Public Employees Retirement System of Ohio Cuts Stock Holdings in Tanger Inc. $SKT

Public Employees Retirement System of Ohio lessened its stake in Tanger Inc. (NYSE:SKT) by 17.1% during the first quarter, Holdings Channel reports. The firm owned 130,739 shares of the real estate investment trust’s stock after selling 27,006 shares during the period. Public Employees Retirement System of Ohio’s holdings in Tanger were worth $4,443,000 at the end of the most recent quarter.

Several other institutional investors also recently made changes to their positions in the stock. Freestone Grove Partners LP raised its position in shares of Tanger by 6,634.5% in the 4th quarter. Freestone Grove Partners LP now owns 1,184,674 shares of the real estate investment trust’s stock worth $39,533,000 after buying an additional 1,167,083 shares during the period. Schonfeld Strategic Advisors LLC grew its position in Tanger by 2,190.0% during the third quarter. Schonfeld Strategic Advisors LLC now owns 832,777 shares of the real estate investment trust’s stock valued at $28,181,000 after acquiring an additional 796,411 shares during the period. Vanguard Group Inc. increased its stake in Tanger by 4.6% during the fourth quarter. Vanguard Group Inc. now owns 17,949,640 shares of the real estate investment trust’s stock worth $598,979,000 after acquiring an additional 789,935 shares during the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC acquired a new stake in Tanger during the fourth quarter worth about $25,364,000. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its stake in Tanger by 436.9% during the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 801,200 shares of the real estate investment trust’s stock worth $27,073,000 after acquiring an additional 651,961 shares during the last quarter. 85.23% of the stock is owned by hedge funds and other institutional investors.

Tanger Price Performance

SKT stock opened at $41.55 on Thursday. The company has a debt-to-equity ratio of 2.67, a quick ratio of 3.36 and a current ratio of 3.36. Tanger Inc. has a 1 year low of $29.24 and a 1 year high of $42.53. The firm has a market cap of $4.77 billion, a P/E ratio of 38.84, a price-to-earnings-growth ratio of 2.15 and a beta of 1.09. The stock has a 50-day simple moving average of $39.19 and a 200-day simple moving average of $36.50.

Tanger (NYSE:SKT) last announced its earnings results on Thursday, April 30th. The real estate investment trust reported $0.24 EPS for the quarter, missing the consensus estimate of $0.28 by ($0.04). The company had revenue of $150.42 million for the quarter, compared to analysts’ expectations of $142.94 million. Tanger had a net margin of 20.76% and a return on equity of 17.53%. The business’s quarterly revenue was up 11.1% compared to the same quarter last year. During the same quarter in the previous year, the business posted $0.53 earnings per share. On average, equities analysts predict that Tanger Inc. will post 2.48 earnings per share for the current fiscal year.

Tanger Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, August 14th. Shareholders of record on Friday, July 31st will be given a $0.3125 dividend. The ex-dividend date of this dividend is Friday, July 31st. This represents a $1.25 annualized dividend and a yield of 3.0%. Tanger’s dividend payout ratio (DPR) is 116.82%.

Wall Street Analyst Weigh In

Several research firms have recently weighed in on SKT. LADENBURG THALM/SH SH lifted their price objective on Tanger from $40.00 to $42.00 and gave the company a “buy” rating in a research note on Wednesday, June 10th. BMO Capital Markets increased their target price on shares of Tanger from $40.00 to $42.00 and gave the stock a “market perform” rating in a research report on Monday, June 15th. Scotiabank raised their price target on shares of Tanger from $37.00 to $41.00 and gave the company a “sector perform” rating in a report on Thursday, June 18th. Weiss Ratings reaffirmed a “buy (b)” rating on shares of Tanger in a research report on Friday, July 17th. Finally, Bank of America reiterated an “underperform” rating and set a $38.00 price objective on shares of Tanger in a research note on Tuesday, June 16th. Two investment analysts have rated the stock with a Buy rating, seven have assigned a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat, Tanger currently has an average rating of “Hold” and an average price target of $39.70.

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.