Burney Co. Lowers Stock Holdings in Tanger Inc. (NYSE:SKT)

Burney Co. cut its holdings in shares of Tanger Inc. (NYSE:SKT - Free Report) by 66.9% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 84,783 shares of the real estate investment trust's stock after selling 171,200 shares during the quarter. Burney Co. owned about 0.07% of Tanger worth $2,865,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds have also modified their holdings of SKT. FMR LLC grew its holdings in shares of Tanger by 24.9% during the 4th quarter. FMR LLC now owns 9,397,189 shares of the real estate investment trust's stock worth $320,726,000 after purchasing an additional 1,873,835 shares during the period. Nuveen Asset Management LLC boosted its holdings in Tanger by 78.6% during the 4th quarter. Nuveen Asset Management LLC now owns 1,714,769 shares of the real estate investment trust's stock valued at $58,525,000 after acquiring an additional 754,429 shares during the period. Wellington Management Group LLP boosted its holdings in Tanger by 34.0% during the 4th quarter. Wellington Management Group LLP now owns 2,748,467 shares of the real estate investment trust's stock valued at $93,805,000 after acquiring an additional 697,291 shares during the period. Northern Trust Corp boosted its holdings in Tanger by 56.4% during the 4th quarter. Northern Trust Corp now owns 1,817,052 shares of the real estate investment trust's stock valued at $62,016,000 after acquiring an additional 655,237 shares during the period. Finally, Norges Bank purchased a new position in Tanger during the 4th quarter valued at about $22,239,000. 85.23% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

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

Tanger Stock Down 0.9%

Shares of NYSE SKT traded down $0.28 during midday trading on Thursday, hitting $31.52. 551,171 shares of the company's stock were exchanged, compared to its average volume of 982,398. 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 twelve month low of $26.62 and a twelve month high of $37.57. The company has a market cap of $3.57 billion, a PE ratio of 37.53, a P/E/G ratio of 2.10 and a beta of 1.17. The firm's fifty day simple moving average is $30.57 and its 200-day simple moving average is $31.99.

Tanger (NYSE:SKT - Get Free Report) last released 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 firm 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%. The firm's quarterly revenue was up 9.7% compared to the same quarter last year. During the same quarter last year, the business posted $0.52 EPS. Research analysts predict that Tanger Inc. will post 2.24 EPS for the current fiscal year.

Tanger Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, August 15th. Investors of record on Thursday, July 31st will be paid a dividend of $0.2925 per share. The ex-dividend date of this dividend is Thursday, July 31st. This represents a $1.17 dividend on an annualized basis and a 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.