Pensionfund DSM Netherlands Sells 6,000 Shares of Tanger Inc. (NYSE:SKT)

Pensionfund DSM Netherlands reduced its holdings in Tanger Inc. (NYSE:SKT) by 18.8% in the fourth quarter, HoldingsChannel.com reports. The institutional investor owned 26,000 shares of the real estate investment trust’s stock after selling 6,000 shares during the period. Pensionfund DSM Netherlands’ holdings in Tanger were worth $887,000 at the end of the most recent reporting period.

Other large investors have also recently made changes to their positions in the company. FMR LLC increased its stake in Tanger by 32.2% during the third quarter. FMR LLC now owns 7,523,354 shares of the real estate investment trust’s stock worth $249,625,000 after acquiring an additional 1,832,261 shares during the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its stake in Tanger by 387.7% in the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 775,411 shares of the real estate investment trust’s stock valued at $25,728,000 after purchasing an additional 616,417 shares during the last quarter. Land & Buildings Investment Management LLC lifted its position in shares of Tanger by 52.4% during the second quarter. Land & Buildings Investment Management LLC now owns 1,043,287 shares of the real estate investment trust’s stock valued at $28,284,000 after buying an additional 358,860 shares during the last quarter. Cubist Systematic Strategies LLC purchased a new position in shares of Tanger during the 2nd quarter valued at about $4,539,000. Finally, Algert Global LLC lifted its holdings in shares of Tanger by 183.7% in the 3rd quarter. Algert Global LLC now owns 243,623 shares of the real estate investment trust’s stock valued at $8,083,000 after buying an additional 157,742 shares during the period. 85.23% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

Several brokerages recently weighed in on SKT. Citigroup lifted their price target on Tanger from $34.00 to $41.00 and gave the company a “buy” rating in a research report on Wednesday, November 13th. Deutsche Bank Aktiengesellschaft initiated coverage on shares of Tanger in a research note on Tuesday, December 17th. They issued a “hold” rating and a $37.00 target price for the company. Compass Point upped their price objective on shares of Tanger from $34.00 to $36.00 and gave the stock a “buy” rating in a research report on Friday, October 25th. The Goldman Sachs Group increased their price target on Tanger from $31.00 to $35.00 and gave the stock a “neutral” rating in a research report on Friday, November 15th. Finally, Bank of America raised Tanger from a “neutral” rating to a “buy” rating and upped their target price for the stock from $35.00 to $40.00 in a research note on Monday, November 11th. Four analysts have rated the stock with a hold rating and three have given a buy rating to the stock. Based on data from MarketBeat, Tanger has an average rating of “Hold” and an average target price of $36.00.

Insider Activity

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

Tanger Price Performance

NYSE SKT traded down $0.16 during trading hours on Monday, hitting $34.25. 24,363 shares of the company’s stock traded hands, compared to its average volume of 284,828. The firm’s 50-day moving average is $35.26 and its 200-day moving average is $31.77. The company has a market capitalization of $3.79 billion, a PE ratio of 39.83, a PEG 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 Inc. has a 52-week low of $25.67 and a 52-week high of $37.57.

Tanger (NYSE:SKT) last issued its earnings results on Wednesday, November 6th. The real estate investment trust reported $0.22 EPS for the quarter, missing analysts’ consensus estimates of $0.53 by ($0.31). The firm had revenue of $133.00 million for 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%. Tanger’s revenue for the quarter was up 13.3% on a year-over-year basis. During the same period last year, the firm earned $0.50 earnings per share. Equities analysts forecast that Tanger Inc. will post 2.11 EPS for the current fiscal year.

Tanger Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, November 15th. Shareholders of record on Thursday, October 31st were paid a $0.275 dividend. This represents a $1.10 dividend on an annualized basis and a yield of 3.21%. The ex-dividend date of this dividend was Thursday, October 31st. Tanger’s dividend payout ratio 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.