Sei Investments Co. Cuts Holdings in Tanger Inc. (NYSE:SKT)

Sei Investments Co. reduced its stake in shares of Tanger Inc. (NYSE:SKT - Free Report) by 83.4% in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 35,160 shares of the real estate investment trust's stock after selling 176,816 shares during the quarter. Sei Investments Co.'s holdings in Tanger were worth $1,200,000 at the end of the most recent quarter.

Other hedge funds have also recently made changes to their positions in the company. Rhumbline Advisers boosted its position in Tanger by 2.6% in the 4th quarter. Rhumbline Advisers now owns 399,556 shares of the real estate investment trust's stock valued at $13,637,000 after buying an additional 10,283 shares during the period. Asset Management One Co. Ltd. boosted its holdings in shares of Tanger by 4.9% in the fourth quarter. Asset Management One Co. Ltd. now owns 163,420 shares of the real estate investment trust's stock valued at $5,560,000 after purchasing an additional 7,647 shares during the period. Charles Schwab Investment Management Inc. grew its stake in Tanger by 1.6% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 1,997,100 shares of the real estate investment trust's stock worth $68,161,000 after purchasing an additional 31,750 shares in the last quarter. Y Intercept Hong Kong Ltd purchased a new position in Tanger during the 4th quarter worth $709,000. Finally, GAMMA Investing LLC increased its holdings in Tanger by 24.9% during the 4th 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. 85.23% of the stock is currently owned by institutional investors.

Remove Ads

Tanger Stock Down 0.1 %

Shares of SKT stock traded down $0.04 during trading hours on Friday, reaching $30.91. 782,177 shares of the company's stock were exchanged, compared to its average volume of 760,862. Tanger Inc. has a 1 year low of $25.94 and a 1 year high of $37.57. The company has a current ratio of 0.44, a quick ratio of 0.13 and a debt-to-equity ratio of 2.09. The stock has a market cap of $3.50 billion, a PE ratio of 35.52, a PEG ratio of 2.97 and a beta of 1.49. The stock's fifty day moving average price is $33.34 and its two-hundred day moving average price is $34.01.

Tanger (NYSE:SKT - Get Free Report) last released its earnings results on Wednesday, February 19th. The real estate investment trust reported $0.54 earnings per share for the quarter, topping the consensus estimate 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%. Research analysts predict that Tanger Inc. will post 2.24 EPS for the current year.

Tanger Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, May 15th. Stockholders of record on Wednesday, April 30th will be paid a $0.2925 dividend. This represents a $1.17 annualized dividend and a dividend yield of 3.79%. This is a boost from Tanger's previous quarterly dividend of $0.28. The ex-dividend date is Wednesday, April 30th. Tanger's dividend payout ratio (DPR) is presently 134.48%.

Wall Street Analyst Weigh In

SKT has been the topic of several research reports. The Goldman Sachs Group upgraded Tanger from a "neutral" rating to a "buy" rating and raised their price target for the company from $39.00 to $40.00 in a research note on Friday, March 28th. Deutsche Bank Aktiengesellschaft assumed coverage on shares of Tanger in a report on Tuesday, December 17th. They issued a "hold" rating and a $37.00 price target for the company. Finally, BMO Capital Markets assumed coverage on shares of Tanger in a research note on Tuesday, January 28th. They set a "market perform" rating and a $36.00 price objective on the stock. Four equities research analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. According to data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $36.63.

Insider Buying and Selling

In other Tanger 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 value of $404,750.00. Following 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 ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Corporate insiders own 5.80% of the company's stock.

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.