Burney Co. Increases Position in Tanger Inc. (NYSE:SKT)

Burney Co. increased its holdings in Tanger Inc. (NYSE:SKT) by 1.8% during the 4th quarter, HoldingsChannel reports. The fund owned 255,983 shares of the real estate investment trust’s stock after acquiring an additional 4,502 shares during the quarter. Burney Co.’s holdings in Tanger were worth $8,737,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently bought and sold shares of the business. Point72 Asia Singapore Pte. Ltd. acquired a new stake in Tanger in the second quarter valued at $49,000. Loomis Sayles & Co. L P increased its position in shares of Tanger by 3,393.9% in the 3rd quarter. Loomis Sayles & Co. L P now owns 1,712 shares of the real estate investment trust’s stock worth $57,000 after purchasing an additional 1,663 shares during the last quarter. GAMMA Investing LLC increased its position in shares of Tanger by 62.0% in the 3rd quarter. GAMMA Investing LLC now owns 2,064 shares of the real estate investment trust’s stock worth $68,000 after purchasing an additional 790 shares during the last quarter. KBC Group NV raised its stake in shares of Tanger by 31.5% in the 3rd quarter. KBC Group NV now owns 3,679 shares of the real estate investment trust’s stock valued at $122,000 after purchasing an additional 881 shares in the last quarter. Finally, Mirae Asset Global Investments Co. Ltd. lifted its position in shares of Tanger by 35.3% during the third quarter. Mirae Asset Global Investments Co. Ltd. now owns 4,244 shares of the real estate investment trust’s stock worth $140,000 after purchasing an additional 1,107 shares during the last quarter. Hedge funds and other institutional investors own 85.23% of the company’s stock.

Tanger Stock Performance

SKT opened at $33.79 on Wednesday. The company has a quick ratio of 0.13, a current ratio of 0.13 and a debt-to-equity ratio of 2.40. The firm has a market cap of $3.74 billion, a PE ratio of 39.29, a P/E/G ratio of 2.78 and a beta of 1.92. The business has a fifty day simple moving average of $35.19 and a 200-day simple moving average of $32.11. Tanger Inc. has a fifty-two week low of $25.67 and a fifty-two week high of $37.57.

Tanger (NYSE:SKT) last released its quarterly earnings results on Wednesday, November 6th. The real estate investment trust reported $0.22 earnings per share for the quarter, missing analysts’ consensus estimates of $0.53 by ($0.31). The company had revenue of $133.00 million during the quarter, compared to analyst estimates of $125.80 million. Tanger had a net margin of 18.55% and a return on equity of 16.25%. During the same quarter last year, the business earned $0.50 EPS. The company’s revenue for the quarter was up 13.3% compared to the same quarter last year. As a group, equities analysts predict that Tanger Inc. will post 2.11 EPS for the current fiscal year.

Insider Transactions at Tanger

In other news, CAO Thomas Joseph Guerrieri, Jr. sold 3,000 shares of Tanger stock in a transaction on Tuesday, November 19th. The stock was sold at an average price of $36.27, for a total transaction of $108,810.00. Following the transaction, the chief accounting officer now owns 59,641 shares in the company, valued at approximately $2,163,179.07. The trade was a 4.79 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. 5.80% of the stock is currently owned by insiders.

Wall Street Analyst Weigh In

Several equities research analysts recently issued reports on the company. Citigroup upped their price target on Tanger from $34.00 to $41.00 and gave the company a “buy” rating in a research report on Wednesday, November 13th. Bank of America raised shares of Tanger from a “neutral” rating to a “buy” rating and increased their target price for the stock from $35.00 to $40.00 in a report on Monday, November 11th. Deutsche Bank Aktiengesellschaft assumed coverage on shares of Tanger in a report on Tuesday, December 17th. They issued a “hold” rating and a $37.00 price target for the company. The Goldman Sachs Group increased their price objective on shares of Tanger from $31.00 to $35.00 and gave the stock a “neutral” rating in a research note on Friday, November 15th. Finally, Compass Point lifted their target price on Tanger from $34.00 to $36.00 and gave the company a “buy” rating in a research note on Friday, October 25th. Four investment analysts have rated the stock with a hold rating and three have issued a buy rating to the company. According to data from MarketBeat.com, Tanger presently has a consensus rating of “Hold” and a consensus target price of $36.00.

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.