Tanger Inc. $SKT Shares Sold by Presima Securities ULC

Presima Securities ULC lessened its holdings in Tanger Inc. (NYSE:SKT) by 16.9% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 392,559 shares of the real estate investment trust’s stock after selling 80,065 shares during the period. Tanger comprises about 3.7% of Presima Securities ULC’s portfolio, making the stock its 12th largest holding. Presima Securities ULC’s holdings in Tanger were worth $13,284,000 at the end of the most recent quarter.

A number of other large investors also recently bought and sold shares of SKT. Truist Financial Corp grew its holdings in Tanger by 736.7% in the third quarter. Truist Financial Corp now owns 61,533 shares of the real estate investment trust’s stock valued at $2,082,000 after purchasing an additional 54,179 shares during the period. Oliver Luxxe Assets LLC purchased a new position in shares of Tanger during the 3rd quarter valued at approximately $1,867,000. JPMorgan Chase & Co. grew its stake in Tanger by 10.9% in the 2nd quarter. JPMorgan Chase & Co. now owns 777,637 shares of the real estate investment trust’s stock valued at $23,780,000 after acquiring an additional 76,330 shares during the period. Geode Capital Management LLC grew its stake in Tanger by 2.4% in the 2nd quarter. Geode Capital Management LLC now owns 2,841,121 shares of the real estate investment trust’s stock valued at $86,892,000 after acquiring an additional 65,599 shares during the period. Finally, SG Americas Securities LLC purchased a new stake in Tanger in the 3rd quarter worth $1,218,000. Institutional investors and hedge funds own 85.23% of the company’s stock.

Wall Street Analyst Weigh In

Several equities analysts have issued reports on the stock. Citigroup reaffirmed a “neutral” rating and set a $35.00 price objective (down from $38.00) on shares of Tanger in a report on Wednesday, November 19th. LADENBURG THALM/SH SH raised shares of Tanger to a “strong-buy” rating in a research note on Thursday, November 20th. Scotiabank lifted their price target on Tanger from $33.00 to $34.00 and gave the stock a “sector perform” rating in a research note on Wednesday, January 14th. Barclays reaffirmed a “positive” rating and set a $36.00 target price on shares of Tanger in a research note on Tuesday, January 13th. Finally, Weiss Ratings reiterated a “buy (b)” rating on shares of Tanger in a research report on Wednesday, January 21st. One investment 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 stock. Based on data from MarketBeat.com, Tanger presently has an average rating of “Moderate Buy” and a consensus target price of $36.00.

Tanger Price Performance

NYSE:SKT opened at $34.56 on Thursday. Tanger Inc. has a one year low of $28.69 and a one year high of $36.76. The stock has a market cap of $3.98 billion, a PE ratio of 36.77, a P/E/G ratio of 1.53 and a beta of 1.18. The company has a debt-to-equity ratio of 2.20, a quick ratio of 0.51 and a current ratio of 0.51. The stock has a 50 day moving average price of $33.58 and a 200 day moving average price of $33.35.

Tanger Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, February 13th. Investors of record on Friday, January 30th were issued a $0.2925 dividend. The ex-dividend date of this dividend was Friday, January 30th. This represents a $1.17 dividend on an annualized basis and a dividend yield of 3.4%. Tanger’s dividend payout ratio is currently 124.47%.

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.