Point72 Asset Management L.P. Has $1.41 Million Holdings in Tanger Inc. (NYSE:SKT)

Point72 Asset Management L.P. trimmed its holdings in Tanger Inc. (NYSE:SKT - Free Report) by 66.7% in the 3rd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 42,537 shares of the real estate investment trust's stock after selling 85,156 shares during the period. Point72 Asset Management L.P.'s holdings in Tanger were worth $1,411,000 as of its most recent SEC filing.

Several other hedge funds also recently modified their holdings of SKT. Natixis Advisors LLC raised its stake in shares of Tanger by 55.3% in the 3rd quarter. Natixis Advisors LLC now owns 72,131 shares of the real estate investment trust's stock valued at $2,393,000 after acquiring an additional 25,683 shares in the last quarter. Charles Schwab Investment Management Inc. grew its holdings in Tanger by 1.1% during the third quarter. Charles Schwab Investment Management Inc. now owns 1,965,350 shares of the real estate investment trust's stock valued at $65,210,000 after purchasing an additional 21,793 shares during the last quarter. Allspring Global Investments Holdings LLC raised its position in shares of Tanger by 13.6% in the third quarter. Allspring Global Investments Holdings LLC now owns 317,549 shares of the real estate investment trust's stock valued at $10,536,000 after purchasing an additional 38,036 shares during the period. Bailard Inc. lifted its stake in shares of Tanger by 64.4% in the second quarter. Bailard Inc. now owns 24,500 shares of the real estate investment trust's stock worth $664,000 after buying an additional 9,600 shares during the last quarter. Finally, Thrivent Financial for Lutherans boosted its holdings in shares of Tanger by 42.2% during the 2nd quarter. Thrivent Financial for Lutherans now owns 368,612 shares of the real estate investment trust's stock worth $9,993,000 after buying an additional 109,388 shares during the period. Institutional investors and hedge funds own 85.23% of the company's stock.

Insider Transactions at Tanger

In other news, CAO Thomas Joseph Guerrieri, Jr. sold 3,000 shares of the stock in a transaction that occurred on Tuesday, November 19th. The stock was sold at an average price of $36.27, for a total value of $108,810.00. Following the completion of the transaction, the chief accounting officer now directly owns 59,641 shares of the company's stock, valued at approximately $2,163,179.07. This represents a 4.79 % decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. 5.80% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

Several research analysts recently commented on SKT shares. The Goldman Sachs Group lifted their target price on shares of Tanger from $31.00 to $35.00 and gave the stock a "neutral" rating in a report on Friday, November 15th. Citigroup lifted their price objective on Tanger from $34.00 to $41.00 and gave the stock a "buy" rating in a research note on Wednesday, November 13th. Compass Point increased their target price on Tanger from $34.00 to $36.00 and gave the company a "buy" rating in a research note on Friday, October 25th. Scotiabank lifted their price target on Tanger from $28.00 to $30.00 and gave the stock a "sector perform" rating in a research report on Monday, August 26th. Finally, Evercore ISI upped their price target on Tanger from $31.00 to $33.00 and gave the stock an "in-line" rating in a report on Thursday, November 7th. Three equities research analysts have rated the stock with a hold rating and four have issued a buy rating to the company's stock. According to data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $34.86.

Tanger Stock Performance

SKT traded up $0.08 on Wednesday, hitting $35.58. 460,019 shares of the stock traded hands, compared to its average volume of 730,753. The business has a fifty day moving average price of $35.03 and a two-hundred day moving average price of $30.91. The company has a current ratio of 0.13, a quick ratio of 0.13 and a debt-to-equity ratio of 2.40. The firm has a market capitalization of $3.94 billion, a PE ratio of 41.37, a P/E/G ratio of 2.84 and a beta of 1.90. Tanger Inc. has a 52 week low of $25.67 and a 52 week high of $37.57.

Tanger (NYSE:SKT - Get Free Report) last released its quarterly earnings data on Wednesday, November 6th. The real estate investment trust reported $0.22 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.53 by ($0.31). The firm had revenue of $133.00 million for the quarter, compared to the consensus estimate of $125.80 million. Tanger had a net margin of 18.55% and a return on equity of 16.25%. The business's revenue for the quarter was up 13.3% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.50 earnings per share. On average, research analysts predict that Tanger Inc. will post 2.11 EPS for the current fiscal year.

Tanger Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Friday, November 15th. Stockholders of record on Thursday, October 31st were issued a dividend of $0.275 per share. This represents a $1.10 dividend on an annualized basis and a dividend yield of 3.09%. The ex-dividend date was Thursday, October 31st. Tanger's payout ratio is 127.91%.

Tanger Company Profile

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.