Tanger Inc. (NYSE:SKT) Shares Sold by Victory Capital Management Inc.

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. lessened its holdings in shares of Tanger Inc. (NYSE:SKT - Free Report) by 34.2% during the 1st quarter, according to its most recent disclosure with the SEC. The institutional investor 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 filing with the SEC.

Several other hedge funds have also recently added to or reduced their stakes in the company. FIL Ltd raised its holdings 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 in the last quarter. Pictet Asset Management Holding SA grew its position in Tanger by 1.5% in the 4th quarter. Pictet Asset Management Holding SA now owns 32,851 shares of the real estate investment trust's stock valued at $1,121,000 after buying an additional 480 shares during the last quarter. Xponance Inc. grew its position in Tanger by 6.7% in the 1st quarter. Xponance Inc. now owns 8,156 shares of the real estate investment trust's stock valued at $276,000 after buying an additional 514 shares during the last quarter. Summit Investment Advisors Inc. grew its position in Tanger by 5.2% in the 4th quarter. Summit Investment Advisors Inc. now owns 11,139 shares of the real estate investment trust's stock valued at $380,000 after buying an additional 553 shares during the last quarter. Finally, Public Employees Retirement System of Ohio grew its position in Tanger by 0.4% in the 4th quarter. Public Employees Retirement System of Ohio now owns 157,814 shares of the real estate investment trust's stock valued at $5,386,000 after buying an additional 554 shares during the last quarter. Institutional investors and hedge funds own 85.23% of the company's stock.

Tanger Stock Up 0.7%

NYSE SKT traded up $0.24 on Wednesday, reaching $32.53. The company had a trading volume of 269,342 shares, compared to its average volume of 961,076. The firm has a market capitalization of $3.68 billion, a PE ratio of 37.00, a P/E/G ratio of 2.01 and a beta of 1.23. Tanger Inc. has a 1 year low of $26.99 and a 1 year high of $37.57. The firm has a 50-day moving average of $30.74 and a 200-day moving average of $31.85. 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 (NYSE:SKT - Get Free Report) last announced its earnings results on Monday, August 4th. The real estate investment trust reported $0.58 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.56 by $0.02. Tanger had a return on equity of 15.56% and a net margin of 18.22%. The company had revenue of $133.44 million for the quarter, compared to analyst estimates of $132.02 million. During the same period in the prior year, the company posted $0.53 EPS. Tanger's quarterly revenue was up 9.2% on a year-over-year basis. On average, equities research analysts anticipate that Tanger Inc. will post 2.24 EPS for the current fiscal year.

Tanger Dividend Announcement

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 given a dividend of $0.2925 per share. This represents a $1.17 annualized dividend and a dividend yield of 3.6%. The ex-dividend date of this dividend is Thursday, July 31st. Tanger's dividend payout ratio is currently 139.29%.

Analysts Set New Price Targets

Several equities research analysts have commented on SKT shares. LADENBURG THALM/SH SH started coverage on shares of Tanger in a research report on Friday, July 18th. They set a "buy" rating and a $35.00 target price on the stock. Scotiabank cut their price target on Tanger from $38.00 to $33.00 and set a "sector perform" rating for the company in a research note on Wednesday, April 23rd. Barclays began coverage on Tanger in a research note on Wednesday, July 2nd. They set an "equal weight" rating and a $33.00 price target for the company. Finally, Evercore ISI raised Tanger to a "hold" rating in a research note on Friday, May 2nd. Five equities 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 stock presently has a consensus rating of "Moderate Buy" and an average 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.