Bank of America Corp DE Reduces Position in Tanger Inc. (NYSE:SKT)

Bank of America Corp DE cut its position in Tanger Inc. (NYSE:SKT - Free Report) by 76.9% during the fourth quarter, according to its most recent Form 13F filing with the SEC. 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 quarter.

Several other institutional investors have also recently modified their holdings of SKT. BNP Paribas Financial Markets boosted its position in Tanger by 20.4% in the 4th quarter. BNP Paribas Financial Markets now owns 68,197 shares of the real estate investment trust's stock worth $2,328,000 after purchasing an additional 11,552 shares in the last quarter. Algert Global LLC lifted its stake in shares of Tanger by 12.9% in the 4th quarter. Algert Global LLC now owns 275,145 shares of the real estate investment trust's stock valued at $9,391,000 after purchasing an additional 31,522 shares during the period. Mercer Global Advisors Inc. ADV purchased a new stake in Tanger during the fourth quarter worth $532,000. Schonfeld Strategic Advisors LLC grew its position in Tanger by 518.1% during the fourth quarter. Schonfeld Strategic Advisors LLC now owns 49,450 shares of the real estate investment trust's stock valued at $1,688,000 after buying an additional 41,450 shares during the period. Finally, Lido Advisors LLC grew its position in Tanger by 46.8% during the fourth quarter. Lido Advisors LLC now owns 9,928 shares of the real estate investment trust's stock valued at $339,000 after buying an additional 3,164 shares during the period. 85.23% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of brokerages have issued reports on SKT. Evercore ISI upgraded Tanger to a "hold" rating in a research report on Friday, May 2nd. The Goldman Sachs Group raised shares of Tanger from a "neutral" rating to a "buy" rating and lifted their price target for the company from $39.00 to $40.00 in a research note on Friday, March 28th. Finally, Scotiabank cut their price target on shares of Tanger from $38.00 to $33.00 and set a "sector perform" rating for the company in a report on Wednesday, April 23rd. Four analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. According to data from MarketBeat, Tanger currently has a consensus rating of "Moderate Buy" and a consensus price target of $37.00.

Insider Buying and Selling

In other Tanger news, COO Gallardo Leslie Swanson sold 12,500 shares of the business's stock in a transaction on Tuesday, March 11th. The shares were sold at an average price of $32.38, for a total value of $404,750.00. Following the completion of the transaction, the chief operating officer now owns 113,158 shares in the company, valued at $3,664,056.04. The trade was a 9.95% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Corporate insiders own 5.70% of the company's stock.

Tanger Price Performance

Shares of SKT traded down $0.22 during trading hours on Friday, hitting $29.82. 1,314,988 shares of the stock were exchanged, compared to its average volume of 812,578. Tanger Inc. has a 12-month low of $25.94 and a 12-month high of $37.57. The company has a market cap of $3.37 billion, a price-to-earnings ratio of 34.28, a price-to-earnings-growth ratio of 2.97 and a beta of 1.18. The stock's 50-day moving average price is $31.10 and its two-hundred day moving average price is $33.23. 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 (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 for the quarter, hitting analysts' consensus estimates of $0.53. The firm had revenue of $129.29 million for the quarter, compared to analyst estimates of $128.24 million. Tanger had a net margin of 18.65% and a return on equity of 16.16%. Tanger's quarterly revenue was up 9.7% on a year-over-year basis. During the same period in the previous year, the business posted $0.52 earnings per share. Research analysts expect that Tanger Inc. will post 2.24 earnings per share for the current year.

Tanger Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, May 15th. Shareholders of record on Wednesday, April 30th were given a $0.2925 dividend. The ex-dividend date was Wednesday, April 30th. This represents a $1.17 dividend on an annualized basis and a yield of 3.92%. This is an increase from Tanger's previous quarterly dividend of $0.28. Tanger's payout ratio is currently 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.