Bank of New York Mellon Corp Cuts Position in Tanger Inc. (NYSE:SKT)

Bank of New York Mellon Corp trimmed its holdings in Tanger Inc. (NYSE:SKT - Free Report) by 3.4% in the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 913,169 shares of the real estate investment trust's stock after selling 32,125 shares during the period. Bank of New York Mellon Corp owned 0.81% of Tanger worth $30,856,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds have also modified their holdings of the business. NBC Securities Inc. acquired a new stake 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 stake in Tanger during the fourth quarter worth about $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, FIL Ltd increased its position in Tanger by 16.2% during the fourth 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. 85.23% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several research analysts have weighed in on SKT shares. Barclays started coverage on shares of Tanger in a research note on Wednesday, July 2nd. They set an "equal weight" rating and a $33.00 target price for the company. The Goldman Sachs Group raised shares of Tanger from a "neutral" rating to a "buy" rating and increased their target price for the stock from $39.00 to $40.00 in a research note on Friday, March 28th. LADENBURG THALM/SH SH started coverage on shares of Tanger in a research note on Friday. They set a "buy" rating and a $35.00 target price for the company. Scotiabank lowered 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, Evercore ISI raised shares of Tanger to a "hold" rating in a research note on Friday, May 2nd. Five investment analysts have rated the stock with a hold rating and five have issued a buy rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average target price of $36.40.

Tanger Stock Performance

Shares of Tanger stock traded down $0.29 during trading on Friday, reaching $31.53. The company's stock had a trading volume of 961,054 shares, compared to its average volume of 843,992. The company has a 50-day moving average price of $30.53 and a two-hundred day moving average price of $32.04. The firm has a market cap of $3.57 billion, a PE ratio of 37.54, a P/E/G ratio of 2.10 and a beta of 1.17. Tanger Inc. has a fifty-two week low of $26.62 and a fifty-two week high of $37.57. The company has a current ratio of 0.14, a quick ratio of 0.14 and a debt-to-equity ratio of 2.37.

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 (EPS) for the quarter, meeting the consensus estimate of $0.53. The company 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%. Tanger's revenue was up 9.7% compared to the same quarter last year. During the same period in the previous year, the company posted $0.52 EPS. On average, analysts forecast that Tanger Inc. will post 2.24 EPS for the current year.

Tanger Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, August 15th. Investors of record on Thursday, July 31st will be given a $0.2925 dividend. The ex-dividend date is Thursday, July 31st. This represents a $1.17 annualized dividend and a dividend yield of 3.71%. 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.