Tanger Inc. $SKT Shares Sold by Charles Schwab Investment Management Inc.

Key Points

• Charles Schwab Investment Management Inc. reduced its holdings in Tanger Inc. by 1.2% during the 1st quarter, owning approximately 1.74% of the company's shares valued at $66.65 million.
• Several institutional investors, including Vanguard Group Inc. and Northern Trust Corp, increased their stakes in Tanger, indicating strong institutional interest with 85.23% of the stock held by institutional investors.
• Tanger recently announced a quarterly dividend of $0.2925 per share, representing a 3.6% dividend yield and a payout ratio of 132.95%.

Charles Schwab Investment Management Inc. reduced its holdings in shares of Tanger Inc. (NYSE:SKT - Free Report) by 1.2% in the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 1,972,414 shares of the real estate investment trust's stock after selling 24,686 shares during the quarter. Charles Schwab Investment Management Inc. owned approximately 1.74% of Tanger worth $66,648,000 as of its most recent SEC filing.

A number of other large investors have also added to or reduced their stakes in SKT. Vanguard Group Inc. raised its position in shares of Tanger by 1.1% in the first quarter. Vanguard Group Inc. now owns 17,511,443 shares of the real estate investment trust's stock valued at $591,712,000 after purchasing an additional 193,141 shares during the period. Intrust Bank NA increased its stake in shares of Tanger by 12.0% during the first quarter. Intrust Bank NA now owns 15,581 shares of the real estate investment trust's stock worth $526,000 after purchasing an additional 1,666 shares during the period. New Age Alpha Advisors LLC lifted its holdings in Tanger by 168.3% during the 1st quarter. New Age Alpha Advisors LLC now owns 129,316 shares of the real estate investment trust's stock worth $4,370,000 after purchasing an additional 81,111 shares during the last quarter. Jefferies Financial Group Inc. bought a new stake in Tanger in the 1st quarter valued at $6,296,000. Finally, Natixis Advisors LLC increased its position in Tanger by 6.5% during the 1st quarter. Natixis Advisors LLC now owns 50,734 shares of the real estate investment trust's stock worth $1,714,000 after buying an additional 3,084 shares during the period. Institutional investors own 85.23% of the company's stock.

Tanger Price Performance

Shares of SKT traded down $0.10 during trading hours on Monday, reaching $32.24. 166,445 shares of the stock traded hands, compared to its average volume of 956,824. The company has a market cap of $3.65 billion, a P/E ratio of 36.63, a price-to-earnings-growth ratio of 2.12 and a beta of 1.23. The company has a current ratio of 0.11, a quick ratio of 0.11 and a debt-to-equity ratio of 2.31. The company's 50-day moving average price is $31.15 and its two-hundred day moving average price is $31.79. Tanger Inc. has a 52-week low of $27.96 and a 52-week high of $37.57.

Tanger (NYSE:SKT - Get Free Report) last announced its earnings results on Monday, August 4th. The real estate investment trust reported $0.58 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.56 by $0.02. Tanger had a return on equity of 15.45% and a net margin of 18.22%. The business had revenue of $133.44 million for the quarter, compared to analysts' expectations of $132.02 million. During the same quarter last year, the firm earned $0.53 EPS. The business's revenue for the quarter was up 9.2% on a year-over-year basis. On average, analysts anticipate that Tanger Inc. will post 2.24 earnings per share for the current year.

Tanger Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, August 15th. Investors of record on Thursday, July 31st were issued a dividend of $0.2925 per share. The ex-dividend date of this dividend was Thursday, July 31st. This represents a $1.17 dividend on an annualized basis and a dividend yield of 3.6%. Tanger's payout ratio is 132.95%.

Wall Street Analysts Forecast Growth

SKT has been the subject of a number of recent research reports. LADENBURG THALM/SH SH started coverage on shares of Tanger in a report on Friday, July 18th. They issued a "buy" rating and a $35.00 price objective for the company. Evercore ISI upgraded Tanger to a "hold" rating in a research note on Friday, May 2nd. Scotiabank lowered 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. Barclays started coverage on Tanger in a research report on Wednesday, July 2nd. They set an "equal weight" rating and a $33.00 target price for the company. Finally, Wall Street Zen raised Tanger from a "sell" rating to a "hold" rating in a research note on Saturday, August 9th. Six research analysts have rated the stock with a hold rating and five have given a buy rating to the stock. Based on data from MarketBeat.com, Tanger currently has an average rating of "Hold" and a consensus target price of $36.40.

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.