Victory Capital Management Inc. Lowers Position in Tanger Inc. (NYSE:SKT)

Key Points

• Victory Capital Management Inc. has sold 10,582 shares of Tanger Inc., reducing its stake by 34.2% to 20,327 shares, valued at approximately $687,000.
• Several hedge funds have recently adjusted their positions in Tanger, with Aster Capital Management DIFC Ltd increasing its stake by 232.7% in the last quarter.
• Tanger announced a quarterly dividend of $0.2925 per share, with a dividend yield of 4.0%, indicating a payout ratio of 139.29%.

Victory Capital Management Inc. reduced its holdings in shares of Tanger Inc. (NYSE:SKT - Free Report) by 34.2% in the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 20,327 shares of the real estate investment trust's stock after selling 10,582 shares during the quarter. Victory Capital Management Inc.'s holdings in Tanger were worth $687,000 as of its most recent SEC filing.

A number of other large investors also recently made changes to their positions in the company. NBC Securities Inc. bought a new position in shares of Tanger in the 1st quarter valued at $30,000. Aster Capital Management DIFC Ltd lifted its stake in shares of Tanger by 232.7% in 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 period. GF Fund Management CO. LTD. acquired a new position in shares of Tanger in the 4th quarter valued at about $68,000. Coppell Advisory Solutions LLC increased its position in Tanger by 144.4% in 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 buying an additional 1,399 shares in the last quarter. Finally, FIL Ltd increased its position in Tanger by 16.2% in the 4th quarter. FIL Ltd now owns 2,874 shares of the real estate investment trust's stock valued at $98,000 after buying an additional 401 shares in the last quarter. Institutional investors own 85.23% of the company's stock.

Tanger Trading Up 5.7%

SKT stock traded up $1.73 during mid-day trading on Tuesday, reaching $32.20. The company had a trading volume of 2,261,187 shares, compared to its average volume of 965,884. The company has a debt-to-equity ratio of 2.37, a current ratio of 0.14 and a quick ratio of 0.14. The firm has a 50 day moving average of $30.68 and a 200 day moving average of $31.84. Tanger Inc. has a 12 month low of $26.67 and a 12 month high of $37.57. The company has a market capitalization of $3.64 billion, a PE ratio of 38.33, a price-to-earnings-growth ratio of 1.95 and a beta of 1.23.

Tanger (NYSE:SKT - Get Free Report) last posted its quarterly earnings data on Monday, August 4th. The real estate investment trust reported $0.58 EPS for the quarter, topping the consensus estimate of $0.56 by $0.02. The business had revenue of $133.44 million during the quarter, compared to the consensus estimate of $132.02 million. Tanger had a net margin of 17.65% and a return on equity of 15.13%. The business's revenue for the quarter was up 9.2% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.53 earnings per share. On average, equities analysts predict that Tanger Inc. will post 2.24 earnings per share for the current fiscal year.

Tanger Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, August 15th. Shareholders of record on Thursday, July 31st will be given a $0.2925 dividend. The ex-dividend date of this dividend is Thursday, July 31st. This represents a $1.17 dividend on an annualized basis and a dividend yield of 3.6%. Tanger's dividend payout ratio is currently 139.29%.

Analyst Ratings Changes

A number of analysts have commented on SKT shares. Barclays began coverage on Tanger in a report on Wednesday, July 2nd. They set an "equal weight" rating and a $33.00 price objective for the company. Evercore ISI upgraded Tanger to a "hold" rating in a research report on Friday, May 2nd. LADENBURG THALM/SH SH initiated coverage on Tanger in a research report on Friday, July 18th. They set a "buy" rating and a $35.00 target price on the stock. Finally, Scotiabank lowered their price objective 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. Five investment analysts have rated the stock with a hold rating and five have given a buy rating to the company's stock. Based on data from MarketBeat, the company has an average rating of "Moderate Buy" and a consensus price target of $36.40.

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.