Tanger Inc. (NYSE:SKT) Shares Sold by Sigma Planning Corp

Sigma Planning Corp lowered its stake in Tanger Inc. (NYSE:SKT) by 46.1% during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 9,511 shares of the real estate investment trust’s stock after selling 8,145 shares during the period. Sigma Planning Corp’s holdings in Tanger were worth $264,000 at the end of the most recent reporting period.

A number of other institutional investors have also modified their holdings of the stock. Loomis Sayles & Co. L P grew its holdings in Tanger by 4,051.4% during the third quarter. Loomis Sayles & Co. L P now owns 1,453 shares of the real estate investment trust’s stock worth $33,000 after acquiring an additional 1,418 shares during the period. Federated Hermes Inc. acquired a new position in Tanger during the third quarter worth $125,000. Future Financial Wealth Managment LLC acquired a new position in Tanger during the fourth quarter worth $210,000. Van ECK Associates Corp grew its holdings in Tanger by 4.3% during the third quarter. Van ECK Associates Corp now owns 11,968 shares of the real estate investment trust’s stock worth $270,000 after acquiring an additional 496 shares during the period. Finally, Connor Clark & Lunn Investment Management Ltd. acquired a new position in Tanger during the third quarter worth $271,000. Institutional investors and hedge funds own 85.23% of the company’s stock.

Analysts Set New Price Targets

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

Tanger Stock Up 0.7 %

Shares of NYSE:SKT opened at $28.88 on Monday. The stock’s fifty day simple moving average is $28.46 and its 200-day simple moving average is $26.87. Tanger Inc. has a 52-week low of $18.00 and a 52-week high of $29.98. The company has a market capitalization of $3.15 billion, a P/E ratio of 31.39, a P/E/G ratio of 3.65 and a beta of 1.83. The company has a quick ratio of 0.19, a current ratio of 0.19 and a debt-to-equity ratio of 2.43.

Tanger Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, May 15th. Investors of record on Tuesday, April 30th will be given a dividend of $0.275 per share. The ex-dividend date is Monday, April 29th. This is an increase from Tanger’s previous quarterly dividend of $0.26. This represents a $1.10 annualized dividend and a yield of 3.81%. Tanger’s dividend 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.