Renaissance Technologies LLC Cuts Stock Position in Tanger Inc. $SKT

Renaissance Technologies LLC lessened its holdings in Tanger Inc. (NYSE:SKT) by 18.8% in the first quarter, Holdings Channel reports. The firm owned 280,372 shares of the real estate investment trust’s stock after selling 64,800 shares during the period. Renaissance Technologies LLC’s holdings in Tanger were worth $9,527,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other large investors have also recently made changes to their positions in the company. Royal Bank of Canada grew its position in Tanger by 2.8% during the first quarter. Royal Bank of Canada now owns 145,184 shares of the real estate investment trust’s stock valued at $4,905,000 after buying an additional 3,995 shares during the period. AQR Capital Management LLC raised its position in Tanger by 17.8% in the first quarter. AQR Capital Management LLC now owns 38,209 shares of the real estate investment trust’s stock worth $1,291,000 after acquiring an additional 5,765 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its position in Tanger by 6.0% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 64,251 shares of the real estate investment trust’s stock worth $2,171,000 after acquiring an additional 3,631 shares during the period. United Services Automobile Association purchased a new position in Tanger in the first quarter valued at about $233,000. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its stake in Tanger by 436.9% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 801,200 shares of the real estate investment trust’s stock valued at $27,073,000 after acquiring an additional 651,961 shares during the last quarter. 85.23% of the stock is owned by hedge funds and other institutional investors.

Tanger Stock Up 0.0%

Tanger stock opened at $40.67 on Monday. The firm has a 50 day simple moving average of $39.39 and a 200 day simple moving average of $36.60. The company has a current ratio of 3.36, a quick ratio of 3.36 and a debt-to-equity ratio of 2.67. Tanger Inc. has a 1-year low of $29.24 and a 1-year high of $42.53. The firm has a market capitalization of $4.67 billion, a price-to-earnings ratio of 38.01, a P/E/G ratio of 2.08 and a beta of 1.10.

Tanger (NYSE:SKT) last posted its earnings results on Thursday, April 30th. The real estate investment trust reported $0.24 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.28 by ($0.04). Tanger had a return on equity of 17.53% and a net margin of 20.76%.The company had revenue of $150.42 million for the quarter, compared to analysts’ expectations of $142.94 million. During the same quarter in the prior year, the company earned $0.53 EPS. The company’s revenue was up 11.1% on a year-over-year basis. On average, analysts predict that Tanger Inc. will post 2.48 earnings per share for the current year.

Tanger Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, August 14th. Investors of record on Friday, July 31st will be paid a dividend of $0.3125 per share. This represents a $1.25 dividend on an annualized basis and a dividend yield of 3.1%. The ex-dividend date is Friday, July 31st. Tanger’s payout ratio is presently 116.82%.

Analyst Upgrades and Downgrades

A number of research analysts have recently weighed in on the stock. Scotiabank increased their target price on shares of Tanger from $37.00 to $41.00 and gave the company a “sector perform” rating in a research report on Thursday, June 18th. Weiss Ratings reiterated a “buy (b)” rating on shares of Tanger in a research note on Friday, July 17th. Deutsche Bank Aktiengesellschaft increased their price objective on Tanger from $35.00 to $40.00 and gave the company a “hold” rating in a report on Wednesday, June 17th. Barclays raised their target price on Tanger from $38.00 to $41.00 and gave the stock an “equal weight” rating in a research report on Tuesday, May 12th. Finally, LADENBURG THALM/SH SH boosted their target price on Tanger from $40.00 to $42.00 and gave the company a “buy” rating in a research note on Wednesday, June 10th. Two equities research analysts have rated the stock with a Buy rating, seven have issued a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Hold” and an average price target of $39.70.

Tanger Profile

Tanger Factory Outlet Centers, Inc (NYSE: SKT) is a real estate investment trust specializing in the ownership, development and management of outlet shopping centers. The company’s portfolio comprises more than 40 outlet properties anchored by leading fashion and lifestyle brands. Tanger’s centers are designed to offer off-price retail experiences in open-air, community-oriented settings, providing value-focused shoppers with access to premium brands at reduced prices.

Founded in 1981 by Stanley K.