Tanger Inc. (NYSE:SKT) Shares Sold by Land & Buildings Investment Management LLC

Land & Buildings Investment Management LLC reduced its position in shares of Tanger Inc. (NYSE:SKT) by 7.3% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 974,174 shares of the real estate investment trust’s stock after selling 76,890 shares during the period. Tanger makes up about 6.7% of Land & Buildings Investment Management LLC’s investment portfolio, making the stock its 5th largest position. Land & Buildings Investment Management LLC’s holdings in Tanger were worth $33,249,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently modified their holdings of SKT. Barclays PLC boosted its stake in Tanger by 174.7% during the 3rd quarter. Barclays PLC now owns 240,281 shares of the real estate investment trust’s stock valued at $7,973,000 after purchasing an additional 152,796 shares during the period. Franklin Resources Inc. grew its holdings in Tanger by 2.3% during the 3rd quarter. Franklin Resources Inc. now owns 95,286 shares of the real estate investment trust’s stock worth $3,205,000 after acquiring an additional 2,169 shares during the period. GAMMA Investing LLC grew its position in shares of Tanger by 24.9% during the 4th quarter. GAMMA Investing LLC now owns 2,578 shares of the real estate investment trust’s stock worth $88,000 after buying an additional 514 shares during the period. Burney Co. increased its holdings in shares of Tanger by 1.8% in the fourth quarter. Burney Co. now owns 255,983 shares of the real estate investment trust’s stock worth $8,737,000 after acquiring an additional 4,502 shares in the last quarter. Finally, Hennion & Walsh Asset Management Inc. lifted its holdings in shares of Tanger by 36.4% in the fourth quarter. Hennion & Walsh Asset Management Inc. now owns 17,045 shares of the real estate investment trust’s stock valued at $582,000 after purchasing an additional 4,549 shares in the last quarter. Institutional investors and hedge funds own 85.23% of the company’s stock.

Insider Transactions at Tanger

In related news, COO Gallardo Leslie Swanson sold 12,500 shares of the company’s stock in a transaction dated Tuesday, March 11th. The shares were sold at an average price of $32.38, for a total transaction of $404,750.00. Following the completion of the transaction, the chief operating officer now owns 113,158 shares in the company, valued at $3,664,056.04. This represents a 9.95% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Insiders own 5.70% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities research analysts recently issued reports on the stock. BMO Capital Markets began coverage on shares of Tanger in a research note on Tuesday, January 28th. They issued a “market perform” rating and a $36.00 target price for the company. The Goldman Sachs Group upgraded Tanger from a “neutral” rating to a “buy” rating and increased their price target for the company from $39.00 to $40.00 in a research note on Friday, March 28th. Scotiabank lowered their price objective on Tanger from $38.00 to $33.00 and set a “sector perform” rating for the company in a research report on Wednesday, April 23rd. Finally, Evercore ISI upgraded shares of Tanger to a “hold” rating in a research report on Friday, May 2nd. Four equities research analysts have rated the stock with a hold rating and four have given a buy rating to the stock. According to MarketBeat, Tanger presently has a consensus rating of “Moderate Buy” and an average target price of $37.00.

Tanger Trading Up 1.0%

Tanger stock opened at $30.15 on Monday. The firm has a 50 day moving average of $31.92 and a 200 day moving average of $33.66. The firm has a market capitalization of $3.41 billion, a price-to-earnings ratio of 34.66, a P/E/G ratio of 2.97 and a beta of 1.18. Tanger Inc. has a 12-month low of $25.94 and a 12-month high of $37.57. The company has a current ratio of 0.44, a quick ratio of 0.13 and a debt-to-equity ratio of 2.09.

Tanger (NYSE:SKT) last released its quarterly earnings results on Wednesday, April 30th. The real estate investment trust reported $0.53 EPS for the quarter, hitting the consensus estimate of $0.53. The company had revenue of $129.29 million during the quarter, compared to analyst estimates of $128.24 million. Tanger had a return on equity of 16.16% and a net margin of 18.65%. During the same quarter last year, the business posted $0.52 earnings per share. The firm’s revenue was up 9.7% on a year-over-year basis. As a group, research analysts predict that Tanger Inc. will post 2.24 earnings per share for the current year.

Tanger Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, May 15th. Investors of record on Wednesday, April 30th will be paid a dividend of $0.2925 per share. This represents a $1.17 annualized dividend and a dividend yield of 3.88%. The ex-dividend date is Wednesday, April 30th. This is a positive change from Tanger’s previous quarterly dividend of $0.28. Tanger’s payout ratio is 139.29%.

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.