Truist Financial Corp Buys 54,179 Shares of Tanger Inc. $SKT

Truist Financial Corp grew its stake in Tanger Inc. (NYSE:SKT) by 736.7% in the third quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 61,533 shares of the real estate investment trust’s stock after buying an additional 54,179 shares during the period. Truist Financial Corp owned approximately 0.05% of Tanger worth $2,082,000 as of its most recent SEC filing.

A number of other hedge funds have also made changes to their positions in SKT. Salomon & Ludwin LLC acquired a new stake in Tanger in the 3rd quarter worth approximately $26,000. EverSource Wealth Advisors LLC raised its position in shares of Tanger by 127.3% in the second quarter. EverSource Wealth Advisors LLC now owns 948 shares of the real estate investment trust’s stock valued at $29,000 after purchasing an additional 531 shares during the period. City Holding Co. acquired a new stake in shares of Tanger in the third quarter worth $34,000. Neo Ivy Capital Management boosted its holdings in shares of Tanger by 346.3% during the 2nd quarter. Neo Ivy Capital Management now owns 1,312 shares of the real estate investment trust’s stock worth $40,000 after buying an additional 1,018 shares during the period. Finally, Atlantic Union Bankshares Corp bought a new stake in shares of Tanger during the 2nd quarter worth $47,000. Institutional investors and hedge funds own 85.23% of the company’s stock.

Tanger Stock Up 1.4%

SKT opened at $33.58 on Friday. The company has a market capitalization of $3.87 billion, a P/E ratio of 35.72, a P/E/G ratio of 1.47 and a beta of 1.18. The company has a debt-to-equity ratio of 2.20, a current ratio of 0.51 and a quick ratio of 0.51. The firm’s fifty day moving average price is $33.36 and its two-hundred day moving average price is $33.17. Tanger Inc. has a fifty-two week low of $28.69 and a fifty-two week high of $36.76.

Tanger Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, February 13th. Stockholders of record on Friday, January 30th will be issued a $0.2925 dividend. The ex-dividend date of this dividend is Friday, January 30th. This represents a $1.17 dividend on an annualized basis and a dividend yield of 3.5%. Tanger’s dividend payout ratio is presently 124.47%.

Analyst Upgrades and Downgrades

SKT has been the topic of several recent analyst reports. Citigroup reiterated a “neutral” rating and issued a $35.00 target price (down previously from $38.00) on shares of Tanger in a report on Wednesday, November 19th. Evercore lifted their price objective on Tanger from $35.00 to $36.00 and gave the stock an “in-line” rating in a research note on Friday, October 17th. Scotiabank boosted their price objective on Tanger from $33.00 to $34.00 and gave the stock a “sector perform” rating in a research report on Wednesday, January 14th. Weiss Ratings restated a “buy (b)” rating on shares of Tanger in a research note on Wednesday, January 21st. Finally, Barclays reaffirmed a “positive” rating and issued a $36.00 price target on shares of Tanger in a research report on Tuesday, January 13th. One research analyst has rated the stock with a Strong Buy rating, three have given a Buy rating and three have assigned a Hold rating to the company’s stock. According to data from MarketBeat, Tanger currently has a consensus rating of “Moderate Buy” and an average target price of $36.00.

About Tanger

Tanger Factory Outlet Centers, Inc (NYSE: SKT) is a real estate investment trust specializing in the ownership, development and management of outlet shopping centers. The company’s portfolio comprises more than 40 outlet properties anchored by leading fashion and lifestyle brands. Tanger’s centers are designed to offer off-price retail experiences in open-air, community-oriented settings, providing value-focused shoppers with access to premium brands at reduced prices.

Founded in 1981 by Stanley K.