Inlet Private Wealth LLC Trims Stock Holdings in Tanger Inc. (NYSE:SKT)

Key Points

• Inlet Private Wealth LLC reduced its holdings in Tanger Inc. by 17.2%, now owning 53,100 shares valued at approximately $1.79 million.
• Several other institutional investors, including the New York State Common Retirement Fund and Deutsche Bank AG, have increased their stakes in Tanger, indicating mixed investor sentiments.
• Tanger Inc. reported a quarterly earnings of $0.53 per share, matching analysts’ expectations, alongside a recently announced quarterly dividend of $0.2925 per share, representing a yield of 3.74%.

Inlet Private Wealth LLC decreased its holdings in Tanger Inc. (NYSE:SKT - Free Report) by 17.2% in the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 53,100 shares of the real estate investment trust's stock after selling 11,000 shares during the period. Inlet Private Wealth LLC's holdings in Tanger were worth $1,794,000 at the end of the most recent reporting period.

Several other large investors have also recently modified their holdings of SKT. New York State Common Retirement Fund grew its stake in Tanger by 20.5% during the first quarter. New York State Common Retirement Fund now owns 108,687 shares of the real estate investment trust's stock valued at $3,673,000 after acquiring an additional 18,486 shares in the last quarter. Monument Capital Management purchased a new position in Tanger during the first quarter valued at approximately $351,000. New York State Teachers Retirement System grew its stake in Tanger by 6.3% during the first quarter. New York State Teachers Retirement System now owns 173,974 shares of the real estate investment trust's stock valued at $5,879,000 after acquiring an additional 10,350 shares in the last quarter. Raymond James Financial Inc. purchased a new position in Tanger during the fourth quarter valued at approximately $4,972,000. Finally, Deutsche Bank AG grew its stake in Tanger by 61.3% during the fourth quarter. Deutsche Bank AG now owns 178,294 shares of the real estate investment trust's stock valued at $6,085,000 after acquiring an additional 67,740 shares in the last quarter. Hedge funds and other institutional investors own 85.23% of the company's stock.

Analyst Ratings Changes

Several brokerages recently commented on SKT. Scotiabank reduced their price objective on shares of Tanger from $38.00 to $33.00 and set a "sector perform" rating for the company in a research note on Wednesday, April 23rd. LADENBURG THALM/SH SH started coverage on shares of Tanger in a research note on Friday, July 18th. They set a "buy" rating and a $35.00 price objective for the company. Evercore ISI raised shares of Tanger to a "hold" rating in a research note on Friday, May 2nd. Finally, Barclays started coverage on shares of Tanger in a research note on Wednesday, July 2nd. They issued an "equal weight" rating and a $33.00 price target for the company. Five analysts have rated the stock with a hold rating and five have issued a buy rating to the company's stock. Based on data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus price target of $36.40.

Tanger Price Performance

SKT stock opened at $31.30 on Monday. The company has a debt-to-equity ratio of 2.37, a current ratio of 0.14 and a quick ratio of 0.14. Tanger Inc. has a one year low of $26.62 and a one year high of $37.57. The stock has a market cap of $3.54 billion, a PE ratio of 37.26, a P/E/G ratio of 2.07 and a beta of 1.17. The firm has a 50 day simple moving average of $30.59 and a two-hundred day simple moving average of $31.95.

Tanger (NYSE:SKT - Get Free Report) last announced its quarterly earnings data 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 during 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 business'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 EPS. On average, analysts predict that Tanger Inc. will post 2.24 EPS for the current fiscal year.

Tanger Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, August 15th. Stockholders of record on Thursday, July 31st will be issued a $0.2925 dividend. The ex-dividend date of this dividend is Thursday, July 31st. This represents a $1.17 dividend on an annualized basis and a dividend yield of 3.74%. Tanger's payout ratio is 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.

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