Prudential Financial Inc. Cuts Stock Holdings in Tanger Inc. (NYSE:SKT)

Prudential Financial Inc. lowered its holdings in shares of Tanger Inc. (NYSE:SKT - Free Report) by 13.9% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 111,535 shares of the real estate investment trust's stock after selling 17,950 shares during the period. Prudential Financial Inc. owned approximately 0.10% of Tanger worth $3,807,000 at the end of the most recent reporting period.

Several other hedge funds have also bought and sold shares of SKT. Fox Run Management L.L.C. lifted its holdings in shares of Tanger by 56.9% during the fourth quarter. Fox Run Management L.L.C. now owns 22,429 shares of the real estate investment trust's stock valued at $766,000 after purchasing an additional 8,135 shares during the last quarter. KLP Kapitalforvaltning AS purchased a new position in Tanger during the fourth quarter valued at $754,000. American Century Companies Inc. boosted its holdings in Tanger by 3.3% in the fourth quarter. American Century Companies Inc. now owns 36,967 shares of the real estate investment trust's stock worth $1,262,000 after acquiring an additional 1,193 shares in the last quarter. Quantbot Technologies LP grew its stake in shares of Tanger by 50.3% in the fourth quarter. Quantbot Technologies LP now owns 98,090 shares of the real estate investment trust's stock worth $3,348,000 after acquiring an additional 32,824 shares during the last quarter. Finally, Commonwealth of Pennsylvania Public School Empls Retrmt SYS increased its holdings in shares of Tanger by 38.7% during the fourth quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 58,061 shares of the real estate investment trust's stock valued at $1,982,000 after acquiring an additional 16,203 shares in the last quarter. Institutional investors own 85.23% of the company's stock.

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Tanger Stock Performance

Shares of NYSE:SKT traded down $2.97 during trading on Thursday, hitting $31.68. The company's stock had a trading volume of 1,832,690 shares, compared to its average volume of 742,518. The company has a 50-day moving average of $33.69 and a 200-day moving average of $34.06. The company has a debt-to-equity ratio of 2.09, a current ratio of 0.44 and a quick ratio of 0.13. The firm has a market cap of $3.57 billion, a price-to-earnings ratio of 36.41, a P/E/G 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.

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 the consensus estimate of $0.52 by $0.02. Tanger had a return on equity of 16.16% and a net margin of 18.65%. The business had revenue of $132.17 million during the quarter, compared to analyst estimates of $129.10 million. On average, sell-side 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. Stockholders of record on Friday, January 31st were given a dividend of $0.275 per share. The ex-dividend date of this dividend was Friday, January 31st. This represents a $1.10 annualized dividend and a dividend yield of 3.47%. Tanger's payout ratio is 126.44%.

Insider Activity at Tanger

In related news, COO Gallardo Leslie Swanson sold 12,500 shares of Tanger stock in a transaction that occurred on Tuesday, March 11th. The stock was sold at an average price of $32.38, for a total transaction 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 trade represents a 9.95 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 5.80% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

A number of brokerages recently issued reports on SKT. 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 target on the stock. The Goldman Sachs Group upgraded shares of Tanger from a "neutral" rating to a "buy" rating and upped their target price for the stock from $39.00 to $40.00 in a research note on Friday, March 28th. Finally, 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. Four equities research analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. According to MarketBeat.com, Tanger currently has a consensus rating of "Moderate Buy" and an average price target of $36.63.

Tanger 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.