Meeder Asset Management Inc. grew its holdings in shares of Tanger Factory Outlet Centers Inc. (NYSE:SKT) by 17.4% in the 1st quarter, according to its most recent disclosure with the SEC. The fund owned 27,321 shares of the real estate investment trust’s stock after acquiring an additional 4,059 shares during the period. Meeder Asset Management Inc.’s holdings in Tanger Factory Outlet Centers were worth $573,000 as of its most recent SEC filing.
Several other hedge funds have also added to or reduced their stakes in SKT. Norges Bank bought a new position in shares of Tanger Factory Outlet Centers during the fourth quarter valued at $16,842,000. Oregon Public Employees Retirement Fund raised its stake in Tanger Factory Outlet Centers by 1,922.0% during the fourth quarter. Oregon Public Employees Retirement Fund now owns 750,304 shares of the real estate investment trust’s stock worth $37,000 after buying an additional 713,197 shares during the last quarter. LSV Asset Management bought a new position in Tanger Factory Outlet Centers during the fourth quarter worth $9,446,000. Mackenzie Financial Corp bought a new position in Tanger Factory Outlet Centers during the third quarter worth $7,811,000. Finally, Millennium Management LLC raised its stake in Tanger Factory Outlet Centers by 29.9% during the fourth quarter. Millennium Management LLC now owns 1,416,846 shares of the real estate investment trust’s stock worth $28,649,000 after buying an additional 326,028 shares during the last quarter. 97.38% of the stock is owned by hedge funds and other institutional investors.
Shares of NYSE SKT opened at $19.01 on Friday. Tanger Factory Outlet Centers Inc. has a twelve month low of $18.85 and a twelve month high of $24.91. The firm has a market cap of $1.79 billion, a P/E ratio of 7.67, a PEG ratio of -3.52 and a beta of 0.77. The company has a quick ratio of 0.11, a current ratio of 0.11 and a debt-to-equity ratio of 3.39.
The business also recently declared a quarterly dividend, which will be paid on Wednesday, May 15th. Shareholders of record on Tuesday, April 30th will be issued a $0.355 dividend. This represents a $1.42 dividend on an annualized basis and a yield of 7.47%. This is a boost from Tanger Factory Outlet Centers’s previous quarterly dividend of $0.35. The ex-dividend date of this dividend is Monday, April 29th. Tanger Factory Outlet Centers’s dividend payout ratio (DPR) is presently 56.45%.
A number of equities analysts recently weighed in on SKT shares. Zacks Investment Research downgraded shares of Tanger Factory Outlet Centers from a “hold” rating to a “sell” rating in a research note on Tuesday, March 19th. Boenning Scattergood started coverage on shares of Tanger Factory Outlet Centers in a research note on Monday, March 25th. They set an “outperform” rating and a $27.00 target price for the company. Finally, Citigroup set a $23.00 target price on shares of Tanger Factory Outlet Centers and gave the stock a “hold” rating in a research note on Tuesday, February 26th. Five research analysts have rated the stock with a sell rating, one has given a hold rating and one has issued a buy rating to the company. The company presently has an average rating of “Sell” and an average target price of $22.80.
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About Tanger Factory Outlet Centers
Tanger Factory Outlet Centers, Inc (NYSE:SKT), is a publicly-traded REIT headquartered in Greensboro, North Carolina that operates and owns, or has an ownership interest in, a portfolio of 44 upscale outlet shopping centers. Tanger's operating properties are located in 22 states coast to coast and in Canada, totaling approximately 15.3 million square feet leased to over 3,100 stores operated by more than 530 different brand name companies.
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