Principal Financial Group Inc. Trims Position in Tanger Inc. (NYSE:SKT)

Principal Financial Group Inc. lessened its stake in Tanger Inc. (NYSE:SKT) by 2.0% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 596,240 shares of the real estate investment trust’s stock after selling 11,914 shares during the period. Principal Financial Group Inc. owned 0.55% of Tanger worth $16,164,000 as of its most recent SEC filing.

Other institutional investors also recently added to or reduced their stakes in the company. Blue Trust Inc. increased its stake in Tanger by 1,412.1% in the 2nd quarter. Blue Trust Inc. now owns 877 shares of the real estate investment trust’s stock worth $26,000 after buying an additional 819 shares during the period. Whittier Trust Co. purchased a new position in Tanger in the 2nd quarter worth about $33,000. GAMMA Investing LLC increased its stake in Tanger by 44.6% in the 2nd quarter. GAMMA Investing LLC now owns 1,274 shares of the real estate investment trust’s stock worth $35,000 after buying an additional 393 shares during the period. CWM LLC increased its stake in Tanger by 418.6% in the 2nd quarter. CWM LLC now owns 1,732 shares of the real estate investment trust’s stock worth $47,000 after buying an additional 1,398 shares during the period. Finally, Fidelis Capital Partners LLC purchased a new position in Tanger in the 1st quarter worth about $91,000. Hedge funds and other institutional investors own 85.23% of the company’s stock.

Analyst Ratings Changes

Several research analysts recently commented on the stock. Evercore ISI raised their price target on shares of Tanger from $28.00 to $29.00 and gave the stock an “in-line” rating in a research note on Wednesday, August 28th. Scotiabank raised their target price on shares of Tanger from $28.00 to $30.00 and gave the company a “sector perform” rating in a research report on Monday, August 26th. Four research analysts have rated the stock with a hold rating and three have given a buy rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of “Hold” and an average price target of $30.67.

Tanger Stock Up 1.8 %

Shares of Tanger stock opened at $30.76 on Thursday. The firm’s 50 day moving average price is $28.13 and its 200-day moving average price is $28.04. The company has a quick ratio of 0.13, a current ratio of 0.13 and a debt-to-equity ratio of 2.53. Tanger Inc. has a 52-week low of $21.42 and a 52-week high of $31.07. The company has a market cap of $3.36 billion, a P/E ratio of 33.80, a PEG ratio of 3.09 and a beta of 1.89.

Tanger Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, August 15th. Stockholders of record on Wednesday, July 31st were given a $0.275 dividend. This represents a $1.10 dividend on an annualized basis and a dividend yield of 3.58%. The ex-dividend date of this dividend was Wednesday, July 31st. Tanger’s payout ratio is currently 120.88%.

Tanger Company 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.