Tanger Inc. (NYSE:SKT) Shares Sold by Vident Advisory LLC

Vident Advisory LLC cut its position in shares of Tanger Inc. (NYSE:SKT - Free Report) by 38.4% in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 35,054 shares of the real estate investment trust's stock after selling 21,894 shares during the quarter. Vident Advisory LLC's holdings in Tanger were worth $1,196,000 at the end of the most recent quarter.

A number of other large investors also recently modified their holdings of the company. Raymond James Financial Inc. purchased a new stake in shares of Tanger during the 4th quarter worth about $4,972,000. Rhumbline Advisers lifted its position in Tanger by 2.6% during the fourth quarter. Rhumbline Advisers now owns 399,556 shares of the real estate investment trust's stock valued at $13,637,000 after buying an additional 10,283 shares in the last quarter. Asset Management One Co. Ltd. grew its stake in Tanger by 4.9% during the fourth quarter. Asset Management One Co. Ltd. now owns 163,420 shares of the real estate investment trust's stock worth $5,560,000 after buying an additional 7,647 shares during the period. Norges Bank purchased a new stake in Tanger during the fourth quarter worth approximately $22,239,000. Finally, Charles Schwab Investment Management Inc. increased its position in shares of Tanger by 1.6% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 1,997,100 shares of the real estate investment trust's stock worth $68,161,000 after acquiring an additional 31,750 shares in the last quarter. 85.23% of the stock is currently owned by hedge funds and other institutional investors.

Tanger Stock Up 2.7%

Shares of SKT traded up $0.78 during trading on Tuesday, reaching $29.59. The company's stock had a trading volume of 1,539,572 shares, compared to its average volume of 807,305. The company has a market cap of $3.35 billion, a price-to-earnings ratio of 34.01, a P/E/G ratio of 2.97 and a beta of 1.18. The company has a quick ratio of 0.13, a current ratio of 0.44 and a debt-to-equity ratio of 2.09. The company has a fifty day moving average of $31.33 and a two-hundred day moving average of $33.38. Tanger Inc. has a twelve month low of $25.94 and a twelve month high of $37.57.

Tanger (NYSE:SKT - Get Free Report) last issued 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. Tanger had a net margin of 18.65% and a return on equity of 16.16%. The business had revenue of $129.29 million during 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% compared to the same quarter last year. On average, sell-side analysts predict that Tanger Inc. will post 2.24 EPS for the current fiscal year.

Tanger Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, May 15th. Stockholders of record on Wednesday, April 30th were given a dividend of $0.2925 per share. This is a boost from Tanger's previous quarterly dividend of $0.28. The ex-dividend date was Wednesday, April 30th. This represents a $1.17 annualized dividend and a dividend yield of 3.95%. Tanger's dividend payout ratio (DPR) is presently 139.29%.

Insider Buying and Selling

In related news, COO Gallardo Leslie Swanson sold 12,500 shares of the firm's stock in a transaction on Tuesday, March 11th. The stock was sold at an average price of $32.38, for a total transaction of $404,750.00. Following the transaction, the chief operating officer now directly owns 113,158 shares in the company, valued at $3,664,056.04. This trade represents a 9.95% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Insiders own 5.70% of the company's stock.

Analysts Set New Price Targets

A number of analysts recently weighed in on the stock. Evercore ISI raised shares of Tanger to a "hold" rating in a research report on Friday, May 2nd. The Goldman Sachs Group upgraded Tanger from a "neutral" rating to a "buy" rating and increased their target price for the company from $39.00 to $40.00 in a research note on Friday, March 28th. Scotiabank decreased their price target on Tanger from $38.00 to $33.00 and set a "sector perform" rating for the company in a report on Wednesday, April 23rd. Finally, BMO Capital Markets assumed coverage on shares of Tanger in a research note on Tuesday, January 28th. They set a "market perform" rating and a $36.00 price objective on the stock. Four equities research analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. According to MarketBeat, Tanger presently has an average rating of "Moderate Buy" and a consensus target price of $37.00.

Tanger 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.