US Bancorp DE Trims Stock Position in Tanger Inc. (NYSE:SKT)

US Bancorp DE cut its stake in shares of Tanger Inc. (NYSE:SKT) by 5.7% in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 8,567 shares of the real estate investment trust’s stock after selling 521 shares during the quarter. US Bancorp DE’s holdings in Tanger were worth $289,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds have also bought and sold shares of the stock. Xponance Inc. lifted its position in Tanger by 6.7% during the first quarter. Xponance Inc. now owns 8,156 shares of the real estate investment trust’s stock valued at $276,000 after purchasing an additional 514 shares during the last quarter. Summit Investment Advisors Inc. lifted its position in Tanger by 5.2% during the fourth quarter. Summit Investment Advisors Inc. now owns 11,139 shares of the real estate investment trust’s stock valued at $380,000 after purchasing an additional 553 shares during the last quarter. Public Employees Retirement System of Ohio lifted its position in Tanger by 0.4% during the fourth quarter. Public Employees Retirement System of Ohio now owns 157,814 shares of the real estate investment trust’s stock valued at $5,386,000 after purchasing an additional 554 shares during the last quarter. Albert D Mason Inc. lifted its position in Tanger by 0.9% during the first quarter. Albert D Mason Inc. now owns 66,999 shares of the real estate investment trust’s stock valued at $2,264,000 after purchasing an additional 606 shares during the last quarter. Finally, Nissay Asset Management Corp Japan ADV lifted its position in Tanger by 4.0% during the fourth quarter. Nissay Asset Management Corp Japan ADV now owns 16,279 shares of the real estate investment trust’s stock valued at $554,000 after purchasing an additional 624 shares during the last quarter. 85.23% of the stock is currently owned by institutional investors.

Tanger Trading Down 1.4%

NYSE:SKT opened at $32.48 on Friday. The company has a fifty day moving average of $31.11 and a 200 day moving average of $31.82. Tanger Inc. has a 52 week low of $27.82 and a 52 week high of $37.57. The company has a quick ratio of 0.11, a current ratio of 0.11 and a debt-to-equity ratio of 2.31. The firm has a market capitalization of $3.68 billion, a P/E ratio of 36.90, a P/E/G ratio of 2.16 and a beta of 1.23.

Tanger (NYSE:SKT) last posted its quarterly earnings results on Monday, August 4th. The real estate investment trust reported $0.58 EPS for the quarter, beating analysts’ consensus estimates of $0.56 by $0.02. Tanger had a net margin of 18.22% and a return on equity of 15.45%. The company had revenue of $133.44 million during the quarter, compared to analyst estimates of $132.02 million. During the same period in the prior year, the business posted $0.53 EPS. The firm’s revenue was up 9.2% compared to the same quarter last year. On average, research analysts predict that Tanger Inc. will post 2.24 earnings per share for the current year.

Tanger Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, August 15th. Shareholders of record on Thursday, July 31st will be given a dividend of $0.2925 per share. This represents a $1.17 dividend on an annualized basis and a yield of 3.6%. The ex-dividend date of this dividend is Thursday, July 31st. Tanger’s payout ratio is presently 132.95%.

Analysts Set New Price Targets

Several brokerages have issued reports on SKT. Scotiabank dropped their target price on shares of Tanger from $38.00 to $33.00 and set a “sector perform” rating for the company in a research report on Wednesday, April 23rd. Barclays initiated coverage on shares of Tanger in a report on Wednesday, July 2nd. They issued an “equal weight” rating and a $33.00 price objective for the company. Wall Street Zen upgraded shares of Tanger from a “sell” rating to a “hold” rating in a report on Saturday, August 9th. Evercore ISI upgraded shares of Tanger to a “hold” rating in a report on Friday, May 2nd. Finally, LADENBURG THALM/SH SH initiated coverage on shares of Tanger in a report on Friday, July 18th. They issued a “buy” rating and a $35.00 price objective for the company. Six investment analysts have rated the stock with a hold rating and five have given a buy rating to the company. According to data from MarketBeat.com, Tanger has an average rating of “Hold” and a consensus target price of $36.40.

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.