Great Lakes Advisors LLC Trims Position in Tanger Inc. (NYSE:SKT)

Great Lakes Advisors LLC lessened its stake in Tanger Inc. (NYSE:SKT) by 2.9% during the 4th quarter, HoldingsChannel reports. The institutional investor owned 259,363 shares of the real estate investment trust’s stock after selling 7,866 shares during the quarter. Great Lakes Advisors LLC’s holdings in Tanger were worth $8,852,000 at the end of the most recent quarter.

Several other institutional investors also recently added to or reduced their stakes in the stock. Zurcher Kantonalbank Zurich Cantonalbank increased its stake in Tanger by 60.8% in the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 72,916 shares of the real estate investment trust’s stock worth $2,489,000 after buying an additional 27,583 shares during the period. Amundi increased its stake in Tanger by 48.2% in the 4th quarter. Amundi now owns 115,067 shares of the real estate investment trust’s stock worth $3,796,000 after buying an additional 37,400 shares during the period. Edgestream Partners L.P. purchased a new position in Tanger in the 4th quarter worth about $3,339,000. Inceptionr LLC increased its stake in Tanger by 128.8% in the 4th quarter. Inceptionr LLC now owns 18,807 shares of the real estate investment trust’s stock worth $642,000 after buying an additional 10,586 shares during the period. Finally, Raymond James Financial Inc. purchased a new position in Tanger in the 4th quarter worth about $4,972,000. Hedge funds and other institutional investors own 85.23% of the company’s stock.

Wall Street Analysts Forecast Growth

Several brokerages have issued reports on SKT. BMO Capital Markets began coverage on shares of Tanger in a report on Tuesday, January 28th. They set a “market perform” rating and a $36.00 target price on the stock. The Goldman Sachs Group increased their target price on shares of Tanger from $31.00 to $35.00 and gave the stock a “neutral” rating in a report on Friday, November 15th. Citigroup increased their target price on shares of Tanger from $34.00 to $41.00 and gave the stock a “buy” rating in a report on Wednesday, November 13th. Finally, 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 target price on the stock. Five equities research analysts have rated the stock with a hold rating and three have given a buy rating to the company’s stock. According to MarketBeat.com, Tanger has an average rating of “Hold” and an average target price of $36.00.

Tanger Stock Down 0.7 %

NYSE:SKT opened at $32.65 on Thursday. 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 capitalization of $3.68 billion, a P/E ratio of 37.52, a P/E/G ratio of 2.97 and a beta of 1.88. 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 company’s 50-day simple moving average is $33.85 and its 200-day simple moving average is $33.87.

Tanger (NYSE:SKT) last released its quarterly earnings results on Wednesday, February 19th. The real estate investment trust reported $0.54 earnings per share for the quarter, beating analysts’ consensus estimates 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 analysts’ expectations of $129.10 million. On average, equities analysts anticipate that Tanger Inc. will post 2.24 earnings per share for the current fiscal year.

Tanger Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, February 14th. Investors of record on Friday, January 31st were given a $0.275 dividend. This represents a $1.10 annualized dividend and a dividend yield of 3.37%. The ex-dividend date was Friday, January 31st. Tanger’s payout ratio is currently 126.44%.

Insider Activity at Tanger

In related news, COO Gallardo Leslie Swanson sold 12,500 shares of the 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 of the company’s stock, valued at $3,664,056.04. This trade represents a 9.95 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. 5.80% of the stock is currently owned by insiders.

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.