Tanger Inc. (NYSE:SKT) Holdings Lowered by Commonwealth Equity Services LLC

Commonwealth Equity Services LLC reduced its stake in Tanger Inc. (NYSE:SKT) by 1.4% in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 43,476 shares of the real estate investment trust’s stock after selling 614 shares during the period. Commonwealth Equity Services LLC’s holdings in Tanger were worth $1,179,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds have also made changes to their positions in the company. Vanguard Group Inc. raised its holdings in shares of Tanger by 3.6% during the first quarter. Vanguard Group Inc. now owns 17,456,758 shares of the real estate investment trust’s stock worth $515,498,000 after acquiring an additional 608,547 shares in the last quarter. Wellington Management Group LLP raised its stake in shares of Tanger by 2.4% during the 4th quarter. Wellington Management Group LLP now owns 4,048,442 shares of the real estate investment trust’s stock worth $112,223,000 after purchasing an additional 94,887 shares in the last quarter. Dimensional Fund Advisors LP lifted its holdings in shares of Tanger by 0.4% during the 4th quarter. Dimensional Fund Advisors LP now owns 1,487,323 shares of the real estate investment trust’s stock valued at $41,230,000 after buying an additional 6,643 shares during the last quarter. GRS Advisors LLC lifted its holdings in shares of Tanger by 136.7% during the 4th quarter. GRS Advisors LLC now owns 1,335,138 shares of the real estate investment trust’s stock valued at $37,010,000 after buying an additional 771,066 shares during the last quarter. Finally, Bank of New York Mellon Corp increased its holdings in Tanger by 5.4% in the second quarter. Bank of New York Mellon Corp now owns 1,091,856 shares of the real estate investment trust’s stock worth $29,600,000 after buying an additional 55,794 shares during the last quarter. 85.23% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

SKT has been the subject of several recent analyst reports. Compass Point upped their price target on Tanger from $32.00 to $34.00 and gave the stock a “buy” rating in a research note on Wednesday, September 11th. Scotiabank lifted their target price on shares of Tanger from $28.00 to $30.00 and gave the stock a “sector perform” rating in a report on Monday, August 26th. Finally, Evercore ISI boosted their target price on shares of Tanger from $29.00 to $31.00 and gave the stock an “in-line” rating in a research report on Monday. Four equities research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. According to data from MarketBeat, the stock presently has an average rating of “Hold” and an average target price of $31.33.

Tanger Price Performance

Shares of NYSE SKT opened at $31.76 on Tuesday. The company has a current ratio of 0.13, a quick ratio of 0.13 and a debt-to-equity ratio of 2.53. The firm has a market cap of $3.47 billion, a P/E ratio of 34.90, a price-to-earnings-growth ratio of 3.21 and a beta of 1.89. Tanger Inc. has a 1-year low of $21.42 and a 1-year high of $32.05. The business’s 50 day moving average is $28.90 and its 200-day moving average is $28.17.

Tanger Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, August 15th. Stockholders of record on Wednesday, July 31st were issued a $0.275 dividend. The ex-dividend date of this dividend was Wednesday, July 31st. This represents a $1.10 dividend on an annualized basis and a dividend yield of 3.46%. Tanger’s dividend payout ratio (DPR) 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.