Tanger Inc. (NYSE:SKT) Shares Sold by Bank of America Corp DE

Bank of America Corp DE lessened its position in shares of Tanger Inc. (NYSE:SKT - Free Report) by 76.9% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 137,339 shares of the real estate investment trust's stock after selling 455,932 shares during the period. Bank of America Corp DE owned approximately 0.12% of Tanger worth $4,687,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently added to or reduced their stakes in the company. Barclays PLC boosted its position in shares of Tanger by 174.7% in the third quarter. Barclays PLC now owns 240,281 shares of the real estate investment trust's stock worth $7,973,000 after buying an additional 152,796 shares during the period. Exchange Traded Concepts LLC boosted its position in shares of Tanger by 12.8% in the fourth quarter. Exchange Traded Concepts LLC now owns 5,131 shares of the real estate investment trust's stock worth $175,000 after buying an additional 583 shares during the period. KBC Group NV boosted its position in shares of Tanger by 21.6% in the fourth quarter. KBC Group NV now owns 4,474 shares of the real estate investment trust's stock worth $153,000 after buying an additional 795 shares during the period. Ibex Wealth Advisors purchased a new stake in shares of Tanger in the fourth quarter worth about $733,000. Finally, EMC Capital Management boosted its position in shares of Tanger by 8,550.9% in the fourth quarter. EMC Capital Management now owns 14,274 shares of the real estate investment trust's stock worth $487,000 after buying an additional 14,109 shares during the period. Hedge funds and other institutional investors own 85.23% of the company's stock.

Tanger Stock Down 0.7%

Shares of NYSE:SKT traded down $0.22 during trading on Monday, hitting $29.58. The company's stock had a trading volume of 727,335 shares, compared to its average volume of 812,231. The company has a debt-to-equity ratio of 2.09, a quick ratio of 0.13 and a current ratio of 0.44. Tanger Inc. has a fifty-two week low of $25.94 and a fifty-two week high of $37.57. The stock's 50-day moving average price is $31.04 and its two-hundred day moving average price is $33.16. The company has a market capitalization of $3.35 billion, a PE ratio of 34.00, a PEG ratio of 2.97 and a beta of 1.18.

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

Tanger Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, May 15th. Shareholders of record on Wednesday, April 30th were paid a dividend of $0.2925 per share. The ex-dividend date of this dividend was Wednesday, April 30th. This represents a $1.17 annualized dividend and a yield of 3.96%. This is a boost from Tanger's previous quarterly dividend of $0.28. Tanger's dividend payout ratio is presently 139.29%.

Analysts Set New Price Targets

Several brokerages have recently weighed in on SKT. Evercore ISI raised Tanger to a "hold" rating in a research report on Friday, May 2nd. Scotiabank decreased their target price on Tanger from $38.00 to $33.00 and set a "sector perform" rating for the company in a research report on Wednesday, April 23rd. Finally, The Goldman Sachs Group raised Tanger from a "neutral" rating to a "buy" rating and upped their target price for the stock from $39.00 to $40.00 in a research report on Friday, March 28th. Four investment analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. Based on data from MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus target price of $37.00.

Insider Buying and Selling at Tanger

In other news, COO Gallardo Leslie Swanson sold 12,500 shares of the stock in a transaction that occurred 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 sale, the chief operating officer now directly owns 113,158 shares in the company, valued at approximately $3,664,056.04. This represents a 9.95% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. 5.70% of the stock is currently owned by insiders.

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.