Wellington Management Group LLP Decreases Stake in Tanger Inc. (NYSE:SKT)

Wellington Management Group LLP lessened its stake in Tanger Inc. (NYSE:SKT - Free Report) by 29.6% during the third quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 2,051,176 shares of the real estate investment trust's stock after selling 862,623 shares during the quarter. Wellington Management Group LLP owned approximately 1.85% of Tanger worth $68,058,000 at the end of the most recent quarter.

Several other institutional investors have also bought and sold shares of the company. Blue Trust Inc. raised its stake in shares of Tanger by 1,412.1% in the second quarter. Blue Trust Inc. now owns 877 shares of the real estate investment trust's stock valued at $26,000 after buying an additional 819 shares during the period. HHM Wealth Advisors LLC bought a new stake in Tanger in the 2nd quarter valued at about $27,000. Whittier Trust Co. bought a new stake in Tanger in the 2nd quarter valued at about $33,000. CWM LLC lifted its holdings in Tanger by 418.6% during the second quarter. CWM LLC now owns 1,732 shares of the real estate investment trust's stock valued at $47,000 after purchasing an additional 1,398 shares during the last quarter. Finally, Point72 Asia Singapore Pte. Ltd. bought a new position in Tanger during the second quarter worth about $49,000. Hedge funds and other institutional investors own 85.23% of the company's stock.

Analyst Ratings Changes

Several analysts have recently issued reports on SKT shares. The Goldman Sachs Group boosted their price target on shares of Tanger from $31.00 to $35.00 and gave the company a "neutral" rating in a research report on Friday, November 15th. Compass Point increased their target price on Tanger from $34.00 to $36.00 and gave the stock a "buy" rating in a research report on Friday, October 25th. Bank of America upgraded Tanger from a "neutral" rating to a "buy" rating and lifted their price target for the company from $35.00 to $40.00 in a research report on Monday, November 11th. Citigroup boosted their price objective on Tanger from $34.00 to $41.00 and gave the company a "buy" rating in a research note on Wednesday, November 13th. Finally, Evercore ISI raised their target price on Tanger from $31.00 to $33.00 and gave the stock an "in-line" rating in a research note on Thursday, November 7th. Three equities research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. Based on data from MarketBeat, the company presently has an average rating of "Moderate Buy" and an average target price of $34.86.

Insider Transactions at Tanger

In other news, CAO Thomas Joseph Guerrieri, Jr. sold 3,000 shares of the company's stock in a transaction dated 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 in the company, valued at approximately $2,163,179.07. This represents a 4.79 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Insiders own 5.80% of the company's stock.

Tanger Price Performance

Shares of SKT stock traded up $0.08 on Wednesday, reaching $35.58. The company's stock had a trading volume of 496,042 shares, compared to its average volume of 730,753. The company has a market capitalization of $3.94 billion, a P/E ratio of 41.29, a PEG ratio of 2.84 and a beta of 1.90. Tanger Inc. has a 12-month low of $25.67 and a 12-month high of $37.57. The stock's 50 day simple moving average is $34.97 and its 200-day simple moving average is $30.87. The company has a quick ratio of 0.13, a current ratio of 0.13 and a debt-to-equity ratio of 2.40.

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

Tanger Announces Dividend

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

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.