Land & Buildings Investment Management LLC Sells 76,890 Shares of Tanger Inc. (NYSE:SKT)

Land & Buildings Investment Management LLC lowered its position in Tanger Inc. (NYSE:SKT) by 7.3% during the fourth quarter, according to its most recent filing with the SEC. The firm owned 974,174 shares of the real estate investment trust’s stock after selling 76,890 shares during the period. Tanger accounts for approximately 6.7% of Land & Buildings Investment Management LLC’s portfolio, making the stock its 5th largest position. Land & Buildings Investment Management LLC owned 0.88% of Tanger worth $33,249,000 at the end of the most recent reporting period.

A number of other institutional investors have also bought and sold shares of the company. FMR LLC grew its stake in shares of Tanger by 24.9% in the 4th quarter. FMR LLC now owns 9,397,189 shares of the real estate investment trust’s stock valued at $320,726,000 after buying an additional 1,873,835 shares during the period. Wellington Management Group LLP grew its stake in Tanger by 34.0% in the fourth quarter. Wellington Management Group LLP now owns 2,748,467 shares of the real estate investment trust’s stock valued at $93,805,000 after acquiring an additional 697,291 shares during the period. Charles Schwab Investment Management Inc. grew its stake in Tanger by 1.6% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 1,997,100 shares of the real estate investment trust’s stock valued at $68,161,000 after acquiring an additional 31,750 shares during the period. Northern Trust Corp increased its holdings in shares of Tanger by 56.4% during the fourth quarter. Northern Trust Corp now owns 1,817,052 shares of the real estate investment trust’s stock valued at $62,016,000 after acquiring an additional 655,237 shares in the last quarter. Finally, Invesco Ltd. raised its position in shares of Tanger by 9.5% during the fourth quarter. Invesco Ltd. now owns 895,466 shares of the real estate investment trust’s stock worth $30,562,000 after purchasing an additional 78,014 shares during the period. Institutional investors own 85.23% of the company’s stock.

Insiders Place Their Bets

In other news, COO Gallardo Leslie Swanson sold 12,500 shares of Tanger 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 directly owns 113,158 shares of the company’s stock, valued at approximately $3,664,056.04. The trade was a 9.95% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. 5.70% of the stock is currently owned by insiders.

Tanger Price Performance

SKT stock opened at $30.15 on Monday. The company has a market cap of $3.41 billion, a P/E ratio of 34.66, a PEG ratio of 2.97 and a beta of 1.18. The company has a debt-to-equity ratio of 2.09, a current ratio of 0.44 and a quick ratio of 0.13. The firm has a 50-day moving average of $31.92 and a 200 day moving average of $33.66. Tanger Inc. has a 1 year low of $25.94 and a 1 year high of $37.57.

Tanger (NYSE:SKT) last released its quarterly earnings data on Wednesday, April 30th. The real estate investment trust reported $0.53 EPS for the quarter, meeting the consensus estimate of $0.53. Tanger had a return on equity of 16.16% and a net margin of 18.65%. The company had revenue of $129.29 million for the quarter, compared to analysts’ expectations of $128.24 million. During the same period last year, the firm posted $0.52 earnings per share. Tanger’s revenue was up 9.7% compared to the same quarter last year. On average, sell-side analysts forecast that Tanger Inc. will post 2.24 EPS for the current year.

Tanger Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, May 15th. Shareholders of record on Wednesday, April 30th will be paid a dividend of $0.2925 per share. This is a positive change from Tanger’s previous quarterly dividend of $0.28. The ex-dividend date of this dividend is Wednesday, April 30th. This represents a $1.17 dividend on an annualized basis and a yield of 3.88%. Tanger’s dividend payout ratio is presently 139.29%.

Wall Street Analyst Weigh In

A number of research analysts have weighed in on SKT shares. Scotiabank dropped their price objective on shares of Tanger from $38.00 to $33.00 and set a “sector perform” rating on the stock in a research note on Wednesday, April 23rd. The Goldman Sachs Group upgraded Tanger from a “neutral” rating to a “buy” rating and lifted their price target for the company from $39.00 to $40.00 in a research note on Friday, March 28th. Evercore ISI raised Tanger to a “hold” rating in a research note on Friday, May 2nd. Finally, BMO Capital Markets started coverage on Tanger in a research report on Tuesday, January 28th. They set a “market perform” rating and a $36.00 target price on the stock. Four research analysts have rated the stock with a hold rating and four have given a buy rating to the company’s stock. Based on data from MarketBeat.com, Tanger has an average rating of “Moderate Buy” and a consensus target price of $37.00.

Tanger 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.