Allspring Global Investments Holdings LLC Has $5.30 Million Position in Tanger Inc. (NYSE:SKT)

Allspring Global Investments Holdings LLC grew its holdings in Tanger Inc. (NYSE:SKT) by 1,740.5% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 191,244 shares of the real estate investment trust’s stock after purchasing an additional 180,853 shares during the quarter. Allspring Global Investments Holdings LLC owned about 0.18% of Tanger worth $5,301,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors and hedge funds also recently made changes to their positions in the company. Loomis Sayles & Co. L P lifted its stake in Tanger by 4,051.4% in the third quarter. Loomis Sayles & Co. L P now owns 1,453 shares of the real estate investment trust’s stock valued at $33,000 after buying an additional 1,418 shares during the period. Tower Research Capital LLC TRC increased its stake in shares of Tanger by 151.5% in the 1st quarter. Tower Research Capital LLC TRC now owns 1,846 shares of the real estate investment trust’s stock valued at $37,000 after acquiring an additional 1,112 shares in the last quarter. Point72 Hong Kong Ltd acquired a new position in shares of Tanger during the 1st quarter valued at $74,000. Advisory Services Network LLC boosted its stake in Tanger by 84.7% during the first quarter. Advisory Services Network LLC now owns 3,845 shares of the real estate investment trust’s stock worth $75,000 after acquiring an additional 1,763 shares in the last quarter. Finally, Lazard Asset Management LLC bought a new position in Tanger during the third quarter worth $103,000. Institutional investors own 85.23% of the company’s stock.

Tanger Price Performance

SKT stock opened at $26.83 on Friday. The company has a market capitalization of $2.93 billion, a P/E ratio of 29.16, a price-to-earnings-growth ratio of 3.36 and a beta of 1.83. Tanger Inc. has a 52-week low of $18.00 and a 52-week high of $29.98. The business has a 50-day simple moving average of $28.36 and a two-hundred day simple moving average of $26.57. The company has a debt-to-equity ratio of 2.43, a quick ratio of 0.19 and a current ratio of 0.19.

Tanger Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, May 15th. Investors of record on Tuesday, April 30th will be issued a dividend of $0.275 per share. The ex-dividend date is Monday, April 29th. This represents a $1.10 annualized dividend and a yield of 4.10%. This is an increase from Tanger’s previous quarterly dividend of $0.26. Tanger’s dividend payout ratio is 113.04%.

Analyst Upgrades and Downgrades

Several brokerages have recently weighed in on SKT. Citigroup upgraded shares of Tanger from a “neutral” rating to a “buy” rating and upped their price objective for the company from $30.00 to $33.00 in a report on Friday, March 22nd. Evercore ISI upped their price target on Tanger from $28.00 to $29.00 and gave the stock an “in-line” rating in a research note on Wednesday, February 28th. Finally, Bank of America raised Tanger from an “underperform” rating to a “neutral” rating and raised their price objective for the company from $24.00 to $31.00 in a research note on Friday, April 5th. Five research analysts have rated the stock with a hold rating and two have issued a buy rating to the company. According to MarketBeat.com, Tanger presently has an average rating of “Hold” and a consensus target price of $29.00.

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.