Tanger Inc. (NYSE:SKT) Shares Acquired by Sightline Wealth Advisors LLC

Sightline Wealth Advisors LLC boosted its holdings 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 buying an additional 9,844 shares during the period. Tanger makes up 1.7% of Sightline Wealth Advisors LLC's holdings, making the stock its 16th largest position. Sightline Wealth Advisors LLC owned approximately 0.09% of Tanger worth $3,275,000 as of its most recent SEC filing.

Several other hedge funds also recently added to or reduced their stakes in the business. NBC Securities Inc. purchased a new stake in Tanger during the 1st quarter valued at about $30,000. Aster Capital Management DIFC Ltd grew its stake in Tanger by 232.7% during the 4th quarter. Aster Capital Management DIFC Ltd now owns 1,048 shares of the real estate investment trust's stock valued at $36,000 after purchasing an additional 733 shares during the last quarter. GF Fund Management CO. LTD. purchased a new stake in Tanger during the 4th quarter valued at about $68,000. Coppell Advisory Solutions LLC grew 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 last quarter. Finally, Smartleaf Asset Management LLC grew its stake in Tanger by 415.7% during the 4th quarter. Smartleaf Asset Management LLC now owns 2,790 shares of the real estate investment trust's stock valued at $95,000 after purchasing an additional 2,249 shares during the last quarter. 85.23% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

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

Tanger Price Performance

SKT stock traded down $0.42 during mid-day trading on Monday, reaching $31.26. 921,999 shares of the company's stock were exchanged, compared to its average volume of 835,026. The company has a market cap of $3.54 billion, a price-to-earnings ratio of 37.21, a price-to-earnings-growth ratio of 3.01 and a beta of 1.17. The stock's 50 day moving average is $30.26 and its 200 day moving average is $32.18. 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 12-month low of $26.05 and a 12-month high of $37.57.

Tanger (NYSE:SKT - Get Free Report) last issued its quarterly earnings results on Wednesday, April 30th. The real estate investment trust reported $0.53 earnings per share (EPS) for the quarter, hitting analysts' consensus estimates of $0.53. The company had revenue of $129.29 million for the quarter, compared to the consensus estimate of $128.24 million. Tanger had a return on equity of 15.13% and a net margin of 17.65%. Tanger's revenue for the quarter was up 9.7% on a year-over-year basis. During the same quarter in the prior year, the business posted $0.52 earnings per share. On average, research analysts expect that Tanger Inc. will post 2.24 EPS for the current year.

Tanger Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, May 15th. Shareholders of record on Wednesday, April 30th were issued a dividend of $0.2925 per share. The ex-dividend date was Wednesday, April 30th. This represents a $1.17 dividend on an annualized basis and a dividend yield of 3.74%. This is a boost from Tanger's previous quarterly dividend of $0.28. Tanger's dividend payout ratio is presently 139.29%.

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.