Tanger Inc. (NYSE:SKT) Shares Sold by LSV Asset Management

LSV Asset Management trimmed its position in Tanger Inc. (NYSE:SKT) by 41.8% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 1,389,794 shares of the real estate investment trust’s stock after selling 998,214 shares during the quarter. LSV Asset Management owned about 1.32% of Tanger worth $38,525,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the business. Loomis Sayles & Co. L P boosted its holdings 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 valued at $33,000 after purchasing an additional 1,418 shares during the period. Federated Hermes Inc. acquired a new position in shares of Tanger in the 3rd quarter valued at $125,000. Future Financial Wealth Managment LLC acquired a new stake in Tanger during the 4th quarter worth $210,000. Van ECK Associates Corp grew its holdings in shares of Tanger by 4.3% during the third 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 during the last quarter. Finally, Connor Clark & Lunn Investment Management Ltd. purchased a new position in shares of Tanger in the 3rd quarter valued at approximately $271,000. Hedge funds and other institutional investors own 85.23% of the company’s stock.

Tanger Trading Down 1.9 %

SKT stock opened at $27.46 on Monday. 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 52 week low of $18.34 and a 52 week high of $29.98. The company has a market cap of $3.00 billion, a price-to-earnings ratio of 30.18, a PEG ratio of 3.47 and a beta of 1.85. The business has a fifty day simple moving average of $28.37 and a 200-day simple moving average of $27.03.

Tanger Increases Dividend

The business 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 is an increase from Tanger’s previous quarterly dividend of $0.26. This represents a $1.10 annualized dividend and a dividend yield of 4.01%. The ex-dividend date is Monday, April 29th. Tanger’s dividend payout ratio (DPR) is presently 120.88%.

Wall Street Analyst Weigh In

A number of equities research analysts have weighed in on the company. Evercore ISI lowered their price objective on Tanger from $29.00 to $28.00 and set an “in-line” rating on the stock in a report on Wednesday, May 1st. Compass Point upgraded Tanger from a “neutral” rating to a “buy” rating and increased their target price for the company from $31.00 to $32.00 in a report on Thursday. Bank of America raised shares of Tanger from an “underperform” rating to a “neutral” rating and raised their price target for the stock from $24.00 to $31.00 in a research note on Friday, April 5th. Finally, Citigroup raised shares of Tanger from a “neutral” rating to a “buy” rating and boosted their price objective for the company from $30.00 to $33.00 in a research report on Friday, March 22nd. Four investment analysts have rated the stock with a hold rating and three have given a buy rating to the stock. According to data from MarketBeat.com, the company has an average rating of “Hold” and a consensus price target of $29.83.

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.