiabank upped their price target on Tanger from $28.00 to $30.00 and gave the stock a “sector perform” rating in a research note on Monday, August 26th. The Goldman Sachs Group raised their price objective on Tanger from $31.00 to $35.00 and gave the company a “neutral” rating in a research report on Friday, November 15th. Bank of America raised shares of Tanger from a “neutral” rating to a “buy” rating and upped their target price for the stock from $35.00 to $40.00 in a research report on Monday, November 11th. Finally, Compass Point lifted their price target on shares of Tanger from $34.00 to $36.00 and gave the company a “buy” rating in a research report on Friday, October 25th. Three research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. Based on data from MarketBeat, Tanger currently has a consensus rating of “Moderate Buy” and a consensus target price of $34.86.

Tanger Stock Performance

Shares of SKT stock opened at $36.83 on Wednesday. The company has a market capitalization of $4.08 billion, a price-to-earnings ratio of 42.83, a price-to-earnings-growth ratio of 2.89 and a beta of 1.90. The company has a debt-to-equity ratio of 2.40, a quick ratio of 0.13 and a current ratio of 0.13. Tanger Inc. has a one year low of $25.67 and a one year high of $37.57. The company’s 50-day moving average is $34.64 and its 200 day moving average is $30.56.

Tanger (NYSE:SKT) last posted its quarterly earnings results on Wednesday, November 6th. The real estate investment trust reported $0.22 EPS for the quarter, missing analysts’ consensus estimates of $0.53 by ($0.31). Tanger had a net margin of 18.55% and a return on equity of 16.25%. The firm had revenue of $133.00 million for the quarter, compared to analysts’ expectations of $125.80 million. During the same quarter in the previous year, the company earned $0.50 EPS. The company’s quarterly revenue was up 13.3% compared to the same quarter last year. Sell-side analysts expect that Tanger Inc. will post 2.11 EPS for the current fiscal year.

Tanger Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, November 15th. Stockholders of record on Thursday, October 31st were paid a $0.275 dividend. This represents a $1.10 annualized dividend and a dividend yield of 2.99%. The ex-dividend date was Thursday, October 31st. Tanger’s dividend payout ratio is currently 127.91%.

Insider Activity

In other news, CAO Thomas Joseph Guerrieri, Jr. sold 3,000 shares of the business’s stock in a transaction that occurred on Tuesday, November 19th. The shares were sold at an average price of $36.27, for a total transaction of $108,810.00. Following the completion of the transaction, the chief accounting officer now directly owns 59,641 shares of the company’s stock, valued at $2,163,179.07. The trade was a 4.79 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Corporate insiders own 5.80% of the company’s stock.

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.