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PNC Financial Services Group Inc. Sells 14,007 Shares of Tanger Inc. (NYSE:SKT)

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PNC Financial Services Group Inc. trimmed its position in Tanger Inc. (NYSE:SKT - Free Report) by 29.4% in the fourth quarter, according to its most recent filing with the SEC. The fund owned 33,660 shares of the real estate investment trust's stock after selling 14,007 shares during the period. PNC Financial Services Group Inc.'s holdings in Tanger were worth $1,149,000 as of its most recent filing with the SEC.

A number of other large investors also recently modified their holdings of SKT. Loomis Sayles & Co. L P lifted its stake in shares of Tanger by 3,393.9% in the 3rd quarter. Loomis Sayles & Co. L P now owns 1,712 shares of the real estate investment trust's stock valued at $57,000 after acquiring an additional 1,663 shares during the last quarter. GAMMA Investing LLC lifted its stake in shares of Tanger by 24.9% in the 4th quarter. GAMMA Investing LLC now owns 2,578 shares of the real estate investment trust's stock valued at $88,000 after acquiring an additional 514 shares during the last quarter. Smartleaf Asset Management LLC lifted its stake in shares of Tanger by 415.7% in the 4th quarter. Smartleaf Asset Management LLC now owns 2,790 shares of the real estate investment trust's stock valued at $95,000 after acquiring an additional 2,249 shares during the last quarter. KBC Group NV lifted its stake in shares of Tanger by 31.5% in the 3rd quarter. KBC Group NV now owns 3,679 shares of the real estate investment trust's stock valued at $122,000 after acquiring an additional 881 shares during the last quarter. Finally, Truvestments Capital LLC bought a new position in shares of Tanger in the 3rd quarter valued at $160,000. 85.23% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

A number of research analysts have recently commented on SKT shares. Deutsche Bank Aktiengesellschaft started coverage on Tanger in a research note on Tuesday, December 17th. They issued a "hold" rating and a $37.00 price target for the company. BMO Capital Markets assumed coverage on Tanger in a report on Tuesday, January 28th. They issued a "market perform" rating and a $36.00 price objective for the company. Five research analysts have rated the stock with a hold rating and three have issued a buy rating to the company's stock. Based on data from MarketBeat.com, Tanger has a consensus rating of "Hold" and an average target price of $36.00.

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Read Our Latest Analysis on Tanger

Tanger Trading Down 0.2 %

Tanger stock traded down $0.08 during trading hours on Wednesday, reaching $32.13. 21,910 shares of the company's stock were exchanged, compared to its average volume of 675,743. The company has a quick ratio of 0.13, a current ratio of 0.44 and a debt-to-equity ratio of 2.09. The firm's 50 day simple moving average is $33.68 and its 200 day simple moving average is $33.93. Tanger Inc. has a twelve month low of $25.94 and a twelve month high of $37.57. The firm has a market capitalization of $3.62 billion, a PE ratio of 36.95, a PEG ratio of 2.97 and a beta of 1.88.

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

Tanger Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, February 14th. Shareholders of record on Friday, January 31st were issued a dividend of $0.275 per share. The ex-dividend date was Friday, January 31st. This represents a $1.10 dividend on an annualized basis and a yield of 3.42%. Tanger's payout ratio is currently 126.44%.

Insiders Place Their Bets

In other news, COO Gallardo Leslie Swanson sold 12,500 shares of the stock in a transaction dated Tuesday, March 11th. The shares were sold at an average price of $32.38, for a total transaction of $404,750.00. Following the transaction, the chief operating officer now owns 113,158 shares of the company's stock, valued at $3,664,056.04. This represents a 9.95 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Company insiders own 5.80% of the company's stock.

Tanger 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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Institutional Ownership by Quarter for Tanger (NYSE:SKT)

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