Envestnet Asset Management Inc. Increases Stake in Tanger Factory Outlet Centers Inc. (NYSE:SKT)

Envestnet Asset Management Inc. lifted its stake in shares of Tanger Factory Outlet Centers Inc. (NYSE:SKT) by 8.2% during the 2nd quarter, HoldingsChannel reports. The fund owned 24,959 shares of the real estate investment trust’s stock after acquiring an additional 1,881 shares during the period. Envestnet Asset Management Inc.’s holdings in Tanger Factory Outlet Centers were worth $405,000 at the end of the most recent quarter.

Other hedge funds also recently made changes to their positions in the company. Marathon Asset Management LLP acquired a new stake in Tanger Factory Outlet Centers during the 2nd quarter worth approximately $37,902,000. Marshall Wace North America L.P. acquired a new stake in Tanger Factory Outlet Centers during the 1st quarter worth approximately $9,752,000. Principal Financial Group Inc. increased its position in Tanger Factory Outlet Centers by 2.7% during the 1st quarter. Principal Financial Group Inc. now owns 6,640,571 shares of the real estate investment trust’s stock worth $139,319,000 after purchasing an additional 177,711 shares in the last quarter. LSV Asset Management increased its position in Tanger Factory Outlet Centers by 32.4% during the 1st quarter. LSV Asset Management now owns 618,500 shares of the real estate investment trust’s stock worth $12,976,000 after purchasing an additional 151,300 shares in the last quarter. Finally, First Trust Advisors LP increased its position in Tanger Factory Outlet Centers by 64.8% during the 2nd quarter. First Trust Advisors LP now owns 366,798 shares of the real estate investment trust’s stock worth $5,946,000 after purchasing an additional 144,231 shares in the last quarter. Institutional investors and hedge funds own 98.09% of the company’s stock.

SKT opened at $16.50 on Friday. The firm has a 50 day moving average price of $15.21 and a 200 day moving average price of $17.64. The company has a market cap of $1.54 billion, a PE ratio of 6.65 and a beta of 0.68. Tanger Factory Outlet Centers Inc. has a 1 year low of $13.61 and a 1 year high of $24.65. The company has a debt-to-equity ratio of 3.25, a quick ratio of 0.12 and a current ratio of 0.12.

The company also recently disclosed a quarterly dividend, which was paid on Thursday, August 15th. Shareholders of record on Wednesday, July 31st were given a $0.355 dividend. This represents a $1.42 annualized dividend and a yield of 8.61%. The ex-dividend date of this dividend was Tuesday, July 30th. Tanger Factory Outlet Centers’s dividend payout ratio (DPR) is 57.26%.

In other news, CEO Steven B. Tanger acquired 10,000 shares of the stock in a transaction on Tuesday, August 20th. The stock was bought at an average price of $14.48 per share, with a total value of $144,800.00. Following the completion of the transaction, the chief executive officer now directly owns 1,188,888 shares of the company’s stock, valued at $17,215,098.24. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Thomas Reddin acquired 7,000 shares of the stock in a transaction on Monday, August 19th. The stock was purchased at an average cost of $14.62 per share, with a total value of $102,340.00. Following the transaction, the director now directly owns 42,424 shares of the company’s stock, valued at $620,238.88. The disclosure for this purchase can be found here. 2.30% of the stock is owned by company insiders.

A number of analysts recently issued reports on the stock. Citigroup set a $16.00 target price on shares of Tanger Factory Outlet Centers and gave the stock a “hold” rating in a research report on Friday, June 28th. Zacks Investment Research downgraded shares of Tanger Factory Outlet Centers from a “hold” rating to a “sell” rating in a research report on Wednesday, August 14th. Five research analysts have rated the stock with a sell rating, one has given a hold rating and one has given a buy rating to the company. The stock presently has a consensus rating of “Sell” and an average target price of $21.00.

Tanger Factory Outlet Centers Profile

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 40 upscale outlet shopping centers. Tanger's operating properties are located in 20 states coast to coast and in Canada, totaling approximately 14.4 million square feet leased to over 2,900 stores operated by more than 500 different brand name companies.

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Institutional Ownership by Quarter for Tanger Factory Outlet Centers (NYSE:SKT)

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