Russell Investments Group Ltd. Has $524,000 Holdings in Tanger Inc. (NYSE:SKT)

Russell Investments Group Ltd. cut its stake in shares of Tanger Inc. (NYSE:SKT - Free Report) by 62.8% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 15,365 shares of the real estate investment trust's stock after selling 25,974 shares during the period. Russell Investments Group Ltd.'s holdings in Tanger were worth $524,000 as of its most recent SEC filing.

A number of other institutional investors have also made changes to their positions in SKT. GAMMA Investing LLC lifted its holdings in Tanger by 24.9% during the fourth quarter. GAMMA Investing LLC now owns 2,578 shares of the real estate investment trust's stock worth $88,000 after acquiring an additional 514 shares in the last quarter. Smartleaf Asset Management LLC lifted its holdings in Tanger by 415.7% during the fourth quarter. Smartleaf Asset Management LLC now owns 2,790 shares of the real estate investment trust's stock worth $95,000 after acquiring an additional 2,249 shares in the last quarter. KBC Group NV lifted its holdings in Tanger by 21.6% during the fourth quarter. KBC Group NV now owns 4,474 shares of the real estate investment trust's stock worth $153,000 after acquiring an additional 795 shares in the last quarter. Exchange Traded Concepts LLC lifted its holdings in Tanger by 12.8% during the fourth quarter. Exchange Traded Concepts LLC now owns 5,131 shares of the real estate investment trust's stock worth $175,000 after acquiring an additional 583 shares in the last quarter. Finally, CIBC Asset Management Inc bought a new position in Tanger during the fourth quarter worth about $200,000. 85.23% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling

In other Tanger 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 transaction of $404,750.00. Following the transaction, the chief operating officer now owns 113,158 shares of the company's stock, valued at $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 Securities & Exchange Commission, which is available through this hyperlink. 5.70% of the stock is currently owned by corporate insiders.

Tanger Stock Down 2.9 %

SKT traded down $0.93 on Tuesday, hitting $31.36. 1,109,508 shares of the company were exchanged, compared to its average volume of 770,447. Tanger Inc. has a 12 month low of $25.94 and a 12 month high of $37.57. The company has a market cap of $3.55 billion, a PE ratio of 36.05, a PEG ratio of 2.97 and a beta of 1.49. The company has a debt-to-equity ratio of 2.09, a quick ratio of 0.13 and a current ratio of 0.44. The stock's fifty day moving average is $32.80 and its 200-day moving average is $33.90.

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

Tanger Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, May 15th. Investors 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 3.73%. 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 dividend payout ratio is presently 134.48%.

Wall Street Analyst Weigh In

Several research analysts have weighed in on the company. BMO Capital Markets began coverage on Tanger in a report on Tuesday, January 28th. They set a "market perform" rating and a $36.00 target price on the stock. Scotiabank cut their price target on Tanger from $38.00 to $33.00 and set a "sector perform" rating on the stock in a report on Wednesday, April 23rd. Finally, The Goldman Sachs Group upgraded Tanger from a "neutral" rating to a "buy" rating and boosted their price target 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 issued a buy rating to the company's stock. Based on data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $37.00.

Tanger Company 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.