Voloridge Investment Management LLC Sells 28,765 Shares of Tanger Inc. (NYSE:SKT)

Voloridge Investment Management LLC trimmed its position in Tanger Inc. (NYSE:SKT - Free Report) by 4.7% during the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 587,623 shares of the real estate investment trust's stock after selling 28,765 shares during the quarter. Voloridge Investment Management LLC owned 0.53% of Tanger worth $20,056,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also modified their holdings of the company. Aster Capital Management DIFC Ltd increased its holdings 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 acquiring an additional 733 shares during the last quarter. Coppell Advisory Solutions LLC increased its holdings in shares of 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 acquiring an additional 1,399 shares during the last quarter. Smartleaf Asset Management LLC increased its holdings in shares of Tanger by 415.7% in the 4th quarter. Smartleaf Asset Management LLC now owns 2,790 shares of the real estate investment trust's stock valued at $95,000 after acquiring an additional 2,249 shares during the last quarter. FIL Ltd grew its stake in Tanger by 16.2% during the 4th quarter. FIL Ltd now owns 2,874 shares of the real estate investment trust's stock worth $98,000 after buying an additional 401 shares during the last quarter. Finally, KBC Group NV grew its stake in Tanger by 21.6% during the 4th quarter. KBC Group NV now owns 4,474 shares of the real estate investment trust's stock worth $153,000 after buying an additional 795 shares during the last quarter. 85.23% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of research analysts recently commented on SKT shares. Scotiabank lowered their price objective 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. The Goldman Sachs Group upgraded Tanger from a "neutral" rating to a "buy" rating and boosted their price target for the stock from $39.00 to $40.00 in a research report on Friday, March 28th. Evercore ISI upgraded Tanger to a "hold" rating in a research report on Friday, May 2nd. Finally, BMO Capital Markets started coverage on Tanger in a research report on Tuesday, January 28th. They set a "market perform" rating and a $36.00 price target for the company. Four equities research analysts have rated the stock with a hold rating and four have given a buy rating to the company's stock. Based on data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $37.00.

Insider Buying and Selling at Tanger

In other Tanger news, COO Gallardo Leslie Swanson sold 12,500 shares of the stock in a transaction that occurred 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 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 at the SEC website. Insiders own 5.70% of the company's stock.

Tanger Price Performance

Tanger stock traded down $0.20 during midday trading on Wednesday, hitting $29.35. The company's stock had a trading volume of 105,491 shares, compared to its average volume of 804,568. 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 stock's 50-day moving average price is $31.28 and its 200-day moving average price is $33.35. Tanger Inc. has a 12 month low of $25.94 and a 12 month high of $37.57. The company has a market capitalization of $3.32 billion, a PE ratio of 33.72, a price-to-earnings-growth ratio of 2.97 and a beta of 1.18.

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

Tanger Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, May 15th. Shareholders of record on Wednesday, April 30th were paid a dividend of $0.2925 per share. The ex-dividend date was Wednesday, April 30th. This is a positive change from Tanger's previous quarterly dividend of $0.28. This represents a $1.17 dividend on an annualized basis and a yield of 3.99%. Tanger's dividend payout ratio is currently 139.29%.

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.