Virtus ETF Advisers LLC Has $189,000 Holdings in Tanger Inc. (NYSE:SKT)

Virtus ETF Advisers LLC decreased its position in shares of Tanger Inc. (NYSE:SKT) by 9.0% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 5,542 shares of the real estate investment trust’s stock after selling 549 shares during the period. Virtus ETF Advisers LLC’s holdings in Tanger were worth $189,000 at the end of the most recent quarter.

A number of other hedge funds also recently bought and sold shares of SKT. Mutual of America Capital Management LLC increased its stake in shares of Tanger by 1.9% in the fourth quarter. Mutual of America Capital Management LLC now owns 16,767 shares of the real estate investment trust’s stock worth $572,000 after purchasing an additional 319 shares during the period. Maryland State Retirement & Pension System increased its position in Tanger by 0.9% in the 4th quarter. Maryland State Retirement & Pension System now owns 37,277 shares of the real estate investment trust’s stock worth $1,272,000 after buying an additional 349 shares during the period. FIL Ltd lifted its holdings in shares of Tanger by 16.2% during the fourth quarter. FIL Ltd now owns 2,874 shares of the real estate investment trust’s stock worth $98,000 after buying an additional 401 shares during the last quarter. DAVENPORT & Co LLC boosted its position in shares of Tanger by 1.4% in the fourth quarter. DAVENPORT & Co LLC now owns 31,462 shares of the real estate investment trust’s stock valued at $1,074,000 after acquiring an additional 425 shares during the period. Finally, Pictet Asset Management Holding SA grew its stake in shares of Tanger by 1.5% in the fourth quarter. Pictet Asset Management Holding SA now owns 32,851 shares of the real estate investment trust’s stock worth $1,121,000 after acquiring an additional 480 shares during the last quarter. 85.23% of the stock is currently owned by institutional investors.

Tanger Stock Performance

NYSE SKT opened at $32.08 on Monday. Tanger Inc. has a twelve month low of $25.94 and a twelve month high of $37.57. The company has a quick ratio of 0.13, a current ratio of 0.44 and a debt-to-equity ratio of 2.09. The stock has a market cap of $3.63 billion, a P/E ratio of 36.87, a PEG ratio of 2.97 and a beta of 1.49. The company’s 50-day simple moving average is $32.94 and its 200 day simple moving average is $33.93.

Tanger (NYSE:SKT) last released its quarterly earnings data on Wednesday, February 19th. The real estate investment trust reported $0.54 earnings per share for the quarter, beating the consensus estimate of $0.52 by $0.02. The company had revenue of $132.17 million for the quarter, compared to analyst estimates of $129.10 million. Tanger had a return on equity of 16.16% and a net margin of 18.65%. As a group, research analysts forecast that Tanger Inc. will post 2.24 earnings per share for the current fiscal year.

Tanger Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, May 15th. Shareholders of record on Wednesday, April 30th will be issued a dividend of $0.2925 per share. The ex-dividend date is Wednesday, April 30th. This is a boost from Tanger’s previous quarterly dividend of $0.28. This represents a $1.17 dividend on an annualized basis and a dividend yield of 3.65%. Tanger’s dividend payout ratio (DPR) is presently 134.48%.

Analyst Upgrades and Downgrades

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

Insider Activity

In other news, COO Gallardo Leslie Swanson sold 12,500 shares of the business’s stock in a transaction that occurred on Tuesday, March 11th. The stock was sold at an average price of $32.38, for a total value of $404,750.00. Following the transaction, the chief operating officer now directly owns 113,158 shares of the company’s stock, valued at $3,664,056.04. The trade was a 9.95 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 5.70% of the stock is owned by corporate insiders.

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.