Tanger Inc. (NYSE:SKT) Shares Sold by Inlet Private Wealth LLC

Inlet Private Wealth LLC decreased its holdings in Tanger Inc. (NYSE:SKT) by 7.5% in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 64,100 shares of the real estate investment trust’s stock after selling 5,200 shares during the quarter. Inlet Private Wealth LLC owned 0.06% of Tanger worth $2,188,000 at the end of the most recent reporting period.

A number of other hedge funds also recently bought and sold shares of SKT. Millennium Management LLC raised its stake in shares of Tanger by 8.2% during the 2nd quarter. Millennium Management LLC now owns 767,166 shares of the real estate investment trust’s stock worth $20,798,000 after buying an additional 58,205 shares during the period. The Manufacturers Life Insurance Company increased its holdings in Tanger by 5.7% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 59,460 shares of the real estate investment trust’s stock worth $1,612,000 after acquiring an additional 3,184 shares in the last quarter. NewEdge Advisors LLC raised its position in Tanger by 48.4% during the second quarter. NewEdge Advisors LLC now owns 75,769 shares of the real estate investment trust’s stock worth $2,054,000 after acquiring an additional 24,724 shares during the period. Point72 Asia Singapore Pte. Ltd. purchased a new position in Tanger during the second quarter valued at $49,000. Finally, Handelsbanken Fonder AB increased its stake in shares of Tanger by 28.3% during the third quarter. Handelsbanken Fonder AB now owns 31,753 shares of the real estate investment trust’s stock worth $1,054,000 after purchasing an additional 7,000 shares in the last quarter. Hedge funds and other institutional investors own 85.23% of the company’s stock.

Tanger Stock Down 1.3 %

Tanger stock opened at $32.88 on Friday. The company has a market capitalization of $3.64 billion, a PE ratio of 38.23, a price-to-earnings-growth ratio of 2.72 and a beta of 1.92. The company has a debt-to-equity ratio of 2.40, a quick ratio of 0.13 and a current ratio of 0.13. Tanger Inc. has a fifty-two week low of $25.67 and a fifty-two week high of $37.57. The firm has a 50 day moving average price of $34.45 and a 200 day moving average price of $32.62.

Tanger (NYSE:SKT) last issued its quarterly earnings data on Wednesday, November 6th. The real estate investment trust reported $0.22 earnings per share 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 firm had revenue of $133.00 million during the quarter, compared to analyst estimates of $125.80 million. During the same period in the previous year, the firm posted $0.50 earnings per share. The company’s quarterly revenue was up 13.3% compared to the same quarter last year. Research analysts expect that Tanger Inc. will post 2.11 earnings per share for the current year.

Tanger Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, February 14th. Shareholders of record on Friday, January 31st will be paid a $0.275 dividend. The ex-dividend date is Friday, January 31st. This represents a $1.10 annualized dividend and a dividend yield of 3.35%. Tanger’s dividend payout ratio (DPR) is 127.91%.

Wall Street Analyst Weigh In

Several research firms recently issued reports on SKT. Evercore ISI lifted their price objective on Tanger from $31.00 to $33.00 and gave the stock an “in-line” rating in a report on Thursday, November 7th. The Goldman Sachs Group upped their price objective on shares of Tanger from $31.00 to $35.00 and gave the company a “neutral” rating in a research note on Friday, November 15th. Citigroup increased their price objective on shares of Tanger from $34.00 to $41.00 and gave the company a “buy” rating in a report on Wednesday, November 13th. Deutsche Bank Aktiengesellschaft assumed coverage on Tanger in a report on Tuesday, December 17th. They set a “hold” rating and a $37.00 target price on the stock. Finally, Compass Point increased their price target on Tanger from $34.00 to $36.00 and gave the company a “buy” rating in a report on Friday, October 25th. Five investment analysts have rated the stock with a hold rating and three have issued a buy rating to the company’s stock. Based on data from MarketBeat, Tanger currently has an average rating of “Hold” and an average target price of $36.00.

Insider Transactions at Tanger

In related news, CAO Thomas Joseph Guerrieri, Jr. sold 3,000 shares of Tanger stock in a transaction that occurred 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 completion of the transaction, the chief accounting officer now owns 59,641 shares in the company, valued at $2,163,179.07. The trade was a 4.79 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Corporate insiders own 5.80% of the company’s stock.

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.