Great Lakes Advisors LLC Sells 7,866 Shares of Tanger Inc. (NYSE:SKT)

Great Lakes Advisors LLC reduced its position in Tanger Inc. (NYSE:SKT - Free Report) by 2.9% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 259,363 shares of the real estate investment trust's stock after selling 7,866 shares during the quarter. Great Lakes Advisors LLC owned approximately 0.23% of Tanger worth $8,852,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds have also modified their holdings of the company. Loomis Sayles & Co. L P boosted its position in shares of Tanger by 3,393.9% in the third quarter. Loomis Sayles & Co. L P now owns 1,712 shares of the real estate investment trust's stock worth $57,000 after purchasing an additional 1,663 shares during the period. GAMMA Investing LLC boosted its position in shares of Tanger by 24.9% in the fourth quarter. GAMMA Investing LLC now owns 2,578 shares of the real estate investment trust's stock worth $88,000 after purchasing an additional 514 shares during the period. Smartleaf Asset Management LLC boosted its position in shares of Tanger by 415.7% in the fourth quarter. Smartleaf Asset Management LLC now owns 2,790 shares of the real estate investment trust's stock worth $95,000 after purchasing an additional 2,249 shares during the period. KBC Group NV boosted its position in shares of Tanger by 31.5% in the third quarter. KBC Group NV now owns 3,679 shares of the real estate investment trust's stock worth $122,000 after purchasing an additional 881 shares during the period. Finally, Truvestments Capital LLC bought a new position in shares of Tanger during the third quarter worth $160,000. 85.23% of the stock is currently owned by institutional investors.

Insider Activity

In other news, COO Gallardo Leslie Swanson sold 12,500 shares of the stock in a transaction on Tuesday, March 11th. The shares were sold at an average price of $32.38, for a total value of $404,750.00. Following the sale, the chief operating officer now owns 113,158 shares of the company's stock, valued at approximately $3,664,056.04. This represents a 9.95 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Insiders own 5.80% of the company's stock.

Wall Street Analysts Forecast Growth

SKT has been the subject of a number of research reports. Deutsche Bank Aktiengesellschaft initiated coverage on shares of Tanger in a research report on Tuesday, December 17th. They set a "hold" rating and a $37.00 target price for the company. Citigroup upped their target price on shares of Tanger from $34.00 to $41.00 and gave the stock a "buy" rating in a research report on Wednesday, November 13th. BMO Capital Markets initiated coverage on shares of Tanger in a research report on Tuesday, January 28th. They set a "market perform" rating and a $36.00 target price for the company. Finally, The Goldman Sachs Group upped their target price on shares of Tanger from $31.00 to $35.00 and gave the stock a "neutral" rating in a research report on Friday, November 15th. Five investment analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. Based on data from MarketBeat, the stock currently has an average rating of "Hold" and a consensus price target of $36.00.

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Tanger Price Performance

Tanger stock opened at $32.65 on Thursday. The company has a market cap of $3.68 billion, a price-to-earnings ratio of 37.52, a PEG ratio of 2.97 and a beta of 1.88. The firm's fifty day moving average is $33.85 and its 200 day moving average is $33.87. The company has a quick ratio of 0.13, a current ratio of 0.44 and a debt-to-equity ratio of 2.09. Tanger Inc. has a 52-week low of $25.94 and a 52-week high of $37.57.

Tanger (NYSE:SKT - Get Free Report) last released its quarterly earnings results on Wednesday, February 19th. The real estate investment trust reported $0.54 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.52 by $0.02. The company had revenue of $132.17 million for the quarter, compared to the consensus estimate of $129.10 million. Tanger had a net margin of 18.65% and a return on equity of 16.16%. Sell-side analysts forecast that Tanger Inc. will post 2.24 EPS for the current fiscal year.

Tanger Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, February 14th. Stockholders of record on Friday, January 31st were paid a $0.275 dividend. This represents a $1.10 annualized dividend and a dividend yield of 3.37%. The ex-dividend date of this dividend was Friday, January 31st. Tanger's dividend payout ratio is currently 126.44%.

About Tanger

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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