Boothbay Fund Management LLC Cuts Holdings in Tanger Inc. (NYSE:SKT)

Boothbay Fund Management LLC decreased its stake in Tanger Inc. (NYSE:SKT - Free Report) by 5.9% in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 167,415 shares of the real estate investment trust's stock after selling 10,502 shares during the period. Boothbay Fund Management LLC owned 0.15% of Tanger worth $5,714,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors have also added to or reduced their stakes in SKT. FMR LLC grew its holdings in Tanger by 24.9% in the fourth quarter. FMR LLC now owns 9,397,189 shares of the real estate investment trust's stock worth $320,726,000 after purchasing an additional 1,873,835 shares during the period. Wellington Management Group LLP boosted its stake in shares of Tanger by 34.0% in the 4th quarter. Wellington Management Group LLP now owns 2,748,467 shares of the real estate investment trust's stock worth $93,805,000 after buying an additional 697,291 shares during the last quarter. Norges Bank bought a new position in Tanger in the 4th quarter valued at $22,239,000. APG Asset Management US Inc. bought a new stake in Tanger in the fourth quarter worth about $20,955,000. Finally, JPMorgan Chase & Co. grew its holdings in Tanger by 46.1% during the fourth quarter. JPMorgan Chase & Co. now owns 650,060 shares of the real estate investment trust's stock valued at $22,187,000 after purchasing an additional 205,159 shares during the period. 85.23% of the stock is currently owned by institutional investors.

Insider Transactions at Tanger

In other Tanger news, COO Gallardo Leslie Swanson sold 12,500 shares of the company's stock in a transaction 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 completion of the sale, the chief operating officer now directly owns 113,158 shares in the company, valued at $3,664,056.04. This represents a 9.95 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Corporate insiders own 5.70% of the company's stock.

Analysts Set New Price Targets

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

Tanger Price Performance

SKT traded down $0.06 during trading hours on Friday, hitting $29.87. The company's stock had a trading volume of 1,277,157 shares, compared to its average volume of 783,643. 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 Inc. has a 12 month low of $25.94 and a 12 month high of $37.57. The business's 50-day moving average price is $32.59 and its 200-day moving average price is $33.86. The stock has a market cap of $3.38 billion, a price-to-earnings ratio of 34.35, a P/E/G ratio of 2.97 and a beta of 1.49.

Tanger (NYSE:SKT - Get Free Report) last issued its quarterly earnings results on Wednesday, April 30th. The real estate investment trust reported $0.53 earnings per share (EPS) for the quarter, hitting analysts' consensus estimates of $0.53. The firm had revenue of $129.29 million during the quarter, compared to analyst estimates of $128.24 million. Tanger had a return on equity of 16.16% and a net margin of 18.65%. Tanger's quarterly revenue was up 9.7% compared to the same quarter last year. During the same period last year, the company earned $0.52 EPS. Sell-side analysts expect that Tanger Inc. will post 2.24 earnings per share for the current fiscal year.

Tanger Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, May 15th. Stockholders of record on Wednesday, April 30th will be paid a dividend of $0.2925 per share. This is a positive change from Tanger's previous quarterly dividend of $0.28. This represents a $1.17 annualized dividend and a dividend yield of 3.92%. The ex-dividend date of this dividend is Wednesday, April 30th. Tanger's dividend payout ratio is presently 139.29%.

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.