Illinois Municipal Retirement Fund Reduces Stock Position in Tanger Inc. (NYSE:SKT)

Illinois Municipal Retirement Fund cut its stake in Tanger Inc. (NYSE:SKT) by 5.1% in the 4th quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 57,577 shares of the real estate investment trust’s stock after selling 3,102 shares during the quarter. Illinois Municipal Retirement Fund owned about 0.05% of Tanger worth $1,596,000 at the end of the most recent quarter.

Several other hedge funds also recently made changes to their positions in the stock. Loomis Sayles & Co. L P boosted its stake in Tanger by 4,051.4% in the third quarter. Loomis Sayles & Co. L P now owns 1,453 shares of the real estate investment trust’s stock worth $33,000 after buying an additional 1,418 shares in the last quarter. Federated Hermes Inc. bought a new position in shares of Tanger during the 3rd quarter valued at $125,000. Future Financial Wealth Managment LLC purchased a new position in Tanger in the 4th quarter worth $210,000. Van ECK Associates Corp lifted its stake in Tanger by 4.3% in the third quarter. Van ECK Associates Corp now owns 11,968 shares of the real estate investment trust’s stock worth $270,000 after purchasing an additional 496 shares during the last quarter. Finally, Connor Clark & Lunn Investment Management Ltd. purchased a new stake in Tanger during the third quarter valued at about $271,000. 85.23% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several research firms have recently commented on SKT. Citigroup upgraded Tanger from a “neutral” rating to a “buy” rating and lifted their price objective for the stock from $30.00 to $33.00 in a report on Friday, March 22nd. Evercore ISI lifted their price target on Tanger from $28.00 to $29.00 and gave the stock an “in-line” rating in a research note on Wednesday, February 28th. Finally, Bank of America raised Tanger from an “underperform” rating to a “neutral” rating and increased their price objective for the company from $24.00 to $31.00 in a research note on Friday, April 5th. Five research analysts have rated the stock with a hold rating and two have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of “Hold” and a consensus target price of $29.00.

Tanger Trading Up 0.7 %

NYSE SKT opened at $28.88 on Friday. The stock has a market cap of $3.15 billion, a P/E ratio of 31.39, a price-to-earnings-growth ratio of 3.62 and a beta of 1.83. Tanger Inc. has a fifty-two week low of $18.00 and a fifty-two week high of $29.98. The stock has a 50 day simple moving average of $28.46 and a two-hundred day simple moving average of $26.77. 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 Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, May 15th. Investors of record on Tuesday, April 30th will be issued a dividend of $0.275 per share. This represents a $1.10 dividend on an annualized basis and a dividend yield of 3.81%. The ex-dividend date of this dividend is Monday, April 29th. This is an increase from Tanger’s previous quarterly dividend of $0.26. Tanger’s dividend payout ratio is currently 113.04%.

About Tanger

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.