Tanger Inc. (NYSE:SKT) Holdings Trimmed by Knights of Columbus Asset Advisors LLC

Key Points

• Knights of Columbus Asset Advisors LLC reduced its holdings in Tanger Inc. by 30.1%, retaining about $5.24 million in stock after selling 66,586 shares.
• The stock has a consensus rating of "Moderate Buy" with five analysts recommending a buy and five recommending a hold, alongside a target price of $36.40.
• Tanger Inc. recently announced a quarterly dividend of $0.2925 per share, with a dividend yield of 3.71% and a payout ratio of 139.29%.

Knights of Columbus Asset Advisors LLC decreased its stake in Tanger Inc. (NYSE:SKT - Free Report) by 30.1% during the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 154,989 shares of the real estate investment trust's stock after selling 66,586 shares during the period. Knights of Columbus Asset Advisors LLC owned 0.14% of Tanger worth $5,237,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in the stock. NBC Securities Inc. bought a new stake in Tanger in the first quarter valued at $30,000. Aster Capital Management DIFC Ltd increased its holdings in shares of Tanger by 232.7% in the 4th quarter. Aster Capital Management DIFC Ltd now owns 1,048 shares of the real estate investment trust's stock worth $36,000 after acquiring an additional 733 shares during the period. GF Fund Management CO. LTD. bought a new stake in Tanger in the 4th quarter valued at about $68,000. Coppell Advisory Solutions LLC boosted its stake in Tanger by 144.4% during the 4th quarter. Coppell Advisory Solutions LLC now owns 2,368 shares of the real estate investment trust's stock valued at $80,000 after purchasing an additional 1,399 shares during the period. Finally, FIL Ltd grew its position in Tanger by 16.2% in 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 during the last quarter. Institutional investors and hedge funds own 85.23% of the company's stock.

Tanger Price Performance

Shares of NYSE:SKT traded down $0.21 during trading hours on Friday, hitting $31.30. 1,226,442 shares of the company's stock traded hands, compared to its average volume of 978,626. The company's fifty day simple moving average is $30.59 and its two-hundred day simple moving average is $31.96. The company has a market cap of $3.54 billion, a price-to-earnings ratio of 37.26, a price-to-earnings-growth ratio of 2.07 and a beta of 1.17. The company has a debt-to-equity ratio of 2.37, a quick ratio of 0.14 and a current ratio of 0.14. Tanger Inc. has a 52 week low of $26.62 and a 52 week high of $37.57.

Tanger (NYSE:SKT - Get Free Report) last issued its 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 during the quarter, compared to analysts' expectations 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% compared to the same quarter last year. During the same period last year, the firm posted $0.52 earnings per share. As a group, equities analysts anticipate that Tanger Inc. will post 2.24 EPS for the current fiscal year.

Tanger Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, August 15th. Stockholders of record on Thursday, July 31st will be given a dividend of $0.2925 per share. This represents a $1.17 dividend on an annualized basis and a dividend yield of 3.74%. The ex-dividend date of this dividend is Thursday, July 31st. Tanger's dividend payout ratio (DPR) is presently 139.29%.

Analyst Ratings Changes

SKT has been the subject of several analyst reports. Barclays started coverage on Tanger in a research report on Wednesday, July 2nd. They set an "equal weight" rating and a $33.00 price objective for the company. Evercore ISI raised Tanger to a "hold" rating in a research note on Friday, May 2nd. Scotiabank lowered their price target on Tanger from $38.00 to $33.00 and set a "sector perform" rating on the stock in a report on Wednesday, April 23rd. The Goldman Sachs Group raised shares of Tanger from a "neutral" rating to a "buy" rating and upped their price objective for the stock from $39.00 to $40.00 in a report on Friday, March 28th. Finally, LADENBURG THALM/SH SH began coverage on shares of Tanger in a research note on Friday, July 18th. They set a "buy" rating and a $35.00 target price on the stock. Five analysts have rated the stock with a hold rating and five have issued a buy rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $36.40.

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.