Tanger Inc. (NYSE:SKT) Shares Sold by Bank of New York Mellon Corp

Bank of New York Mellon Corp reduced its holdings in shares of Tanger Inc. (NYSE:SKT) by 3.4% in the 1st quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 913,169 shares of the real estate investment trust’s stock after selling 32,125 shares during the quarter. Bank of New York Mellon Corp owned approximately 0.81% of Tanger worth $30,856,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors have also made changes to their positions in SKT. FMR LLC grew its holdings in shares of Tanger by 24.9% during the 4th quarter. FMR LLC now owns 9,397,189 shares of the real estate investment trust’s stock worth $320,726,000 after purchasing an additional 1,873,835 shares during the period. Wellington Management Group LLP raised its holdings in Tanger by 34.0% during the 4th quarter. Wellington Management Group LLP now owns 2,748,467 shares of the real estate investment trust’s stock worth $93,805,000 after buying an additional 697,291 shares during the period. Northern Trust Corp boosted its position in Tanger by 56.4% during the 4th quarter. Northern Trust Corp now owns 1,817,052 shares of the real estate investment trust’s stock worth $62,016,000 after acquiring an additional 655,237 shares during the period. Millennium Management LLC lifted its position in shares of Tanger by 0.5% in the fourth quarter. Millennium Management LLC now owns 1,748,635 shares of the real estate investment trust’s stock worth $59,681,000 after buying an additional 8,590 shares during the last quarter. Finally, Nuveen Asset Management LLC lifted its position in shares of Tanger by 78.6% during the 4th quarter. Nuveen Asset Management LLC now owns 1,714,769 shares of the real estate investment trust’s stock worth $58,525,000 after purchasing an additional 754,429 shares during the last quarter. Institutional investors and hedge funds own 85.23% of the company’s stock.

Tanger Stock Down 3.1%

SKT opened at $31.46 on Wednesday. The company has a debt-to-equity ratio of 2.37, a current ratio of 0.14 and a quick ratio of 0.14. The firm’s fifty day moving average price is $30.43 and its two-hundred day moving average price is $32.08. Tanger Inc. has a fifty-two week low of $26.62 and a fifty-two week high of $37.57. The company has a market capitalization of $3.56 billion, a P/E ratio of 37.45, a P/E/G ratio of 2.15 and a beta of 1.17.

Tanger (NYSE:SKT) last issued its earnings results on Wednesday, April 30th. The real estate investment trust reported $0.53 earnings per share for the quarter, meeting analysts’ consensus estimates of $0.53. The firm had revenue of $129.29 million for the quarter, compared to the consensus estimate of $128.24 million. Tanger had a return on equity of 15.13% and a net margin of 17.65%. The company’s revenue was up 9.7% compared to the same quarter last year. During the same quarter last year, the business posted $0.52 EPS. On average, analysts anticipate that Tanger Inc. will post 2.24 EPS for the current year.

Analyst Upgrades and Downgrades

Several equities analysts recently issued reports on the company. Barclays started coverage on Tanger in a research report on Wednesday, July 2nd. They issued an “equal weight” rating and a $33.00 price objective for the company. Scotiabank dropped their price target on 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 raised shares of Tanger from a “neutral” rating to a “buy” rating and boosted their target price for the company from $39.00 to $40.00 in a report on Friday, March 28th. Finally, Evercore ISI raised shares of Tanger to a “hold” rating in a report on Friday, May 2nd. Five investment analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average target price of $36.56.

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.