MetLife Investment Management LLC Has $2.30 Million Position in Tanger Inc. (NYSE:SKT)

MetLife Investment Management LLC boosted its holdings in shares of Tanger Inc. (NYSE:SKT) by 4.2% in the fourth quarter, according to its most recent filing with the SEC. The firm owned 67,451 shares of the real estate investment trust’s stock after acquiring an additional 2,720 shares during the period. MetLife Investment Management LLC owned 0.06% of Tanger worth $2,302,000 as of its most recent filing with the SEC.

Several other institutional investors and hedge funds also recently made changes to their positions in the business. FMR LLC lifted its stake in Tanger by 24.9% in the fourth quarter. FMR LLC now owns 9,397,189 shares of the real estate investment trust’s stock valued at $320,726,000 after buying an additional 1,873,835 shares during the period. Wellington Management Group LLP grew its holdings in Tanger by 34.0% during the fourth quarter. Wellington Management Group LLP now owns 2,748,467 shares of the real estate investment trust’s stock valued at $93,805,000 after purchasing an additional 697,291 shares during the period. Charles Schwab Investment Management Inc. increased its stake in Tanger by 1.6% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 1,997,100 shares of the real estate investment trust’s stock valued at $68,161,000 after purchasing an additional 31,750 shares in the last quarter. Invesco Ltd. increased its stake in Tanger by 9.5% in the fourth quarter. Invesco Ltd. now owns 895,466 shares of the real estate investment trust’s stock valued at $30,562,000 after purchasing an additional 78,014 shares in the last quarter. Finally, Renaissance Technologies LLC raised its holdings in Tanger by 5.7% in the fourth quarter. Renaissance Technologies LLC now owns 818,672 shares of the real estate investment trust’s stock worth $27,941,000 after purchasing an additional 44,265 shares during the period. Institutional investors own 85.23% of the company’s stock.

Tanger Stock Performance

Shares of SKT opened at $32.08 on Monday. The company has a current ratio of 0.44, a quick ratio of 0.13 and a debt-to-equity ratio of 2.09. Tanger Inc. has a 12 month low of $25.94 and a 12 month high of $37.57. The firm has a fifty day simple moving average of $32.94 and a 200 day simple moving average of $33.93. The stock has a market capitalization of $3.63 billion, a price-to-earnings ratio of 36.87, a PEG ratio of 2.97 and a beta of 1.49.

Tanger (NYSE:SKT) last released its earnings results on Wednesday, February 19th. The real estate investment trust reported $0.54 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.52 by $0.02. Tanger had a return on equity of 16.16% and a net margin of 18.65%. The business had revenue of $132.17 million for the quarter, compared to the consensus estimate of $129.10 million. Research analysts forecast that Tanger Inc. will post 2.24 EPS for the current fiscal year.

Tanger Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, May 15th. Investors of record on Wednesday, April 30th will be issued a dividend of $0.2925 per share. This represents a $1.17 dividend on an annualized basis and a yield of 3.65%. This is an increase from Tanger’s previous quarterly dividend of $0.28. The ex-dividend date of this dividend is Wednesday, April 30th. Tanger’s payout ratio is presently 134.48%.

Insiders Place Their Bets

In other Tanger news, COO Gallardo Leslie Swanson sold 12,500 shares of the business’s stock in a transaction that occurred on Tuesday, March 11th. The stock was sold at an average price of $32.38, for a total transaction of $404,750.00. Following the transaction, the chief operating officer now owns 113,158 shares of the company’s stock, valued at $3,664,056.04. The trade was a 9.95 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Insiders own 5.70% of the company’s stock.

Wall Street Analysts Forecast Growth

Several brokerages have recently issued reports on SKT. The Goldman Sachs Group raised shares of Tanger from a “neutral” rating to a “buy” rating and boosted their price target for the company from $39.00 to $40.00 in a report on Friday, March 28th. Scotiabank dropped their price target on Tanger from $38.00 to $33.00 and set a “sector perform” rating on the stock in a research report on Wednesday, April 23rd. Finally, BMO Capital Markets began coverage on Tanger in a research report on Tuesday, January 28th. They issued a “market perform” rating and a $36.00 price objective for the company. Four analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $37.00.

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.