Intrust Bank NA Makes New Investment in Tanger Inc. (NYSE:SKT)

Intrust Bank NA bought a new stake in Tanger Inc. (NYSE:SKT) in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm bought 10,280 shares of the real estate investment trust’s stock, valued at approximately $285,000.

A number of other institutional investors have also made changes to their positions in SKT. Handelsbanken Fonder AB increased its position in Tanger by 17.9% in the 3rd quarter. Handelsbanken Fonder AB now owns 22,653 shares of the real estate investment trust’s stock valued at $512,000 after acquiring an additional 3,442 shares in the last quarter. Commonwealth Equity Services LLC lifted its stake in shares of Tanger by 29.2% during the third quarter. Commonwealth Equity Services LLC now owns 44,802 shares of the real estate investment trust’s stock valued at $1,013,000 after acquiring an additional 10,120 shares during the period. Monument Capital Management acquired a new stake in Tanger in the third quarter worth about $382,000. Zurcher Kantonalbank Zurich Cantonalbank raised its holdings in Tanger by 7.7% during the 3rd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 42,271 shares of the real estate investment trust’s stock worth $955,000 after purchasing an additional 3,017 shares during the last quarter. Finally, Assetmark Inc. boosted its stake in shares of Tanger by 30.2% in the 3rd quarter. Assetmark Inc. now owns 16,561 shares of the real estate investment trust’s stock valued at $374,000 after purchasing an additional 3,844 shares during the last quarter. 85.23% of the stock is owned by institutional investors.

Analyst Ratings Changes

SKT has been the subject of several recent research reports. Bank of America upgraded shares of Tanger from an “underperform” rating to a “neutral” rating and upped their target price for the company from $24.00 to $31.00 in a research report on Friday, April 5th. Evercore ISI lowered their target price on shares of Tanger from $29.00 to $28.00 and set an “in-line” rating for the company in a research note on Wednesday. Finally, Citigroup raised shares of Tanger from a “neutral” rating to a “buy” rating and lifted their price target for the stock from $30.00 to $33.00 in a research report on Friday, March 22nd. Five research analysts have rated the stock with a hold rating and two have given a buy rating to the company. According to data from MarketBeat, Tanger presently has an average rating of “Hold” and an average price target of $28.83.

Tanger Stock Performance

Shares of SKT opened at $27.43 on Thursday. The firm’s 50 day moving average price is $28.42 and its two-hundred day moving average price is $26.94. 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 Inc. has a twelve month low of $18.34 and a twelve month high of $29.98. The firm has a market cap of $3.00 billion, a P/E ratio of 30.14, a PEG ratio of 3.58 and a beta of 1.85.

Tanger Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Wednesday, May 15th. Investors of record on Tuesday, April 30th will be paid a $0.275 dividend. The ex-dividend date is Monday, April 29th. This is a positive change from Tanger’s previous quarterly dividend of $0.26. This represents a $1.10 dividend on an annualized basis and a yield of 4.01%. Tanger’s dividend payout ratio is presently 120.88%.

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.