Ameriprise Financial Inc. Lowers Stock Position in Tanger Inc. (NYSE:SKT)

Ameriprise Financial Inc. lessened its holdings in Tanger Inc. (NYSE:SKT - Free Report) by 7.2% during the fourth quarter, according to the company in its most recent disclosure with the SEC. The firm owned 1,021,163 shares of the real estate investment trust's stock after selling 79,608 shares during the quarter. Ameriprise Financial Inc. owned about 0.92% of Tanger worth $34,852,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also bought and sold shares of the business. Barclays PLC lifted its position in Tanger by 174.7% during the third quarter. Barclays PLC now owns 240,281 shares of the real estate investment trust's stock valued at $7,973,000 after purchasing an additional 152,796 shares during the period. Franklin Resources Inc. raised its position in shares of Tanger by 2.3% during the 3rd quarter. Franklin Resources Inc. now owns 95,286 shares of the real estate investment trust's stock valued at $3,205,000 after purchasing an additional 2,169 shares during the period. Burney Co. raised its position in shares of Tanger by 1.8% during the 4th quarter. Burney Co. now owns 255,983 shares of the real estate investment trust's stock valued at $8,737,000 after purchasing an additional 4,502 shares during the period. Hennion & Walsh Asset Management Inc. grew its stake in Tanger by 36.4% during the fourth quarter. Hennion & Walsh Asset Management Inc. now owns 17,045 shares of the real estate investment trust's stock valued at $582,000 after acquiring an additional 4,549 shares in the last quarter. Finally, HB Wealth Management LLC grew its stake in Tanger by 19.9% during the fourth quarter. HB Wealth Management LLC now owns 8,425 shares of the real estate investment trust's stock valued at $288,000 after acquiring an additional 1,399 shares in the last quarter. Hedge funds and other institutional investors own 85.23% of the company's stock.

Tanger Price Performance

NYSE:SKT traded up $0.64 during trading hours on Friday, reaching $31.22. 737,108 shares of the company were exchanged, compared to its average volume of 800,300. The company has a current ratio of 0.44, a quick ratio of 0.13 and a debt-to-equity ratio of 2.09. The stock's 50-day moving average is $31.64 and its 200-day moving average is $33.57. The firm has a market cap of $3.53 billion, a PE ratio of 35.89, a price-to-earnings-growth ratio of 2.97 and a beta of 1.18. Tanger Inc. has a twelve month low of $25.94 and a twelve month high of $37.57.

Tanger (NYSE:SKT - Get Free Report) last posted its quarterly earnings data on Wednesday, April 30th. The real estate investment trust reported $0.53 earnings per share for the quarter, hitting analysts' consensus estimates of $0.53. The company had revenue of $129.29 million during the quarter, compared to analysts' expectations of $128.24 million. Tanger had a net margin of 18.65% and a return on equity of 16.16%. The firm's revenue for the quarter was up 9.7% on a year-over-year basis. During the same period in the prior year, the business posted $0.52 earnings per share. On average, sell-side 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 was paid on Thursday, May 15th. Stockholders of record on Wednesday, April 30th were issued a dividend of $0.2925 per share. This is a positive change from Tanger's previous quarterly dividend of $0.28. The ex-dividend date of this dividend was Wednesday, April 30th. This represents a $1.17 dividend on an annualized basis and a dividend yield of 3.75%. Tanger's dividend payout ratio is presently 139.29%.

Insider Transactions at Tanger

In other news, COO Gallardo Leslie Swanson sold 12,500 shares of the company's stock in a transaction on Tuesday, March 11th. The shares were 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 owns 113,158 shares of the company's stock, valued at $3,664,056.04. This represents 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 through this hyperlink. Insiders own 5.70% of the company's stock.

Analyst Upgrades and Downgrades

A number of equities analysts have commented on SKT shares. Evercore ISI raised shares of Tanger to a "hold" rating in a research note on Friday, May 2nd. Scotiabank dropped their target price on shares of Tanger from $38.00 to $33.00 and set a "sector perform" rating on the stock in a research report on Wednesday, April 23rd. The Goldman Sachs Group raised shares of Tanger from a "neutral" rating to a "buy" rating and upped their price objective for the company from $39.00 to $40.00 in a report on Friday, March 28th. Finally, BMO Capital Markets assumed coverage on shares of Tanger in a research note on Tuesday, January 28th. They issued a "market perform" rating and a $36.00 target price for the company. Four analysts have rated the stock with a hold rating and four have assigned a buy rating to the company's stock. According to data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $37.00.

Tanger Company 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.