Tanger Inc. (NYSE:SKT) Position Trimmed by Whittier Trust Co. of Nevada Inc.

Whittier Trust Co. of Nevada Inc. decreased its holdings in shares of Tanger Inc. (NYSE:SKT) by 77.8% in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 2,662 shares of the real estate investment trust’s stock after selling 9,338 shares during the period. Whittier Trust Co. of Nevada Inc.’s holdings in Tanger were worth $79,000 as of its most recent SEC filing.

Other institutional investors have also recently added to or reduced their stakes in the company. Wellington Management Group LLP grew its position in shares of Tanger by 29.9% during the third quarter. Wellington Management Group LLP now owns 3,953,555 shares of the real estate investment trust’s stock worth $89,350,000 after acquiring an additional 909,622 shares during the last quarter. GRS Advisors LLC grew its position in shares of Tanger by 136.7% during the fourth quarter. GRS Advisors LLC now owns 1,335,138 shares of the real estate investment trust’s stock worth $37,010,000 after acquiring an additional 771,066 shares during the last quarter. Norges Bank bought a new position in shares of Tanger during the fourth quarter worth about $19,141,000. Waterfront Capital Partners LLC grew its position in shares of Tanger by 73.3% during the fourth quarter. Waterfront Capital Partners LLC now owns 1,535,310 shares of the real estate investment trust’s stock worth $42,559,000 after acquiring an additional 649,610 shares during the last quarter. Finally, Allspring Global Investments Holdings LLC grew its position in Tanger by 1,740.5% in the 4th quarter. Allspring Global Investments Holdings LLC now owns 191,244 shares of the real estate investment trust’s stock valued at $5,301,000 after buying an additional 180,853 shares in the last quarter. Institutional investors own 85.23% of the company’s stock.

Tanger Price Performance

Tanger stock traded up $0.14 during mid-day trading on Tuesday, hitting $26.48. The company’s stock had a trading volume of 810,357 shares, compared to its average volume of 763,163. The company has a quick ratio of 0.20, a current ratio of 0.20 and a debt-to-equity ratio of 2.54. The stock has a market capitalization of $2.90 billion, a P/E ratio of 29.10, a P/E/G ratio of 2.79 and a beta of 1.90. Tanger Inc. has a twelve month low of $21.42 and a twelve month high of $29.98. The stock’s fifty day moving average price is $27.22 and its two-hundred day moving average price is $27.69.

Tanger Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Wednesday, May 15th. Shareholders of record on Tuesday, April 30th were given a $0.275 dividend. This is a positive change from Tanger’s previous quarterly dividend of $0.26. The ex-dividend date of this dividend was Monday, April 29th. This represents a $1.10 annualized dividend and a yield of 4.15%. Tanger’s payout ratio is 120.88%.

Analyst Ratings Changes

A number of equities analysts recently issued reports on the stock. Citigroup upgraded shares of Tanger from a “neutral” rating to a “buy” rating and increased their target price for the company from $30.00 to $33.00 in a research report on Friday, March 22nd. Evercore ISI decreased their target price on shares of Tanger from $29.00 to $28.00 and set an “in-line” rating for the company in a research report on Wednesday, May 1st. Bank of America upgraded shares of Tanger from an “underperform” rating to a “neutral” rating and increased their target price for the company from $24.00 to $31.00 in a research report on Friday, April 5th. Compass Point upgraded shares of Tanger from a “neutral” rating to a “buy” rating and increased their target price for the company from $31.00 to $32.00 in a research report on Thursday, May 2nd. Finally, Scotiabank upgraded shares of Tanger from a “sector underperform” rating to a “sector perform” rating and increased their target price for the company from $20.00 to $28.00 in a research report on Friday, May 17th. Five research analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and an average target price of $29.57.

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.