Massachusetts Financial Services Co. MA Cuts Stake in Tanger Inc. (NYSE:SKT)

Massachusetts Financial Services Co. MA lessened its stake in Tanger Inc. (NYSE:SKT - Free Report) by 55.2% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 159,070 shares of the real estate investment trust's stock after selling 195,920 shares during the quarter. Massachusetts Financial Services Co. MA owned 0.14% of Tanger worth $5,429,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds also recently bought and sold shares of SKT. Cannell & Spears LLC raised its holdings in Tanger by 263.1% in the 4th quarter. Cannell & Spears LLC now owns 276,682 shares of the real estate investment trust's stock worth $9,443,000 after acquiring an additional 200,475 shares during the last quarter. Wellington Management Group LLP raised its stake in shares of Tanger by 34.0% in the fourth quarter. Wellington Management Group LLP now owns 2,748,467 shares of the real estate investment trust's stock worth $93,805,000 after purchasing an additional 697,291 shares during the last quarter. Intrust Bank NA raised its stake in shares of Tanger by 5.4% in the fourth quarter. Intrust Bank NA now owns 13,915 shares of the real estate investment trust's stock worth $475,000 after purchasing an additional 714 shares during the last quarter. Pictet Asset Management Holding SA lifted its holdings in shares of Tanger by 1.5% during the fourth 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 purchasing an additional 480 shares in the last quarter. Finally, Nomura Asset Management Co. Ltd. boosted its position in shares of Tanger by 7.3% during the fourth quarter. Nomura Asset Management Co. Ltd. now owns 145,420 shares of the real estate investment trust's stock valued at $4,963,000 after buying an additional 9,850 shares during the last quarter. Institutional investors own 85.23% of the company's stock.

Wall Street Analyst Weigh In

SKT has been the subject of a number of recent analyst reports. The Goldman Sachs Group raised Tanger from a "neutral" rating to a "buy" rating and boosted their target price for the stock from $39.00 to $40.00 in a research report on Friday, March 28th. Deutsche Bank Aktiengesellschaft began coverage on shares of Tanger in a report on Tuesday, December 17th. They set a "hold" rating and a $37.00 price objective for the company. Finally, BMO Capital Markets assumed coverage on shares of Tanger in a research report on Tuesday, January 28th. They set a "market perform" rating and a $36.00 price objective on the stock. Four research analysts have rated the stock with a hold rating and four have issued a buy rating to the company's stock. Based on data from MarketBeat, Tanger currently has a consensus rating of "Moderate Buy" and a consensus price target of $36.63.

Tanger Stock Performance

Shares of SKT traded down $0.04 on Friday, reaching $30.91. The company's stock had a trading volume of 782,177 shares, compared to its average volume of 760,862. The stock's 50 day simple moving average is $33.34 and its two-hundred day simple moving average is $34.01. 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 stock has a market capitalization of $3.50 billion, a P/E ratio of 35.52, a PEG ratio of 2.97 and a beta of 1.49. Tanger Inc. has a 12-month low of $25.94 and a 12-month high of $37.57.

Tanger (NYSE:SKT - Get Free Report) last released its quarterly earnings results on Wednesday, February 19th. The real estate investment trust reported $0.54 earnings per share for the quarter, topping the consensus estimate of $0.52 by $0.02. Tanger had a net margin of 18.65% and a return on equity of 16.16%. The business had revenue of $132.17 million for the quarter, compared to the consensus estimate of $129.10 million. Research analysts forecast that Tanger Inc. will post 2.24 earnings per share for the current fiscal year.

Tanger Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, May 15th. Shareholders of record on Wednesday, April 30th will be issued a dividend of $0.2925 per share. This represents a $1.17 annualized dividend and a yield of 3.79%. The ex-dividend date of this dividend is Wednesday, April 30th. This is a positive change from Tanger's previous quarterly dividend of $0.28. Tanger's payout ratio is currently 134.48%.

Insiders Place Their Bets

In other Tanger news, COO Gallardo Leslie Swanson sold 12,500 shares of the company's stock in a transaction that occurred on Tuesday, March 11th. The shares were sold at an average price of $32.38, for a total value of $404,750.00. Following the completion of the transaction, the chief operating officer now directly owns 113,158 shares in the company, valued at $3,664,056.04. This represents a 9.95 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Company insiders own 5.80% 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.