Assetmark Inc. Trims Stock Holdings in Tanger Inc. (NYSE:SKT)

Assetmark Inc. lowered its position in shares of Tanger Inc. (NYSE:SKT) by 67.4% in the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 5,757 shares of the real estate investment trust’s stock after selling 11,897 shares during the quarter. Assetmark Inc.’s holdings in Tanger were worth $191,000 at the end of the most recent quarter.

A number of other hedge funds have also recently modified their holdings of SKT. Blue Trust Inc. lifted its position in Tanger by 1,412.1% during the 2nd quarter. Blue Trust Inc. now owns 877 shares of the real estate investment trust’s stock valued at $26,000 after acquiring an additional 819 shares during the period. HHM Wealth Advisors LLC purchased a new position in shares of Tanger during the second quarter valued at approximately $27,000. Whittier Trust Co. purchased a new position in shares of Tanger during the second quarter valued at approximately $33,000. GAMMA Investing LLC boosted its position in shares of Tanger by 44.6% in the 2nd quarter. GAMMA Investing LLC now owns 1,274 shares of the real estate investment trust’s stock worth $35,000 after purchasing an additional 393 shares in the last quarter. Finally, CWM LLC grew its stake in shares of Tanger by 418.6% in the 2nd quarter. CWM LLC now owns 1,732 shares of the real estate investment trust’s stock worth $47,000 after buying an additional 1,398 shares during the last quarter. Institutional investors own 85.23% of the company’s stock.

Analysts Set New Price Targets

A number of research analysts have issued reports on SKT shares. Evercore ISI lifted their price objective on Tanger from $31.00 to $33.00 and gave the company an “in-line” rating in a research note on Thursday, November 7th. The Goldman Sachs Group upped their price target on shares of Tanger from $31.00 to $35.00 and gave the stock a “neutral” rating in a research note on Friday. Scotiabank raised their price objective on shares of Tanger from $28.00 to $30.00 and gave the company a “sector perform” rating in a research note on Monday, August 26th. Citigroup upped their target price on shares of Tanger from $34.00 to $41.00 and gave the stock a “buy” rating in a research note on Wednesday. Finally, Bank of America raised shares of Tanger from a “neutral” rating to a “buy” rating and raised their price target for the company from $35.00 to $40.00 in a research report on Monday, November 11th. Three investment analysts have rated the stock with a hold rating and four have issued a buy rating to the company. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $34.86.

Tanger Stock Performance

Shares of SKT stock opened at $35.86 on Friday. The company has a quick ratio of 0.13, a current ratio of 0.13 and a debt-to-equity ratio of 2.40. The company has a 50 day moving average price of $33.40 and a 200-day moving average price of $29.80. Tanger Inc. has a 52 week low of $24.72 and a 52 week high of $36.46. The firm has a market capitalization of $3.97 billion, a PE ratio of 41.70, a P/E/G ratio of 2.80 and a beta of 1.88.

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 the consensus estimate of $0.53 by ($0.31). The company had revenue of $133.00 million during the quarter, compared to analysts’ expectations of $125.80 million. Tanger had a return on equity of 16.25% and a net margin of 18.55%. The company’s revenue for the quarter was up 13.3% compared to the same quarter last year. During the same quarter in the prior year, the business posted $0.50 EPS. As a group, equities research analysts expect that Tanger Inc. will post 2.1 earnings per share for the current year.

Tanger Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, November 15th. Shareholders of record on Thursday, October 31st were issued a $0.275 dividend. This represents a $1.10 dividend on an annualized basis and a yield of 3.07%. The ex-dividend date was Thursday, October 31st. Tanger’s dividend payout ratio is 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.