Walter & Keenan Financial Consulting Co. MI ADV Decreases Stock Holdings in Tanger Factory Outlet Centers Inc. (NYSE:SKT)

Walter & Keenan Financial Consulting Co. MI ADV trimmed its position in Tanger Factory Outlet Centers Inc. (NYSE:SKT) by 66.7% during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 11,100 shares of the real estate investment trust’s stock after selling 22,250 shares during the quarter. Walter & Keenan Financial Consulting Co. MI ADV’s holdings in Tanger Factory Outlet Centers were worth $180,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Flagship Harbor Advisors LLC increased its stake in shares of Tanger Factory Outlet Centers by 615.6% in the first quarter. Flagship Harbor Advisors LLC now owns 1,467 shares of the real estate investment trust’s stock worth $30,000 after buying an additional 1,262 shares during the period. Valeo Financial Advisors LLC purchased a new position in Tanger Factory Outlet Centers during the 2nd quarter valued at $32,000. Sageworth Trust Co purchased a new position in Tanger Factory Outlet Centers during the 2nd quarter valued at $45,000. Quadrant Capital Group LLC increased its position in Tanger Factory Outlet Centers by 2,610.7% during the 1st quarter. Quadrant Capital Group LLC now owns 2,277 shares of the real estate investment trust’s stock valued at $47,000 after purchasing an additional 2,193 shares during the period. Finally, NumerixS Investment Technologies Inc increased its position in Tanger Factory Outlet Centers by 4,100.0% during the 1st quarter. NumerixS Investment Technologies Inc now owns 4,200 shares of the real estate investment trust’s stock valued at $88,000 after purchasing an additional 4,100 shares during the period. 97.90% of the stock is currently owned by institutional investors.

In other Tanger Factory Outlet Centers news, SVP Carrie A. Warren sold 6,878 shares of the business’s stock in a transaction on Friday, May 24th. The shares were sold at an average price of $18.06, for a total transaction of $124,216.68. Following the transaction, the senior vice president now directly owns 50,623 shares of the company’s stock, valued at approximately $914,251.38. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, EVP Chad Perry sold 3,000 shares of the business’s stock in a transaction on Thursday, May 16th. The shares were sold at an average price of $18.64, for a total transaction of $55,920.00. Following the sale, the executive vice president now owns 92,096 shares in the company, valued at approximately $1,716,669.44. The disclosure for this sale can be found here. Over the last three months, insiders have sold 10,878 shares of company stock worth $198,847. Insiders own 2.30% of the company’s stock.

A number of brokerages have issued reports on SKT. Citigroup set a $16.00 price objective on shares of Tanger Factory Outlet Centers and gave the company a “hold” rating in a research report on Friday, June 28th. Goldman Sachs Group downgraded shares of Tanger Factory Outlet Centers from a “neutral” rating to a “sell” rating and reduced their price objective for the company from $19.80 to $15.00 in a research report on Thursday, May 9th. Finally, Zacks Investment Research downgraded shares of Tanger Factory Outlet Centers from a “hold” rating to a “sell” rating in a research report on Wednesday. Five research analysts have rated the stock with a sell rating, one has given a hold rating and one has given a buy rating to the stock. Tanger Factory Outlet Centers presently has an average rating of “Sell” and an average target price of $21.00.

Tanger Factory Outlet Centers stock traded down $0.53 during mid-day trading on Wednesday, reaching $14.81. 98,819 shares of the company traded hands, compared to its average volume of 1,646,035. The company has a debt-to-equity ratio of 3.25, a current ratio of 0.12 and a quick ratio of 0.12. The stock’s 50 day moving average price is $16.11. The stock has a market capitalization of $1.40 billion, a price-to-earnings ratio of 5.96 and a beta of 0.65. Tanger Factory Outlet Centers Inc. has a 52-week low of $15.12 and a 52-week high of $24.91.

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, August 15th. Shareholders of record on Wednesday, July 31st will be given a dividend of $0.355 per share. This represents a $1.42 dividend on an annualized basis and a yield of 9.59%. The ex-dividend date of this dividend is Tuesday, July 30th. Tanger Factory Outlet Centers’s payout ratio is currently 57.26%.

Tanger Factory Outlet Centers Profile

Tanger Factory Outlet Centers, Inc (NYSE:SKT), is a publicly-traded REIT headquartered in Greensboro, North Carolina that operates and owns, or has an ownership interest in, a portfolio of 40 upscale outlet shopping centers. Tanger's operating properties are located in 20 states coast to coast and in Canada, totaling approximately 14.4 million square feet leased to over 2,900 stores operated by more than 500 different brand name companies.

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Institutional Ownership by Quarter for Tanger Factory Outlet Centers (NYSE:SKT)

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