PNC Financial Services Group Inc. Has $1.15 Million Stock Holdings in Tanger Inc. (NYSE:SKT)

PNC Financial Services Group Inc. lowered its position in shares of Tanger Inc. (NYSE:SKT - Free Report) by 29.4% during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 33,660 shares of the real estate investment trust's stock after selling 14,007 shares during the quarter. PNC Financial Services Group Inc.'s holdings in Tanger were worth $1,149,000 as of its most recent SEC filing.

A number of other large investors have also made changes to their positions in the company. Mutual of America Capital Management LLC raised its holdings in shares of Tanger by 1.9% during the fourth quarter. Mutual of America Capital Management LLC now owns 16,767 shares of the real estate investment trust's stock valued at $572,000 after acquiring an additional 319 shares during the period. DAVENPORT & Co LLC increased its stake in Tanger by 1.4% in the 4th quarter. DAVENPORT & Co LLC now owns 31,462 shares of the real estate investment trust's stock valued at $1,074,000 after buying an additional 425 shares during the period. GAMMA Investing LLC increased its stake in 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 buying an additional 514 shares during the period. Exchange Traded Concepts LLC increased its stake in Tanger by 12.8% in the 4th quarter. Exchange Traded Concepts LLC now owns 5,131 shares of the real estate investment trust's stock valued at $175,000 after buying an additional 583 shares during the period. Finally, Louisiana State Employees Retirement System increased its stake in Tanger by 1.1% in the 4th quarter. Louisiana State Employees Retirement System now owns 53,500 shares of the real estate investment trust's stock valued at $1,826,000 after buying an additional 600 shares during the period. Institutional investors and hedge funds own 85.23% of the company's stock.

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Tanger Stock Down 1.5 %

SKT stock traded down $0.50 during trading hours on Thursday, hitting $32.24. The company's stock had a trading volume of 579,410 shares, compared to its average volume of 678,964. 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 company has a market capitalization of $3.63 billion, a PE ratio of 37.05, a price-to-earnings-growth ratio of 2.97 and a beta of 1.88. Tanger Inc. has a 12 month low of $25.94 and a 12 month high of $37.57. The stock has a 50 day moving average price of $33.68 and a two-hundred day moving average price of $33.93.

Tanger (NYSE:SKT - Get Free Report) last posted its earnings results on Wednesday, February 19th. The real estate investment trust reported $0.54 EPS for the quarter, topping the consensus estimate of $0.52 by $0.02. The company had revenue of $132.17 million during 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%. On average, equities research analysts expect that Tanger Inc. will post 2.24 earnings per share for the current year.

Tanger Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, February 14th. Investors of record on Friday, January 31st were issued a dividend of $0.275 per share. This represents a $1.10 annualized dividend and a dividend yield of 3.41%. The ex-dividend date was Friday, January 31st. Tanger's dividend payout ratio is currently 126.44%.

Analysts Set New Price Targets

Several research analysts have weighed in on the stock. BMO Capital Markets assumed coverage on shares of Tanger in a research note on Tuesday, January 28th. They issued a "market perform" rating and a $36.00 price objective on the stock. Deutsche Bank Aktiengesellschaft assumed coverage on shares of Tanger in a research note on Tuesday, December 17th. They issued a "hold" rating and a $37.00 price objective on the stock. Five investment analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of "Hold" and an average target price of $36.00.

Insider Buying and Selling

In related news, COO Gallardo Leslie Swanson sold 12,500 shares of the company's stock in a transaction on Tuesday, March 11th. The shares were sold at an average price of $32.38, for a total transaction of $404,750.00. Following the completion of the sale, the chief operating officer now directly owns 113,158 shares of the company's stock, valued at approximately $3,664,056.04. This represents a 9.95 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 5.80% of the stock is owned by insiders.

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.