PNC Financial Services Group Inc. Sells 14,007 Shares of Tanger Inc. (NYSE:SKT)

PNC Financial Services Group Inc. trimmed its holdings in shares of Tanger Inc. (NYSE:SKT) by 29.4% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 33,660 shares of the real estate investment trust’s stock after selling 14,007 shares during the period. PNC Financial Services Group Inc.’s holdings in Tanger were worth $1,149,000 at the end of the most recent reporting period.

Other hedge funds also recently made changes to their positions in the company. Loomis Sayles & Co. L P raised its stake in shares of Tanger by 3,393.9% during the 3rd quarter. Loomis Sayles & Co. L P now owns 1,712 shares of the real estate investment trust’s stock worth $57,000 after purchasing an additional 1,663 shares during the period. GAMMA Investing LLC raised its stake 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 purchasing an additional 514 shares during the period. Smartleaf Asset Management LLC raised its stake in shares of Tanger by 415.7% during the 4th quarter. Smartleaf Asset Management LLC now owns 2,790 shares of the real estate investment trust’s stock worth $95,000 after purchasing an additional 2,249 shares during the period. KBC Group NV raised its stake in shares of Tanger by 31.5% during the 3rd quarter. KBC Group NV now owns 3,679 shares of the real estate investment trust’s stock worth $122,000 after purchasing an additional 881 shares during the period. Finally, Truvestments Capital LLC purchased a new stake in Tanger in the 3rd quarter worth about $160,000. 85.23% of the stock is currently owned by institutional investors.

Insider Buying and Selling

In related news, COO Gallardo Leslie Swanson sold 12,500 shares of the firm’s stock in a transaction on Tuesday, March 11th. The stock was sold at an average price of $32.38, for a total value of $404,750.00. Following the completion of the sale, the chief operating officer now owns 113,158 shares of the company’s stock, valued at $3,664,056.04. This trade represents a 9.95 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. 5.80% of the stock is currently owned by insiders.

Wall Street Analysts Forecast Growth

SKT has been the subject of several recent research reports. BMO Capital Markets initiated coverage on Tanger in a report on Tuesday, January 28th. They issued a “market perform” rating and a $36.00 price objective for the company. Deutsche Bank Aktiengesellschaft initiated coverage on Tanger in a report on Tuesday, December 17th. They set a “hold” rating and a $37.00 target price for the company. Five research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company’s stock. According to data from MarketBeat, Tanger presently has a consensus rating of “Hold” and an average target price of $36.00.

Tanger Stock Performance

NYSE:SKT opened at $31.90 on Monday. The firm has a market cap of $3.60 billion, a PE ratio of 36.67, a price-to-earnings-growth ratio of 2.97 and a beta of 1.88. Tanger Inc. has a fifty-two week low of $25.94 and a fifty-two week high of $37.57. The company has a debt-to-equity ratio of 2.09, a quick ratio of 0.13 and a current ratio of 0.44. The business has a 50 day moving average price of $33.72 and a 200-day moving average price of $33.90.

Tanger (NYSE:SKT) last released its quarterly earnings data on Wednesday, February 19th. The real estate investment trust reported $0.54 earnings per share for the quarter, beating analysts’ consensus estimates of $0.52 by $0.02. The firm had revenue of $132.17 million during the quarter, compared to analyst estimates of $129.10 million. Tanger had a return on equity of 16.16% and a net margin of 18.65%. Equities research analysts predict that Tanger Inc. will post 2.24 earnings per share for the current year.

Tanger Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, February 14th. Investors of record on Friday, January 31st were paid a $0.275 dividend. This represents a $1.10 dividend on an annualized basis and a yield of 3.45%. The ex-dividend date of this dividend was Friday, January 31st. Tanger’s payout ratio is 126.44%.

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.