Tanger Inc. (NYSE:SKT) Shares Sold by Raymond James Financial Services Advisors Inc.

Raymond James Financial Services Advisors Inc. trimmed its stake in Tanger Inc. (NYSE:SKT) by 26.0% in the fourth quarter, HoldingsChannel.com reports. The fund owned 9,748 shares of the real estate investment trust’s stock after selling 3,430 shares during the quarter. Raymond James Financial Services Advisors Inc.’s holdings in Tanger were worth $270,000 at the end of the most recent reporting period.

Other institutional investors also recently made changes to their positions in the company. Nordea Investment Management AB purchased a new stake in shares of Tanger in the fourth quarter valued at $4,450,000. Quantbot Technologies LP purchased a new stake in shares of Tanger in the third quarter valued at $746,000. Whittier Trust Co. of Nevada Inc. purchased a new stake in shares of Tanger in the fourth quarter valued at $333,000. Legato Capital Management LLC grew its position in shares of Tanger by 10.3% in the fourth quarter. Legato Capital Management LLC now owns 55,687 shares of the real estate investment trust’s stock valued at $1,544,000 after purchasing an additional 5,195 shares during the period. Finally, Qube Research & Technologies Ltd purchased a new stake in shares of Tanger in the third quarter valued at $2,786,000. 85.23% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of brokerages have recently commented on SKT. Bank of America raised Tanger from an “underperform” rating to a “neutral” rating and lifted their price objective for the company from $24.00 to $31.00 in a research report on Friday, April 5th. Evercore ISI lifted their price objective on Tanger from $28.00 to $29.00 and gave the company an “in-line” rating in a research report on Wednesday, February 28th. Finally, Citigroup raised Tanger from a “neutral” rating to a “buy” rating and boosted their price target for the company from $30.00 to $33.00 in a research report on Friday, March 22nd. Five equities research analysts have rated the stock with a hold rating and two have issued a buy rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and an average price target of $29.00.

Tanger Price Performance

SKT stock opened at $27.72 on Tuesday. The stock has a 50-day moving average price of $28.35 and a two-hundred day moving average price of $26.67. Tanger Inc. has a 12-month low of $18.00 and a 12-month high of $29.98. The company has a current ratio of 0.19, a quick ratio of 0.19 and a debt-to-equity ratio of 2.43. The company has a market cap of $3.03 billion, a PE ratio of 30.13, a price-to-earnings-growth ratio of 3.37 and a beta of 1.83.

Tanger Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Wednesday, May 15th. Shareholders of record on Tuesday, April 30th will be given a dividend of $0.275 per share. This represents a $1.10 dividend on an annualized basis and a yield of 3.97%. The ex-dividend date of this dividend is Monday, April 29th. This is an increase from Tanger’s previous quarterly dividend of $0.26. Tanger’s payout ratio is 113.04%.

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.