Land & Buildings Investment Management LLC Sells 76,890 Shares of Tanger Inc. (NYSE:SKT)

Land & Buildings Investment Management LLC decreased its stake in shares of Tanger Inc. (NYSE:SKT - Free Report) by 7.3% in the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 974,174 shares of the real estate investment trust's stock after selling 76,890 shares during the period. Tanger makes up about 6.7% of Land & Buildings Investment Management LLC's investment portfolio, making the stock its 5th largest holding. Land & Buildings Investment Management LLC owned about 0.88% of Tanger worth $33,249,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Barclays PLC grew its stake in shares of Tanger by 174.7% during the 3rd quarter. Barclays PLC now owns 240,281 shares of the real estate investment trust's stock worth $7,973,000 after acquiring an additional 152,796 shares in the last quarter. Franklin Resources Inc. boosted its holdings in Tanger by 2.3% during the third quarter. Franklin Resources Inc. now owns 95,286 shares of the real estate investment trust's stock worth $3,205,000 after purchasing an additional 2,169 shares during the last quarter. GAMMA Investing LLC grew its position in Tanger by 24.9% in the fourth 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 in the last quarter. Burney Co. increased its stake in Tanger by 1.8% in the 4th quarter. Burney Co. now owns 255,983 shares of the real estate investment trust's stock valued at $8,737,000 after buying an additional 4,502 shares during the last quarter. Finally, Hennion & Walsh Asset Management Inc. lifted its position in Tanger by 36.4% during the 4th quarter. Hennion & Walsh Asset Management Inc. now owns 17,045 shares of the real estate investment trust's stock worth $582,000 after buying an additional 4,549 shares in the last quarter. 85.23% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

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

Tanger Stock Performance

Tanger stock traded up $0.21 during mid-day trading on Thursday, hitting $30.58. 649,146 shares of the company's stock traded hands, compared to its average volume of 798,218. The company has a debt-to-equity ratio of 2.09, a current ratio of 0.44 and a quick ratio of 0.13. The firm has a 50 day simple moving average of $31.72 and a two-hundred day simple moving average of $33.61. Tanger Inc. has a fifty-two week low of $25.94 and a fifty-two week high of $37.57. The stock has a market cap of $3.46 billion, a price-to-earnings ratio of 35.15, a P/E/G ratio of 2.97 and a beta of 1.18.

Tanger (NYSE:SKT - Get Free Report) last posted its 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 company had revenue of $129.29 million during the quarter, compared to analysts' expectations of $128.24 million. During the same quarter last year, the company posted $0.52 EPS. Tanger's quarterly revenue was up 9.7% compared to the same quarter last year. On average, research analysts expect that Tanger Inc. will post 2.24 EPS for the current fiscal year.

Tanger Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, May 15th. Stockholders of record on Wednesday, April 30th will be given a $0.2925 dividend. This is an increase from Tanger's previous quarterly dividend of $0.28. The ex-dividend date of this dividend is Wednesday, April 30th. This represents a $1.17 annualized dividend and a dividend yield of 3.83%. Tanger's dividend payout ratio is presently 139.29%.

Insider Transactions at Tanger

In related news, COO Gallardo Leslie Swanson sold 12,500 shares of the business's stock in a transaction that occurred on Tuesday, March 11th. The stock was sold at an average price of $32.38, for a total value of $404,750.00. Following the completion of the sale, the chief operating officer now directly owns 113,158 shares in the company, valued at approximately $3,664,056.04. The trade was a 9.95% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through this link. 5.70% of the stock is owned by corporate insiders.

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.