UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC Sells 626,172 Shares of Tanger Inc. (NYSE:SKT)

UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lessened its holdings in shares of Tanger Inc. (NYSE:SKT - Free Report) by 80.8% in the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 149,239 shares of the real estate investment trust's stock after selling 626,172 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC owned 0.13% of Tanger worth $5,094,000 at the end of the most recent reporting period.

A number of other institutional investors have also modified their holdings of SKT. Barclays PLC grew its holdings in shares of Tanger by 174.7% during the third quarter. Barclays PLC now owns 240,281 shares of the real estate investment trust's stock valued at $7,973,000 after purchasing an additional 152,796 shares during the last quarter. KBC Group NV lifted its holdings in Tanger by 21.6% in the 4th quarter. KBC Group NV now owns 4,474 shares of the real estate investment trust's stock worth $153,000 after purchasing an additional 795 shares during the last quarter. DAVENPORT & Co LLC lifted its position in shares of Tanger by 1.4% during the 4th quarter. DAVENPORT & Co LLC now owns 31,462 shares of the real estate investment trust's stock worth $1,074,000 after purchasing an additional 425 shares during the last quarter. abrdn plc raised its stake in Tanger by 59.0% during the 4th quarter. abrdn plc now owns 35,492 shares of the real estate investment trust's stock valued at $1,203,000 after purchasing an additional 13,165 shares during the last quarter. Finally, Vanderbilt University grew its position in Tanger by 37.9% in the 4th quarter. Vanderbilt University now owns 20,360 shares of the real estate investment trust's stock worth $695,000 after purchasing an additional 5,599 shares during the last quarter. Institutional investors own 85.23% of the company's stock.

Insiders Place Their Bets

In other news, COO Gallardo Leslie Swanson sold 12,500 shares of Tanger stock in a transaction on Tuesday, March 11th. The stock was sold at an average price of $32.38, for a total value of $404,750.00. Following the completion of the sale, the chief operating officer now directly owns 113,158 shares of the company's stock, valued at approximately $3,664,056.04. This trade represents a 9.95% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders own 5.70% of the company's stock.

Tanger Price Performance

Shares of SKT traded up $0.66 on Friday, hitting $29.98. The company's stock had a trading volume of 375,785 shares, compared to its average volume of 816,607. The company has a market capitalization of $3.39 billion, a PE ratio of 34.45, a PEG ratio of 2.97 and a beta of 1.19. Tanger Inc. has a fifty-two week low of $25.94 and a fifty-two week high of $37.57. The company has a 50 day moving average price of $30.80 and a 200 day moving average price of $33.06. The company has a debt-to-equity ratio of 2.09, a current ratio of 0.44 and a quick ratio of 0.13.

Tanger (NYSE:SKT - Get Free Report) last posted its quarterly earnings data on Wednesday, April 30th. The real estate investment trust reported $0.53 EPS for the quarter, hitting analysts' consensus estimates of $0.53. Tanger had a return on equity of 16.16% and a net margin of 18.65%. The company had revenue of $129.29 million for the quarter, compared to analyst estimates of $128.24 million. During the same quarter in the previous year, the firm earned $0.52 earnings per share. The business's revenue was up 9.7% on a year-over-year basis. On average, research analysts anticipate that Tanger Inc. will post 2.24 earnings per share for the current fiscal year.

Tanger Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, May 15th. Shareholders of record on Wednesday, April 30th were paid a $0.2925 dividend. The ex-dividend date of this dividend was Wednesday, April 30th. This is an increase from Tanger's previous quarterly dividend of $0.28. This represents a $1.17 dividend on an annualized basis and a dividend yield of 3.90%. Tanger's payout ratio is currently 139.29%.

Wall Street Analyst Weigh In

SKT has been the topic of a number of recent research reports. Scotiabank decreased their target price 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. Evercore ISI raised Tanger to a "hold" rating in a report on Friday, May 2nd. Finally, The Goldman Sachs Group upgraded 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. Four research analysts have rated the stock with a hold rating and four have given 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 $37.00.

About Tanger

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.