Waterfront Capital Partners LLC Has $15.41 Million Holdings in Tanger Inc. (NYSE:SKT)

Waterfront Capital Partners LLC cut its holdings in shares of Tanger Inc. (NYSE:SKT - Free Report) by 57.3% in the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 464,497 shares of the real estate investment trust's stock after selling 623,608 shares during the period. Tanger makes up about 2.1% of Waterfront Capital Partners LLC's investment portfolio, making the stock its 16th largest holding. Waterfront Capital Partners LLC owned about 0.42% of Tanger worth $15,412,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also added to or reduced their stakes in the company. Price T Rowe Associates Inc. MD grew its position in Tanger by 2.9% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 61,197 shares of the real estate investment trust's stock valued at $1,808,000 after buying an additional 1,752 shares in the last quarter. Public Employees Retirement System of Ohio boosted its holdings in shares of Tanger by 1.5% in the first quarter. Public Employees Retirement System of Ohio now owns 155,134 shares of the real estate investment trust's stock valued at $4,581,000 after acquiring an additional 2,284 shares in the last quarter. GAMMA Investing LLC boosted its holdings in shares of Tanger by 44.6% in the second quarter. GAMMA Investing LLC now owns 1,274 shares of the real estate investment trust's stock valued at $35,000 after acquiring an additional 393 shares in the last quarter. CWM LLC increased its stake in shares of 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 acquiring an additional 1,398 shares during the period. Finally, Blue Trust Inc. raised its holdings in Tanger by 1,412.1% during the second 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 in the last quarter. 85.23% of the stock is owned by institutional investors.

Tanger Stock Down 0.4 %

Shares of Tanger stock traded down $0.13 during midday trading on Friday, hitting $36.97. The company's stock had a trading volume of 379,216 shares, compared to its average volume of 737,337. The firm has a market capitalization of $4.09 billion, a P/E ratio of 42.99, a PEG ratio of 2.90 and a beta of 1.88. Tanger Inc. has a 1-year low of $24.72 and a 1-year high of $37.57. The company has a quick ratio of 0.13, a current ratio of 0.13 and a debt-to-equity ratio of 2.40. The stock has a 50-day simple moving average of $34.46 and a 200-day simple moving average of $30.41.

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

Tanger Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, November 15th. Stockholders of record on Thursday, October 31st were paid a $0.275 dividend. This represents a $1.10 dividend on an annualized basis and a dividend yield of 2.98%. The ex-dividend date of this dividend was Thursday, October 31st. Tanger's dividend payout ratio (DPR) is presently 127.91%.

Insider Buying and Selling

In other Tanger news, CAO Thomas Joseph Guerrieri, Jr. sold 3,000 shares of the business's stock in a transaction that occurred on Tuesday, November 19th. The shares were sold at an average price of $36.27, for a total value of $108,810.00. Following the completion of the sale, the chief accounting officer now directly 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 transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. 5.80% of the stock is owned by corporate insiders.

Wall Street Analyst Weigh In

Several brokerages recently weighed in on SKT. Citigroup raised their target price on Tanger from $34.00 to $41.00 and gave the company a "buy" rating in a research note on Wednesday, November 13th. 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. Bank of America upgraded Tanger from a "neutral" rating to a "buy" rating and lifted their target price for the stock from $35.00 to $40.00 in a report on Monday, November 11th. The Goldman Sachs Group upped their target price on Tanger from $31.00 to $35.00 and gave the company a "neutral" rating in a report on Friday, November 15th. Finally, Scotiabank lifted their price target on Tanger from $28.00 to $30.00 and gave the stock a "sector perform" rating in a research note on Monday, August 26th. Three investment analysts have rated the stock with a hold rating and four have issued a buy rating to the company's stock. Based on data from MarketBeat.com, Tanger presently has a consensus rating of "Moderate Buy" and a consensus price target of $34.86.

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.