Nicholas Investment Partners LP Has $11.21 Million Stock Holdings in Tanger Inc. (NYSE:SKT)

Nicholas Investment Partners LP raised its stake in shares of Tanger Inc. (NYSE:SKTFree Report) by 11.1% in the fourth quarter, HoldingsChannel reports. The institutional investor owned 404,245 shares of the real estate investment trust’s stock after purchasing an additional 40,501 shares during the period. Tanger accounts for about 1.3% of Nicholas Investment Partners LP’s holdings, making the stock its 17th biggest position. Nicholas Investment Partners LP’s holdings in Tanger were worth $11,206,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also modified their holdings of SKT. Loomis Sayles & Co. L P raised its holdings in Tanger by 4,051.4% in the 3rd quarter. Loomis Sayles & Co. L P now owns 1,453 shares of the real estate investment trust’s stock worth $33,000 after acquiring an additional 1,418 shares during the period. Federated Hermes Inc. bought a new position in Tanger in the 3rd quarter worth approximately $125,000. Future Financial Wealth Managment LLC acquired a new position in shares of Tanger during the fourth quarter worth approximately $210,000. Van ECK Associates Corp lifted its holdings in shares of Tanger by 4.3% during the third quarter. Van ECK Associates Corp now owns 11,968 shares of the real estate investment trust’s stock worth $270,000 after buying an additional 496 shares during the last quarter. Finally, Connor Clark & Lunn Investment Management Ltd. acquired a new stake in Tanger in the 3rd quarter worth $271,000. 85.23% of the stock is currently owned by hedge funds and other institutional investors.

Tanger Price Performance

Shares of NYSE:SKT traded down $0.62 during midday trading on Wednesday, reaching $28.29. The company’s stock had a trading volume of 622,225 shares, compared to its average volume of 775,710. The business’s fifty day simple moving average is $28.22 and its 200-day simple moving average is $27.28. The company has a market capitalization of $3.09 billion, a P/E ratio of 31.59, a P/E/G ratio of 3.06 and a beta of 1.85. The company has a debt-to-equity ratio of 2.54, a current ratio of 0.20 and a quick ratio of 0.20. Tanger Inc. has a fifty-two week low of $19.09 and a fifty-two week high of $29.98.

Tanger Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Wednesday, May 15th. Shareholders of record on Tuesday, April 30th will be paid a $0.275 dividend. The ex-dividend date of this dividend is Monday, April 29th. This is an increase from Tanger’s previous quarterly dividend of $0.26. This represents a $1.10 dividend on an annualized basis and a dividend yield of 3.89%. Tanger’s payout ratio is currently 120.88%.

Wall Street Analyst Weigh In

A number of research analysts recently commented on the company. Citigroup upgraded Tanger from a “neutral” rating to a “buy” rating and upped their target price for the company from $30.00 to $33.00 in a research note on Friday, March 22nd. Bank of America upgraded Tanger from an “underperform” rating to a “neutral” rating and upped their price target for the company from $24.00 to $31.00 in a research report on Friday, April 5th. Compass Point raised Tanger from a “neutral” rating to a “buy” rating and lifted their price objective for the company from $31.00 to $32.00 in a report on Thursday, May 2nd. Finally, Evercore ISI lowered their target price on shares of Tanger from $29.00 to $28.00 and set an “in-line” rating on the stock in a report on Wednesday, May 1st. Four equities research analysts have rated the stock with a hold rating and three have given a buy rating to the company’s stock. Based on data from MarketBeat, Tanger currently has an average rating of “Hold” and an average price target of $29.83.

Read Our Latest Research Report on SKT

Tanger Profile

(Free Report)

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.

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Institutional Ownership by Quarter for Tanger (NYSE:SKT)

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