Hsbc Holdings PLC Raises Stock Position in Tanger Inc. (NYSE:SKT)

Hsbc Holdings PLC increased its position in shares of Tanger Inc. (NYSE:SKTFree Report) by 12.9% during the fourth quarter, according to its most recent Form 13F filing with the SEC. The firm owned 87,283 shares of the real estate investment trust’s stock after buying an additional 9,948 shares during the period. Hsbc Holdings PLC owned about 0.08% of Tanger worth $2,426,000 at the end of the most recent reporting period.

A number of other large investors have also recently made changes to their positions in SKT. FMR LLC increased its stake in shares of Tanger by 33.1% during the third quarter. FMR LLC now owns 4,315,625 shares of the real estate investment trust’s stock worth $97,533,000 after buying an additional 1,072,443 shares during the period. Wellington Management Group LLP increased its stake in shares of Tanger by 29.9% during the third quarter. Wellington Management Group LLP now owns 3,953,555 shares of the real estate investment trust’s stock worth $89,350,000 after buying an additional 909,622 shares during the period. Norges Bank purchased a new stake in shares of Tanger during the fourth quarter worth approximately $19,141,000. Invesco Ltd. increased its stake in shares of Tanger by 35.9% during the third quarter. Invesco Ltd. now owns 723,109 shares of the real estate investment trust’s stock worth $16,342,000 after buying an additional 190,979 shares during the period. Finally, Allspring Global Investments Holdings LLC increased its stake in shares of Tanger by 1,740.5% during the fourth quarter. Allspring Global Investments Holdings LLC now owns 191,244 shares of the real estate investment trust’s stock worth $5,301,000 after buying an additional 180,853 shares during the period. 85.23% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of research firms recently weighed in on SKT. Compass Point upgraded shares of Tanger from a “neutral” rating to a “buy” rating and upped their target price for the stock from $31.00 to $32.00 in a research note on Thursday, May 2nd. Citigroup raised shares of Tanger from a “neutral” rating to a “buy” rating and raised their price objective for the stock from $30.00 to $33.00 in a report on Friday, March 22nd. Evercore ISI cut their price objective 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. Bank of America raised shares of Tanger from an “underperform” rating to a “neutral” rating and raised their price objective for the stock from $24.00 to $31.00 in a report on Friday, April 5th. Finally, Scotiabank raised shares of Tanger from a “sector underperform” rating to a “sector perform” rating and raised their price objective for the stock from $20.00 to $28.00 in a report on Friday, May 17th. Five research analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of “Hold” and a consensus target price of $29.57.

Read Our Latest Report on Tanger

Tanger Stock Down 0.4 %

SKT stock opened at $27.08 on Friday. The company has a fifty day moving average price of $27.70 and a 200 day moving average price of $27.63. Tanger Inc. has a 12 month low of $20.34 and a 12 month high of $29.98. The company has a market cap of $2.96 billion, a price-to-earnings ratio of 29.76, a price-to-earnings-growth ratio of 3.15 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 Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Wednesday, May 15th. Investors of record on Tuesday, April 30th were given a $0.275 dividend. This is an increase from Tanger’s previous quarterly dividend of $0.26. The ex-dividend date of this dividend was Monday, April 29th. This represents a $1.10 annualized dividend and a yield of 4.06%. Tanger’s dividend payout ratio is 120.88%.

About Tanger

(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.

Further Reading

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Institutional Ownership by Quarter for Tanger (NYSE:SKT)

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