Future Financial Wealth Managment LLC Trims Stock Holdings in Tanger Inc. (NYSE:SKT)

Future Financial Wealth Managment LLC trimmed its holdings in Tanger Inc. (NYSE:SKT) by 10.1% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 6,825 shares of the real estate investment trust’s stock after selling 768 shares during the period. Future Financial Wealth Managment LLC’s holdings in Tanger were worth $202,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds have also bought and sold shares of the company. Federated Hermes Inc. purchased a new position in shares of Tanger during the 3rd quarter valued at $125,000. D.A. Davidson & CO. bought a new stake in shares of Tanger during the 4th quarter worth $224,000. Investment Management Associates Inc. ADV bought a new stake in shares of Tanger during the 4th quarter worth $241,000. Connor Clark & Lunn Investment Management Ltd. bought a new stake in shares of Tanger during the 3rd quarter worth $271,000. Finally, M&T Bank Corp lifted its holdings in shares of Tanger by 6.1% during the 4th quarter. M&T Bank Corp now owns 10,019 shares of the real estate investment trust’s stock worth $278,000 after acquiring an additional 573 shares during the last quarter. 85.23% of the stock is currently owned by hedge funds and other institutional investors.

Tanger Trading Down 1.2 %

Shares of SKT stock traded down $0.32 during mid-day trading on Tuesday, reaching $26.75. The stock had a trading volume of 606,631 shares, compared to its average volume of 752,302. The stock’s 50-day moving average price is $27.52 and its two-hundred day moving average price is $27.78. Tanger Inc. has a 52-week low of $20.34 and a 52-week high of $29.98. The firm has a market capitalization of $2.93 billion, a PE ratio of 29.40, a price-to-earnings-growth ratio of 3.05 and a beta of 1.85. The company has a current ratio of 0.20, a quick ratio of 0.20 and a debt-to-equity ratio of 2.54.

Tanger Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Wednesday, May 15th. Investors of record on Tuesday, April 30th were given a dividend of $0.275 per share. The ex-dividend date of this dividend was Monday, April 29th. This represents a $1.10 annualized dividend and a dividend yield of 4.11%. This is a boost from Tanger’s previous quarterly dividend of $0.26. Tanger’s payout ratio is currently 120.88%.

Analyst Ratings Changes

SKT has been the subject of several recent research reports. Compass Point raised shares of Tanger from a “neutral” rating to a “buy” rating and boosted their price target for the stock from $31.00 to $32.00 in a research note on Thursday, May 2nd. Scotiabank raised shares of Tanger from a “sector underperform” rating to a “sector perform” rating and boosted their price target for the stock from $20.00 to $28.00 in a research note on Friday, May 17th. Citigroup raised shares of Tanger from a “neutral” rating to a “buy” rating and boosted their price target for the stock from $30.00 to $33.00 in a research note on Friday, March 22nd. Evercore ISI lowered their price target on shares of Tanger from $29.00 to $28.00 and set an “in-line” rating for the company in a research note on Wednesday, May 1st. Finally, Bank of America raised shares of Tanger from an “underperform” rating to a “neutral” rating and boosted their price target for the stock from $24.00 to $31.00 in a research note on Friday, April 5th. Five investment analysts have rated the stock with a hold rating and three have issued a buy rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus target price of $29.57.

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.