Citigroup Inc. Sells 73,102 Shares of Tanger Inc. $SKT

Citigroup Inc. cut its stake in shares of Tanger Inc. (NYSE:SKT) by 39.7% during the 3rd quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 111,212 shares of the real estate investment trust’s stock after selling 73,102 shares during the period. Citigroup Inc. owned about 0.10% of Tanger worth $3,763,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Salomon & Ludwin LLC purchased a new position in shares of Tanger during the 3rd quarter valued at about $26,000. EverSource Wealth Advisors LLC boosted 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 worth $29,000 after purchasing an additional 531 shares during the period. City Holding Co. bought a new position in shares of Tanger in the third quarter worth approximately $34,000. Neo Ivy Capital Management increased its stake in shares of Tanger by 346.3% in the second quarter. Neo Ivy Capital Management now owns 1,312 shares of the real estate investment trust’s stock worth $40,000 after purchasing an additional 1,018 shares in the last quarter. Finally, Atlantic Union Bankshares Corp bought a new stake in shares of Tanger during the 2nd quarter valued at $47,000. Hedge funds and other institutional investors own 85.23% of the company’s stock.

Tanger Stock Performance

NYSE SKT opened at $36.74 on Friday. The company has a debt-to-equity ratio of 2.17, a current ratio of 0.40 and a quick ratio of 0.40. Tanger Inc. has a 1-year low of $28.69 and a 1-year high of $37.95. The business has a 50 day simple moving average of $34.14 and a two-hundred day simple moving average of $33.69. The stock has a market capitalization of $4.21 billion, a PE ratio of 36.74, a P/E/G ratio of 1.63 and a beta of 1.16.

Tanger Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, February 13th. Shareholders of record on Friday, January 30th were given a dividend of $0.2925 per share. The ex-dividend date was Friday, January 30th. This represents a $1.17 annualized dividend and a yield of 3.2%. Tanger’s dividend payout ratio (DPR) is 117.00%.

Analyst Upgrades and Downgrades

Several research analysts recently weighed in on the stock. Compass Point downgraded shares of Tanger from a “buy” rating to a “neutral” rating and set a $38.00 target price for the company. in a report on Thursday, February 26th. Citigroup reiterated a “neutral” rating and set a $35.00 target price (down from $38.00) on shares of Tanger in a research report on Wednesday, November 19th. Barclays lifted their target price on Tanger from $36.00 to $38.00 and gave the company an “equal weight” rating in a research note on Monday. LADENBURG THALM/SH SH upgraded Tanger to a “strong-buy” rating in a research note on Thursday, November 20th. Finally, Weiss Ratings reaffirmed a “buy (b)” rating on shares of Tanger in a report on Wednesday, January 21st. One research analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating and five have given a Hold rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $36.57.

Tanger Company Profile

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.