Allspring Global Investments Holdings LLC Sells 11,699 Shares of Tanger Inc. (NYSE:SKT)

Allspring Global Investments Holdings LLC lessened its holdings in shares of Tanger Inc. (NYSE:SKT - Free Report) by 4.7% during the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 235,426 shares of the real estate investment trust's stock after selling 11,699 shares during the period. Allspring Global Investments Holdings LLC owned about 0.21% of Tanger worth $8,009,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently made changes to their positions in the business. Mutual of America Capital Management LLC grew its position in shares of Tanger by 1.9% during the 4th 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 in the last quarter. Maryland State Retirement & Pension System grew its position in shares of Tanger by 0.9% during 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 purchasing an additional 349 shares in the last quarter. FIL Ltd grew its position in shares of Tanger by 16.2% during the 4th quarter. FIL Ltd now owns 2,874 shares of the real estate investment trust's stock worth $98,000 after purchasing an additional 401 shares in the last quarter. Pictet Asset Management Holding SA grew its position in shares of Tanger by 1.5% during the 4th quarter. Pictet Asset Management Holding SA now owns 32,851 shares of the real estate investment trust's stock worth $1,121,000 after purchasing an additional 480 shares in the last quarter. Finally, Summit Investment Advisors Inc. grew its position in shares of Tanger by 5.2% during the 4th quarter. Summit Investment Advisors Inc. now owns 11,139 shares of the real estate investment trust's stock worth $380,000 after purchasing an additional 553 shares in the last quarter. Institutional investors and hedge funds own 85.23% of the company's stock.

Wall Street Analyst Weigh In

SKT has been the topic of a number of analyst reports. The Goldman Sachs Group upgraded shares of Tanger from a "neutral" rating to a "buy" rating and increased their target price for the stock from $39.00 to $40.00 in a research report on Friday, March 28th. Scotiabank decreased 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. Barclays initiated coverage on shares of Tanger in a research report on Wednesday. They set an "equal weight" rating and a $33.00 price target on the stock. Finally, Evercore ISI upgraded shares of Tanger to a "hold" rating in a research report on Friday, May 2nd. Five equities research analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of "Hold" and a consensus price target of $36.56.

Tanger Price Performance

Shares of NYSE SKT traded up $0.29 during trading hours on Friday, hitting $31.66. 621,917 shares of the stock were exchanged, compared to its average volume of 834,546. The company has a debt-to-equity ratio of 2.37, a quick ratio of 0.14 and a current ratio of 0.14. The company has a market cap of $3.58 billion, a PE ratio of 37.68, a price-to-earnings-growth ratio of 3.01 and a beta of 1.17. The company's fifty day simple moving average is $30.26 and its two-hundred day simple moving average is $32.21. Tanger Inc. has a 1-year low of $25.96 and a 1-year high of $37.57.

Tanger (NYSE:SKT - Get Free Report) last posted its quarterly earnings results on Wednesday, April 30th. The real estate investment trust reported $0.53 earnings per share (EPS) for the quarter, hitting the consensus estimate of $0.53. The business had revenue of $129.29 million for the quarter, compared to analyst estimates of $128.24 million. Tanger had a net margin of 17.65% and a return on equity of 15.13%. The firm's revenue for the quarter was up 9.7% on a year-over-year basis. During the same quarter last year, the business posted $0.52 EPS. On average, sell-side analysts predict that Tanger Inc. will post 2.24 EPS for the current year.

Tanger Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, May 15th. Investors of record on Wednesday, April 30th were paid a $0.2925 dividend. This is an increase from Tanger's previous quarterly dividend of $0.28. The ex-dividend date was Wednesday, April 30th. This represents a $1.17 annualized dividend and a yield of 3.70%. Tanger's dividend payout ratio is presently 139.29%.

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.