Tanger Inc. (NYSE:SKT) Stock Position Trimmed by Land & Buildings Investment Management LLC

Land & Buildings Investment Management LLC decreased its position in Tanger Inc. (NYSE:SKTFree Report) by 31.8% in the 4th quarter, Holdings Channel.com reports. The firm owned 651,757 shares of the real estate investment trust’s stock after selling 304,350 shares during the period. Tanger makes up approximately 4.2% of Land & Buildings Investment Management LLC’s investment portfolio, making the stock its 11th largest position. Land & Buildings Investment Management LLC’s holdings in Tanger were worth $18,067,000 as of its most recent filing with the Securities and Exchange Commission.

Other large investors also recently made changes to their positions in the company. Van ECK Associates Corp grew its holdings in Tanger by 4.3% in the 3rd quarter. Van ECK Associates Corp now owns 11,968 shares of the real estate investment trust’s stock worth $270,000 after buying an additional 496 shares in the last quarter. M&T Bank Corp grew its stake in shares of Tanger by 6.1% in the fourth quarter. M&T Bank Corp now owns 10,019 shares of the real estate investment trust’s stock worth $278,000 after purchasing an additional 573 shares in the last quarter. Bailard Inc. increased its holdings in shares of Tanger by 4.2% during the fourth quarter. Bailard Inc. now owns 14,900 shares of the real estate investment trust’s stock valued at $413,000 after purchasing an additional 600 shares during the period. Loomis Sayles & Co. L P raised its stake in shares of Tanger by 4,051.4% during the third quarter. Loomis Sayles & Co. L P now owns 1,453 shares of the real estate investment trust’s stock valued at $33,000 after purchasing an additional 1,418 shares in the last quarter. Finally, Private Advisor Group LLC lifted its holdings in Tanger by 20.1% in the fourth quarter. Private Advisor Group LLC now owns 11,522 shares of the real estate investment trust’s stock worth $319,000 after purchasing an additional 1,929 shares during the period. Institutional investors and hedge funds own 85.23% of the company’s stock.

Tanger Trading Up 3.7 %

Shares of NYSE SKT traded up $1.00 during mid-day trading on Wednesday, hitting $28.10. 364,508 shares of the company traded hands, compared to its average volume of 743,763. The company has a quick ratio of 0.20, a current ratio of 0.20 and a debt-to-equity ratio of 2.54. Tanger Inc. has a 1 year low of $20.34 and a 1 year high of $29.98. The stock has a market capitalization of $3.07 billion, a price-to-earnings ratio of 29.79, a PEG ratio of 3.11 and a beta of 1.85. The business has a 50 day moving average of $27.57 and a two-hundred day moving average of $27.70.

Tanger Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, May 15th. Shareholders of record on Tuesday, April 30th were paid a dividend of $0.275 per share. The ex-dividend date of this dividend was 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 3.91%. Tanger’s dividend payout ratio is currently 120.88%.

Analysts Set New Price Targets

Several equities analysts have commented on SKT shares. Citigroup raised shares of Tanger from a “neutral” rating to a “buy” rating and raised their target price for the company from $30.00 to $33.00 in a research note on Friday, March 22nd. Bank of America raised Tanger from an “underperform” rating to a “neutral” rating and boosted their target price for the stock from $24.00 to $31.00 in a report on Friday, April 5th. Scotiabank raised Tanger from a “sector underperform” rating to a “sector perform” rating and increased their price target for the company from $20.00 to $28.00 in a research note on Friday, May 17th. Compass Point raised Tanger from a “neutral” rating to a “buy” rating and boosted their price objective for the stock from $31.00 to $32.00 in a research note on Thursday, May 2nd. Finally, Evercore ISI cut their price objective on Tanger from $29.00 to $28.00 and set an “in-line” rating for the company in a report on Wednesday, May 1st. Five equities research analysts have rated the stock with a hold rating and three have given a buy rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Hold” and an average price target of $29.57.

View Our Latest Report on SKT

Tanger Company Profile

(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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