SageView Advisory Group LLC Makes New Investment in Tanger Inc. (NYSE:SKT)

SageView Advisory Group LLC acquired a new position in shares of Tanger Inc. (NYSE:SKT) during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The fund acquired 4,895 shares of the real estate investment trust’s stock, valued at approximately $145,000.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. ProShare Advisors LLC grew its position in Tanger by 9.9% during the 1st quarter. ProShare Advisors LLC now owns 21,166 shares of the real estate investment trust’s stock worth $625,000 after purchasing an additional 1,905 shares in the last quarter. Swiss National Bank grew its holdings in shares of Tanger by 2.5% during the 1st quarter. Swiss National Bank now owns 212,500 shares of the real estate investment trust’s stock valued at $6,275,000 after acquiring an additional 5,200 shares in the last quarter. Illinois Municipal Retirement Fund grew its holdings in shares of Tanger by 2.0% during the 1st quarter. Illinois Municipal Retirement Fund now owns 58,721 shares of the real estate investment trust’s stock valued at $1,734,000 after acquiring an additional 1,144 shares in the last quarter. ClariVest Asset Management LLC grew its holdings in shares of Tanger by 146.6% during the 1st quarter. ClariVest Asset Management LLC now owns 71,741 shares of the real estate investment trust’s stock valued at $2,119,000 after acquiring an additional 42,651 shares in the last quarter. Finally, Texas Permanent School Fund Corp grew its holdings in shares of Tanger by 3.6% during the 1st quarter. Texas Permanent School Fund Corp now owns 94,243 shares of the real estate investment trust’s stock valued at $2,783,000 after acquiring an additional 3,272 shares in the last quarter. 85.23% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

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

Tanger Price Performance

Shares of SKT traded down $0.20 during mid-day trading on Friday, hitting $28.11. 111,751 shares of the company traded hands, compared to its average volume of 753,508. Tanger Inc. has a one year low of $21.42 and a one year high of $29.98. The company has a current ratio of 0.20, a quick ratio of 0.20 and a debt-to-equity ratio of 2.54. The business has a 50-day moving average of $27.20 and a 200 day moving average of $27.68. The stock has a market capitalization of $3.07 billion, a price-to-earnings ratio of 31.11, a PEG ratio of 3.00 and a beta of 1.90.

Tanger Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, August 15th. Investors of record on Wednesday, July 31st will be issued a $0.275 dividend. The ex-dividend date is Wednesday, July 31st. This represents a $1.10 annualized dividend and a yield of 3.91%. Tanger’s dividend payout ratio is currently 120.88%.

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.