Tanger Inc. (NYSE:SKT) Shares Sold by Everence Capital Management Inc.

Everence Capital Management Inc. lowered its position in shares of Tanger Inc. (NYSE:SKT) by 30.7% in the 4th quarter, HoldingsChannel reports. The institutional investor owned 11,650 shares of the real estate investment trust’s stock after selling 5,160 shares during the period. Everence Capital Management Inc.’s holdings in Tanger were worth $398,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently bought and sold shares of the company. Natixis Advisors LLC grew its stake in shares of Tanger by 55.3% in the 3rd quarter. Natixis Advisors LLC now owns 72,131 shares of the real estate investment trust’s stock worth $2,393,000 after purchasing an additional 25,683 shares during the last quarter. Charles Schwab Investment Management Inc. grew its position in Tanger by 1.1% in the third quarter. Charles Schwab Investment Management Inc. now owns 1,965,350 shares of the real estate investment trust’s stock worth $65,210,000 after buying an additional 21,793 shares during the last quarter. Allspring Global Investments Holdings LLC increased its holdings in shares of Tanger by 13.6% in the third quarter. Allspring Global Investments Holdings LLC now owns 317,549 shares of the real estate investment trust’s stock valued at $10,536,000 after buying an additional 38,036 shares in the last quarter. Fisher Asset Management LLC lifted its position in shares of Tanger by 5.2% during the 3rd quarter. Fisher Asset Management LLC now owns 503,053 shares of the real estate investment trust’s stock valued at $16,691,000 after acquiring an additional 25,014 shares during the last quarter. Finally, Thrivent Financial for Lutherans boosted its stake in shares of Tanger by 42.2% during the 2nd quarter. Thrivent Financial for Lutherans now owns 368,612 shares of the real estate investment trust’s stock worth $9,993,000 after acquiring an additional 109,388 shares in the last quarter. 85.23% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of brokerages have recently issued reports on SKT. Bank of America raised Tanger from a “neutral” rating to a “buy” rating and upped their target price for the company from $35.00 to $40.00 in a report on Monday, November 11th. Compass Point upped their price objective on shares of Tanger from $34.00 to $36.00 and gave the company a “buy” rating in a research note on Friday, October 25th. Citigroup raised their target price on shares of Tanger from $34.00 to $41.00 and gave the stock a “buy” rating in a report on Wednesday, November 13th. Evercore ISI boosted their price target on shares of Tanger from $31.00 to $33.00 and gave the company an “in-line” rating in a report on Thursday, November 7th. Finally, Deutsche Bank Aktiengesellschaft assumed coverage on shares of Tanger in a research note on Tuesday, December 17th. They issued a “hold” rating and a $37.00 price objective for the company. Four research analysts have rated the stock with a hold rating and three have given a buy rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus price target of $36.00.

Insiders Place Their Bets

In other news, CAO Thomas Joseph Guerrieri, Jr. sold 3,000 shares of the stock in a transaction on Tuesday, November 19th. The shares were sold at an average price of $36.27, for a total transaction of $108,810.00. Following the transaction, the chief accounting officer now owns 59,641 shares in the company, valued at $2,163,179.07. This represents a 4.79 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Insiders own 5.80% of the company’s stock.

Tanger Price Performance

NYSE SKT opened at $34.41 on Monday. The company has a 50 day simple moving average of $35.26 and a 200-day simple moving average of $31.77. Tanger Inc. has a 52-week low of $25.67 and a 52-week high of $37.57. The firm has a market capitalization of $3.81 billion, a price-to-earnings ratio of 40.01, a price-to-earnings-growth ratio of 2.78 and a beta of 1.92. The company has a debt-to-equity ratio of 2.40, a current ratio of 0.13 and a quick ratio of 0.13.

Tanger (NYSE:SKT) last issued its earnings results on Wednesday, November 6th. The real estate investment trust reported $0.22 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.53 by ($0.31). Tanger had a net margin of 18.55% and a return on equity of 16.25%. The company had revenue of $133.00 million for the quarter, compared to analyst estimates of $125.80 million. During the same period last year, the business earned $0.50 EPS. The company’s quarterly revenue was up 13.3% on a year-over-year basis. Equities research analysts predict that Tanger Inc. will post 2.11 earnings per share for the current fiscal year.

Tanger Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, November 15th. Shareholders of record on Thursday, October 31st were paid a $0.275 dividend. The ex-dividend date was Thursday, October 31st. This represents a $1.10 dividend on an annualized basis and a yield of 3.20%. Tanger’s dividend payout ratio (DPR) is currently 127.91%.

About Tanger

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.