Tanger Inc. (NYSE:SKT) Shares Sold by Inspire Investing LLC

Inspire Investing LLC decreased its holdings in shares of Tanger Inc. (NYSE:SKT) by 4.0% in the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 12,517 shares of the real estate investment trust’s stock after selling 517 shares during the period. Inspire Investing LLC’s holdings in Tanger were worth $415,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently modified their holdings of the company. Vanguard Group Inc. grew its position in shares of Tanger by 3.6% during the 1st quarter. Vanguard Group Inc. now owns 17,456,758 shares of the real estate investment trust’s stock valued at $515,498,000 after buying an additional 608,547 shares during the last quarter. Wellington Management Group LLP boosted its stake in Tanger by 2.4% in the fourth quarter. Wellington Management Group LLP now owns 4,048,442 shares of the real estate investment trust’s stock valued at $112,223,000 after acquiring an additional 94,887 shares during the period. Dimensional Fund Advisors LP grew its holdings in shares of Tanger by 8.2% during the second quarter. Dimensional Fund Advisors LP now owns 1,628,331 shares of the real estate investment trust’s stock valued at $44,144,000 after purchasing an additional 123,107 shares during the last quarter. Bank of New York Mellon Corp raised its position in shares of Tanger by 5.4% during the 2nd 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 purchasing an additional 55,794 shares during the period. Finally, Land & Buildings Investment Management LLC lifted its holdings in shares of Tanger by 52.4% in the 2nd quarter. Land & Buildings Investment Management LLC now owns 1,043,287 shares of the real estate investment trust’s stock worth $28,284,000 after purchasing an additional 358,860 shares during the last quarter. 85.23% of the stock is owned by institutional investors and hedge funds.

Tanger Stock Up 1.2 %

Tanger stock opened at $34.06 on Wednesday. Tanger Inc. has a 52 week low of $21.42 and a 52 week high of $34.54. The stock has a market cap of $3.72 billion, a price-to-earnings ratio of 37.84, a PEG ratio of 3.41 and a beta of 1.89. The company’s 50-day moving average price is $30.81 and its two-hundred day moving average price is $28.69. The company has a current ratio of 0.13, a quick ratio of 0.13 and a debt-to-equity ratio of 2.53.

Tanger Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, November 15th. Investors of record on Thursday, October 31st will be issued a dividend of $0.275 per share. The ex-dividend date of this dividend is Thursday, October 31st. This represents a $1.10 annualized dividend and a yield of 3.23%. Tanger’s payout ratio is 122.22%.

Wall Street Analyst Weigh In

A number of brokerages recently commented on SKT. Scotiabank upped their price objective on Tanger from $28.00 to $30.00 and gave the stock a “sector perform” rating in a research note on Monday, August 26th. Compass Point upped their price target on shares of Tanger from $32.00 to $34.00 and gave the stock a “buy” rating in a research report on Wednesday, September 11th. Evercore ISI lifted their price objective on shares of Tanger from $29.00 to $31.00 and gave the company an “in-line” rating in a research report on Monday, September 16th. Finally, Bank of America boosted their target price on shares of Tanger from $31.00 to $35.00 and gave the company a “neutral” rating in a research note on Friday, October 11th. Three analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $32.00.

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.