State of Tennessee Department of Treasury Reduces Stock Position in Tanger Inc. (NYSE:SKT)

State of Tennessee Department of Treasury trimmed its holdings in shares of Tanger Inc. (NYSE:SKT) by 3.6% in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 48,290 shares of the real estate investment trust’s stock after selling 1,778 shares during the period. State of Tennessee Department of Treasury’s holdings in Tanger were worth $1,648,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors and hedge funds have also made changes to their positions in the business. Rhumbline Advisers lifted its stake in Tanger by 2.6% during the fourth quarter. Rhumbline Advisers now owns 399,556 shares of the real estate investment trust’s stock worth $13,637,000 after purchasing an additional 10,283 shares during the last quarter. Asset Management One Co. Ltd. grew its position in shares of Tanger by 4.9% in the 4th quarter. Asset Management One Co. Ltd. now owns 163,420 shares of the real estate investment trust’s stock valued at $5,560,000 after buying an additional 7,647 shares during the last quarter. Raymond James Financial Inc. acquired a new stake in Tanger during the 4th quarter worth $4,972,000. Charles Schwab Investment Management Inc. lifted its position in Tanger by 1.6% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 1,997,100 shares of the real estate investment trust’s stock valued at $68,161,000 after acquiring an additional 31,750 shares during the last quarter. Finally, Norges Bank acquired a new position in Tanger in the fourth quarter valued at $22,239,000. 85.23% of the stock is owned by institutional investors and hedge funds.

Insider Activity at Tanger

In related news, COO Gallardo Leslie Swanson sold 12,500 shares of the business’s stock in a transaction dated Tuesday, March 11th. The shares were sold at an average price of $32.38, for a total transaction of $404,750.00. Following the sale, the chief operating officer now owns 113,158 shares of the company’s stock, valued at approximately $3,664,056.04. The trade was a 9.95 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Company insiders own 5.70% of the company’s stock.

Tanger Stock Performance

NYSE:SKT opened at $31.36 on Wednesday. The firm has a market cap of $3.55 billion, a price-to-earnings ratio of 36.05, a price-to-earnings-growth ratio of 2.97 and a beta of 1.49. The company has a debt-to-equity ratio of 2.09, a current ratio of 0.44 and a quick ratio of 0.13. Tanger Inc. has a 1-year low of $25.94 and a 1-year high of $37.57. The firm’s fifty day moving average price is $32.80 and its 200 day moving average price is $33.90.

Tanger (NYSE:SKT) last issued its quarterly earnings results on Wednesday, February 19th. The real estate investment trust reported $0.54 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.52 by $0.02. The business had revenue of $132.17 million for the quarter, compared to analyst estimates of $129.10 million. Tanger had a net margin of 18.65% and a return on equity of 16.16%. On average, sell-side analysts expect that Tanger Inc. will post 2.24 EPS for the current year.

Tanger Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, May 15th. Stockholders of record on Wednesday, April 30th will be issued a $0.2925 dividend. This is a boost from Tanger’s previous quarterly dividend of $0.28. This represents a $1.17 annualized dividend and a dividend yield of 3.73%. The ex-dividend date is Wednesday, April 30th. Tanger’s dividend payout ratio (DPR) is currently 134.48%.

Wall Street Analysts Forecast Growth

A number of research firms have recently commented on SKT. BMO Capital Markets assumed coverage on Tanger in a research report on Tuesday, January 28th. They set a “market perform” rating and a $36.00 target price on the stock. The Goldman Sachs Group upgraded Tanger from a “neutral” rating to a “buy” rating and boosted their price objective for the company from $39.00 to $40.00 in a research note on Friday, March 28th. Finally, Scotiabank cut their target price on shares of Tanger from $38.00 to $33.00 and set a “sector perform” rating on the stock in a report on Wednesday, April 23rd. Four research analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. According to data from MarketBeat, Tanger has a consensus rating of “Moderate Buy” and an average target price of $37.00.

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.