Asset Management One Co. Ltd. lowered its holdings in shares of Tanger Inc. (NYSE:SKT - Free Report) by 24.2% during the third quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 155,773 shares of the real estate investment trust's stock after selling 49,823 shares during the quarter. Asset Management One Co. Ltd. owned about 0.14% of Tanger worth $5,169,000 as of its most recent filing with the Securities and Exchange Commission.
Other institutional investors and hedge funds have also modified their holdings of the company. Blue Trust Inc. grew its position in Tanger by 1,412.1% during the second quarter. Blue Trust Inc. now owns 877 shares of the real estate investment trust's stock worth $26,000 after buying an additional 819 shares in the last quarter. HHM Wealth Advisors LLC bought a new stake in shares of Tanger during the second quarter worth $27,000. Whittier Trust Co. acquired a new position in shares of Tanger during the second quarter worth approximately $33,000. GAMMA Investing LLC lifted its stake in shares of Tanger by 44.6% during the second quarter. GAMMA Investing LLC now owns 1,274 shares of the real estate investment trust's stock valued at $35,000 after acquiring an additional 393 shares during the period. Finally, CWM LLC raised its position in shares of Tanger by 418.6% during the 2nd quarter. CWM LLC now owns 1,732 shares of the real estate investment trust's stock valued at $47,000 after acquiring an additional 1,398 shares during the last quarter. Institutional investors and hedge funds own 85.23% of the company's stock.
Tanger Stock Up 0.2 %
SKT stock traded up $0.08 during midday trading on Friday, hitting $35.53. The stock had a trading volume of 1,439,429 shares, compared to its average volume of 737,180. The firm has a market cap of $3.89 billion, a price-to-earnings ratio of 41.34, a price-to-earnings-growth ratio of 2.87 and a beta of 1.88. The company has a debt-to-equity ratio of 2.53, a current ratio of 0.13 and a quick ratio of 0.13. Tanger Inc. has a 52-week low of $23.82 and a 52-week high of $35.85. The business has a 50-day moving average of $32.89 and a two-hundred day moving average of $29.54.
Tanger Announces Dividend
The firm also recently announced a quarterly dividend, which will be paid on Friday, November 15th. Shareholders of record on Thursday, October 31st will be paid a dividend of $0.275 per share. The ex-dividend date of this dividend is Thursday, October 31st. This represents a $1.10 annualized dividend and a yield of 3.10%. Tanger's dividend payout ratio is 127.91%.
Wall Street Analyst Weigh In
A number of brokerages have recently commented on SKT. Scotiabank boosted their price target on Tanger from $28.00 to $30.00 and gave the company a "sector perform" rating in a report on Monday, August 26th. Compass Point upped their price objective on shares of Tanger from $34.00 to $36.00 and gave the stock a "buy" rating in a research report on Friday, October 25th. Evercore ISI increased their price objective on shares of Tanger from $31.00 to $33.00 and gave the company an "in-line" rating in a research note on Thursday. Finally, Bank of America lifted their price objective on Tanger from $31.00 to $35.00 and gave the stock a "neutral" rating in a research note on Friday, October 11th. Three investment analysts have rated the stock with a hold rating and three have given a buy rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $32.67.
View Our Latest Research Report on Tanger
Tanger Company Profile
(
Free Report)
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.
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