GRS Advisors LLC Cuts Holdings in Tanger Inc. (NYSE:SKT)

GRS Advisors LLC trimmed its holdings in Tanger Inc. (NYSE:SKT - Free Report) by 16.6% in the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 895,897 shares of the real estate investment trust's stock after selling 178,248 shares during the period. Tanger accounts for about 3.0% of GRS Advisors LLC's holdings, making the stock its 16th biggest holding. GRS Advisors LLC owned 0.81% of Tanger worth $30,577,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently modified their holdings of the business. Aster Capital Management DIFC Ltd increased 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 worth $36,000 after acquiring an additional 733 shares during the last quarter. Coppell Advisory Solutions LLC raised its stake in Tanger by 144.4% during the fourth quarter. Coppell Advisory Solutions LLC now owns 2,368 shares of the real estate investment trust's stock worth $80,000 after purchasing an additional 1,399 shares during the period. GAMMA Investing LLC boosted its holdings in Tanger by 24.9% in the 4th quarter. GAMMA Investing LLC now owns 2,578 shares of the real estate investment trust's stock valued at $88,000 after purchasing an additional 514 shares during the last quarter. Smartleaf Asset Management LLC grew its stake 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 buying an additional 2,249 shares during the period. Finally, FIL Ltd grew its stake in shares of 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 during the period. 85.23% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several brokerages recently issued reports on SKT. Evercore ISI upgraded shares of Tanger to a "hold" rating in a report on Friday, May 2nd. Scotiabank dropped their target price on shares of Tanger from $38.00 to $33.00 and set a "sector perform" rating for the company in a report on Wednesday, April 23rd. BMO Capital Markets initiated coverage on Tanger in a research note on Tuesday, January 28th. They set a "market perform" rating and a $36.00 price target on the stock. Finally, The Goldman Sachs Group upgraded Tanger from a "neutral" rating to a "buy" rating and boosted their price objective for the company from $39.00 to $40.00 in a report on Friday, March 28th. Four research analysts have rated the stock with a hold rating and four have given a buy rating to the company's stock. According to data from MarketBeat.com, Tanger currently has an average rating of "Moderate Buy" and an average price target of $37.00.

Tanger Stock Down 0.1%

Shares of SKT stock traded down $0.05 on Tuesday, reaching $31.60. 58,159 shares of the stock were exchanged, compared to its average volume of 793,274. Tanger Inc. has a twelve month low of $25.94 and a twelve month high of $37.57. The company has a current ratio of 0.44, a quick ratio of 0.13 and a debt-to-equity ratio of 2.09. The company has a market capitalization of $3.58 billion, a price-to-earnings ratio of 36.23, a PEG ratio of 2.97 and a beta of 1.18. The business's 50 day moving average price is $31.84 and its 200 day moving average price is $33.65.

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

Tanger Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, May 15th. Shareholders of record on Wednesday, April 30th will be paid a $0.2925 dividend. This represents a $1.17 annualized dividend and a yield of 3.70%. The ex-dividend date is Wednesday, April 30th. This is an increase from Tanger's previous quarterly dividend of $0.28. Tanger's dividend payout ratio is currently 139.29%.

Insider Transactions at Tanger

In related news, COO Gallardo Leslie Swanson sold 12,500 shares of the 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 completion of the sale, the chief operating officer now directly owns 113,158 shares of the company's stock, 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 Securities & Exchange Commission, which is available through this link. Insiders own 5.70% of the company's stock.

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.