Tanger Inc. (NYSE:SKT) Shares Sold by Bamco Inc. NY

Bamco Inc. NY cut its holdings in shares of Tanger Inc. (NYSE:SKT) by 21.1% during the first quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 88,325 shares of the real estate investment trust’s stock after selling 23,600 shares during the period. Bamco Inc. NY’s holdings in Tanger were worth $2,608,000 as of its most recent SEC filing.

Several other hedge funds have also recently modified their holdings of SKT. Raymond James & Associates raised its position in Tanger by 54.2% in the 4th quarter. Raymond James & Associates now owns 108,682 shares of the real estate investment trust’s stock valued at $3,013,000 after purchasing an additional 38,200 shares in the last quarter. Spirit of America Management Corp NY acquired a new position in shares of Tanger during the 4th quarter worth $305,000. DAVENPORT & Co LLC lifted its position in shares of Tanger by 23.9% during the 4th quarter. DAVENPORT & Co LLC now owns 29,825 shares of the real estate investment trust’s stock valued at $827,000 after acquiring an additional 5,750 shares during the period. Asset Management One Co. Ltd. increased its position in shares of Tanger by 33.5% in the fourth quarter. Asset Management One Co. Ltd. now owns 214,944 shares of the real estate investment trust’s stock valued at $6,040,000 after buying an additional 53,985 shares in the last quarter. Finally, International Assets Investment Management LLC purchased a new stake in Tanger in the 4th quarter valued at approximately $346,000. Institutional investors and hedge funds own 85.23% of the company’s stock.

Tanger Stock Performance

SKT stock traded up $0.27 during midday trading on Monday, hitting $28.62. 162,718 shares of the company traded hands, compared to its average volume of 749,365. The company has a quick ratio of 0.20, a current ratio of 0.20 and a debt-to-equity ratio of 2.54. Tanger Inc. has a twelve month low of $21.42 and a twelve month high of $29.98. The business has a 50 day simple moving average of $27.23 and a 200-day simple moving average of $27.72. The stock has a market capitalization of $3.13 billion, a price-to-earnings ratio of 31.15, a price-to-earnings-growth ratio of 3.02 and a beta of 1.90.

Tanger Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, August 15th. Stockholders of record on Wednesday, July 31st will be issued a dividend of $0.275 per share. This represents a $1.10 dividend on an annualized basis and a dividend yield of 3.84%. The ex-dividend date of this dividend is Wednesday, July 31st. Tanger’s payout ratio is 120.88%.

Analyst Upgrades and Downgrades

SKT has been the subject of several analyst reports. Scotiabank upgraded Tanger from a “sector underperform” rating to a “sector perform” rating and upped their target price for the company from $20.00 to $28.00 in a research note on Friday, May 17th. Compass Point raised shares of Tanger from a “neutral” rating to a “buy” rating and upped their price objective for the company from $31.00 to $32.00 in a research report on Thursday, May 2nd. Evercore ISI dropped their price target on shares of Tanger from $29.00 to $28.00 and set an “in-line” rating for the company in a research note on Wednesday, May 1st. Finally, Bank of America upgraded Tanger from an “underperform” rating to a “neutral” rating and lifted their target price for the stock from $24.00 to $31.00 in a research report on Friday, April 5th. Five analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and an average price target of $29.57.

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.