Sightline Wealth Advisors LLC Has $3.28 Million Position in Tanger Inc. (NYSE:SKT)

Sightline Wealth Advisors LLC increased its stake in shares of Tanger Inc. (NYSE:SKT - Free Report) by 11.3% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 96,924 shares of the real estate investment trust's stock after acquiring an additional 9,844 shares during the quarter. Tanger comprises approximately 1.7% of Sightline Wealth Advisors LLC's portfolio, making the stock its 16th largest holding. Sightline Wealth Advisors LLC owned about 0.09% of Tanger worth $3,275,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors also recently bought and sold shares of the business. NBC Securities Inc. acquired a new position in Tanger during the first quarter worth about $30,000. Aster Capital Management DIFC Ltd increased its position in Tanger by 232.7% during the fourth quarter. Aster Capital Management DIFC Ltd now owns 1,048 shares of the real estate investment trust's stock worth $36,000 after purchasing an additional 733 shares during the last quarter. GF Fund Management CO. LTD. acquired a new position in Tanger during the fourth quarter worth approximately $68,000. Coppell Advisory Solutions LLC increased its position in Tanger by 144.4% during the fourth quarter. Coppell Advisory Solutions LLC now owns 2,368 shares of the real estate investment trust's stock worth $80,000 after purchasing an additional 1,399 shares during the last quarter. Finally, Smartleaf Asset Management LLC grew its stake in Tanger by 415.7% during the fourth quarter. Smartleaf Asset Management LLC now owns 2,790 shares of the real estate investment trust's stock worth $95,000 after buying an additional 2,249 shares during the period. 85.23% of the stock is currently owned by institutional investors and hedge funds.

Tanger Stock Up 1.2%

SKT traded up $0.38 during trading on Thursday, hitting $31.97. The company had a trading volume of 939,825 shares, compared to its average volume of 836,942. The company has a market cap of $3.62 billion, a PE ratio of 38.06, a P/E/G ratio of 2.99 and a beta of 1.17. The business has a 50-day moving average of $30.24 and a 200-day moving average of $32.15. 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 1-year low of $26.37 and a 1-year high of $37.57.

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 (EPS) for the quarter, meeting the consensus estimate of $0.53. The firm had revenue of $129.29 million for 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 quarterly revenue was up 9.7% on a year-over-year basis. During the same period in the prior year, the company posted $0.52 earnings per share. As a group, analysts forecast that Tanger Inc. will post 2.24 earnings per share for the current year.

Analyst Upgrades and Downgrades

Several research analysts have recently weighed in on the stock. Evercore ISI upgraded shares of Tanger to a "hold" rating in a research note on Friday, May 2nd. The Goldman Sachs Group upgraded shares of Tanger from a "neutral" rating to a "buy" rating and upped their target price for the company from $39.00 to $40.00 in a research note on Friday, March 28th. Scotiabank decreased their target price 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. Finally, Barclays assumed coverage on shares of Tanger in a research note on Wednesday, July 2nd. They issued an "equal weight" rating and a $33.00 target price for the company. Five research analysts have rated the stock with a hold rating and four have given a buy rating to the company. According to data from MarketBeat, the company has a consensus rating of "Hold" and an average price target of $36.56.

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.