Alliancebernstein L.P. Sells 10,043 Shares of Tanger Inc. (NYSE:SKT)

Alliancebernstein L.P. lowered its position in shares of Tanger Inc. (NYSE:SKT - Free Report) by 3.7% during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 260,628 shares of the real estate investment trust's stock after selling 10,043 shares during the quarter. Alliancebernstein L.P. owned 0.24% of Tanger worth $8,895,000 as of its most recent SEC filing.

A number of other hedge funds have also modified their holdings of SKT. GAMMA Investing LLC boosted its stake in shares of Tanger by 24.9% in the fourth quarter. GAMMA Investing LLC now owns 2,578 shares of the real estate investment trust's stock worth $88,000 after acquiring an additional 514 shares during the period. Smartleaf Asset Management LLC boosted its stake in Tanger by 415.7% in the 4th quarter. Smartleaf Asset Management LLC now owns 2,790 shares of the real estate investment trust's stock worth $95,000 after purchasing an additional 2,249 shares during the period. KBC Group NV boosted its stake in Tanger by 21.6% in the 4th quarter. KBC Group NV now owns 4,474 shares of the real estate investment trust's stock worth $153,000 after purchasing an additional 795 shares during the period. Exchange Traded Concepts LLC grew its holdings in Tanger by 12.8% during the 4th quarter. Exchange Traded Concepts LLC now owns 5,131 shares of the real estate investment trust's stock valued at $175,000 after buying an additional 583 shares in the last quarter. Finally, CIBC Asset Management Inc bought a new stake in shares of Tanger during the fourth quarter valued at approximately $200,000. 85.23% of the stock is currently owned by institutional investors.

Insider Activity

In other news, COO Gallardo Leslie Swanson sold 12,500 shares of Tanger stock in a transaction on Tuesday, March 11th. The stock was sold at an average price of $32.38, for a total transaction of $404,750.00. Following the completion of the sale, the chief operating officer now directly owns 113,158 shares in the company, valued at approximately $3,664,056.04. This trade represents a 9.95 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Insiders own 5.70% of the company's stock.

Analysts Set New Price Targets

Several research firms recently weighed in on SKT. Deutsche Bank Aktiengesellschaft began coverage on shares of Tanger in a research note on Tuesday, December 17th. They set a "hold" rating and a $37.00 target price for the company. BMO Capital Markets started coverage on Tanger in a report on Tuesday, January 28th. They issued a "market perform" rating and a $36.00 target price on the stock. Finally, The Goldman Sachs Group raised Tanger from a "neutral" rating to a "buy" rating and increased their price target for the company from $39.00 to $40.00 in a research note on Friday, March 28th. Four investment analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. According to data from MarketBeat, the company has a consensus rating of "Moderate Buy" and an average price target of $36.63.

Tanger Trading Down 0.0 %

Shares of NYSE SKT traded down $0.01 during trading hours on Wednesday, hitting $32.05. 35,698 shares of the company traded hands, compared to its average volume of 763,548. The company's 50 day moving average price is $33.25 and its 200 day moving average price is $33.99. Tanger Inc. has a 12 month low of $25.94 and a 12 month high of $37.57. The stock has a market capitalization of $3.63 billion, a price-to-earnings ratio of 36.76, a price-to-earnings-growth ratio of 2.97 and a beta of 1.49. The company has a current ratio of 0.44, a quick ratio of 0.13 and a debt-to-equity ratio of 2.09.

Tanger (NYSE:SKT - Get Free Report) last posted its quarterly earnings data on Wednesday, February 19th. The real estate investment trust reported $0.54 earnings per share for the quarter, beating analysts' consensus estimates of $0.52 by $0.02. The business had revenue of $132.17 million for the quarter, compared to analysts' expectations of $129.10 million. Tanger had a net margin of 18.65% and a return on equity of 16.16%. On average, equities research analysts anticipate that Tanger Inc. will post 2.24 earnings per share for the current fiscal year.

Tanger Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, May 15th. Shareholders of record on Wednesday, April 30th will be given a dividend of $0.2925 per share. This represents a $1.17 annualized dividend and a dividend yield of 3.65%. The ex-dividend date is Wednesday, April 30th. This is a positive change from Tanger's previous quarterly dividend of $0.28. Tanger's payout ratio is 134.48%.

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.