Tanger Inc. (NYSE:SKT) Shares Sold by Victory Capital Management Inc.

Victory Capital Management Inc. lowered its holdings in Tanger Inc. (NYSE:SKT - Free Report) by 64.3% in the third quarter, according to its most recent disclosure with the SEC. The institutional investor owned 21,170 shares of the real estate investment trust's stock after selling 38,068 shares during the period. Victory Capital Management Inc.'s holdings in Tanger were worth $702,000 at the end of the most recent reporting period.

Other large investors have also recently added to or reduced their stakes in the company. Blue Trust Inc. increased its holdings in Tanger by 1,412.1% during the 2nd quarter. Blue Trust Inc. now owns 877 shares of the real estate investment trust's stock worth $26,000 after purchasing an additional 819 shares during the period. HHM Wealth Advisors LLC acquired a new stake in Tanger in the second quarter valued at approximately $27,000. Whittier Trust Co. purchased a new position in Tanger in the second quarter worth approximately $33,000. GAMMA Investing LLC grew its holdings in Tanger by 44.6% during the 2nd quarter. GAMMA Investing LLC now owns 1,274 shares of the real estate investment trust's stock worth $35,000 after acquiring an additional 393 shares in the last quarter. Finally, CWM LLC increased its position in shares of Tanger by 418.6% in the 2nd 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. 85.23% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

SKT has been the subject of several recent analyst reports. Compass Point lifted their price objective on shares of Tanger from $34.00 to $36.00 and gave the stock a "buy" rating in a research report 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 report on Monday, August 26th. Citigroup increased their price objective on Tanger from $34.00 to $41.00 and gave the company a "buy" rating in a report on Wednesday, November 13th. Bank of America raised Tanger from a "neutral" rating to a "buy" rating and raised their target price for the stock from $35.00 to $40.00 in a research report on Monday, November 11th. Finally, Evercore ISI upped their price target on Tanger from $31.00 to $33.00 and gave the company an "in-line" rating in a report on Thursday, November 7th. Three investment analysts have rated the stock with a hold rating and four have issued a buy rating to the company. Based on data from MarketBeat.com, Tanger presently has an average rating of "Moderate Buy" and a consensus price target of $34.86.

Tanger Stock Performance

Shares of SKT traded down $0.13 during mid-day trading on Friday, reaching $36.97. 379,216 shares of the company's stock were exchanged, compared to its average volume of 737,337. The business's fifty day simple moving average is $34.46 and its 200-day simple moving average is $30.41. The stock has a market capitalization of $4.09 billion, a PE ratio of 42.99, a price-to-earnings-growth ratio of 2.90 and a beta of 1.88. Tanger Inc. has a 52-week low of $24.72 and a 52-week high of $37.57. The company has a debt-to-equity ratio of 2.40, a current ratio of 0.13 and a quick ratio of 0.13.

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

Tanger Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, November 15th. Shareholders of record on Thursday, October 31st were given a dividend of $0.275 per share. The ex-dividend date was Thursday, October 31st. This represents a $1.10 dividend on an annualized basis and a yield of 2.98%. Tanger's payout ratio is 127.91%.

Insiders Place Their Bets

In other news, CAO Thomas Joseph Guerrieri, Jr. sold 3,000 shares of Tanger stock in a transaction dated Tuesday, November 19th. The shares were sold at an average price of $36.27, for a total value of $108,810.00. Following the sale, the chief accounting officer now owns 59,641 shares of the company's stock, valued at $2,163,179.07. The trade was a 4.79 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 5.80% of the stock is owned by insiders.

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.