Comerica Bank Trims Holdings in Tanger Factory Outlet Centers, Inc. (NYSE:SKT)

Comerica Bank cut its stake in Tanger Factory Outlet Centers, Inc. (NYSE:SKT – Get Rating) by 10.4% in the 3rd quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 79,555 shares of the real estate investment trust’s stock after selling 9,200 shares during the quarter. Comerica Bank owned about 0.08% of Tanger Factory Outlet Centers worth $1,374,000 at the end of the most recent quarter.

Several other hedge funds also recently made changes to their positions in the stock. Mitsubishi UFJ Trust & Banking Corp grew its position in Tanger Factory Outlet Centers by 44.4% during the second quarter. Mitsubishi UFJ Trust & Banking Corp now owns 2,552 shares of the real estate investment trust’s stock worth $36,000 after buying an additional 785 shares in the last quarter. Maryland State Retirement & Pension System grew its position in Tanger Factory Outlet Centers by 2.0% during the second quarter. Maryland State Retirement & Pension System now owns 42,529 shares of the real estate investment trust’s stock worth $605,000 after buying an additional 831 shares in the last quarter. Bank of Montreal Can grew its position in Tanger Factory Outlet Centers by 3.1% during the first quarter. Bank of Montreal Can now owns 31,712 shares of the real estate investment trust’s stock worth $573,000 after buying an additional 968 shares in the last quarter. Inspire Investing LLC grew its position in Tanger Factory Outlet Centers by 9.5% during the second quarter. Inspire Investing LLC now owns 14,937 shares of the real estate investment trust’s stock worth $212,000 after buying an additional 1,290 shares in the last quarter. Finally, Victory Capital Management Inc. grew its position in Tanger Factory Outlet Centers by 2.5% during the second quarter. Victory Capital Management Inc. now owns 52,544 shares of the real estate investment trust’s stock worth $747,000 after buying an additional 1,297 shares in the last quarter. 74.61% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity

In other news, insider Steven B. Tanger sold 50,000 shares of the business’s stock in a transaction dated Monday, November 14th. The stock was sold at an average price of $19.50, for a total value of $975,000.00. Following the completion of the sale, the insider now owns 1,349,686 shares of the company’s stock, valued at approximately $26,318,877. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. 2.20% of the stock is currently owned by corporate insiders.

Tanger Factory Outlet Centers Price Performance

SKT opened at $18.33 on Monday. The stock has a 50-day moving average price of $18.63 and a 200-day moving average price of $16.94. Tanger Factory Outlet Centers, Inc. has a 12-month low of $13.26 and a 12-month high of $19.91. The company has a current ratio of 2.36, a quick ratio of 2.36 and a debt-to-equity ratio of 2.71. The stock has a market capitalization of $1.91 billion, a P/E ratio of 25.46, a PEG ratio of 1.13 and a beta of 1.80.

Tanger Factory Outlet Centers Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Wednesday, February 15th. Stockholders of record on Tuesday, January 31st will be paid a $0.22 dividend. This represents a $0.88 dividend on an annualized basis and a dividend yield of 4.80%. The ex-dividend date is Monday, January 30th. Tanger Factory Outlet Centers’s dividend payout ratio (DPR) is presently 122.22%.

Analyst Upgrades and Downgrades

Several equities analysts recently commented on the company. Evercore ISI reduced their target price on Tanger Factory Outlet Centers from $17.00 to $15.00 in a research report on Tuesday, September 27th. StockNews.com initiated coverage on Tanger Factory Outlet Centers in a report on Wednesday, October 12th. They issued a “hold” rating for the company. Finally, Citigroup upped their price objective on Tanger Factory Outlet Centers from $15.00 to $20.00 in a report on Wednesday, December 14th.

About Tanger Factory Outlet Centers

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Tanger Factory Outlet Centers, Inc (NYSE: SKT) is a leading operator of open-air upscale outlet shopping centers that owns, or has an ownership interest in, a portfolio of 38 centers. Tanger's operating properties are located in 20 states and in Canada, totaling approximately 14.1 million square feet, leased to over 2,700 stores operated by more than 500 different brand name companies.