Tanger Inc. (NYSE:SKT) Stock Position Trimmed by Point72 Asset Management L.P.

Point72 Asset Management L.P. cut its position in Tanger Inc. (NYSE:SKT) by 66.7% during the 3rd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 42,537 shares of the real estate investment trust’s stock after selling 85,156 shares during the quarter. Point72 Asset Management L.P.’s holdings in Tanger were worth $1,411,000 at the end of the most recent quarter.

Several other hedge funds have also recently bought and sold shares of SKT. CWM LLC lifted its position in 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. Blue Trust Inc. raised its position in shares of 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 buying an additional 819 shares in the last quarter. Nisa Investment Advisors LLC raised its position in shares of Tanger by 0.8% during the 2nd quarter. Nisa Investment Advisors LLC now owns 181,338 shares of the real estate investment trust’s stock worth $4,916,000 after buying an additional 1,485 shares in the last quarter. Neo Ivy Capital Management bought a new stake in shares of Tanger during the 2nd quarter worth about $151,000. Finally, 1620 Investment Advisors Inc. raised its position in shares of Tanger by 45.6% during the 2nd quarter. 1620 Investment Advisors Inc. now owns 10,268 shares of the real estate investment trust’s stock worth $278,000 after buying an additional 3,217 shares in the last quarter. 85.23% of the stock is currently owned by institutional investors.

Insider Transactions at Tanger

In related 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 transaction of $108,810.00. Following the transaction, the chief accounting officer now directly owns 59,641 shares of the company’s stock, valued at approximately $2,163,179.07. The trade was a 4.79 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. 5.80% of the stock is currently owned by insiders.

Wall Street Analyst Weigh In

SKT has been the topic of a number of recent analyst reports. The Goldman Sachs Group boosted their price target on shares of Tanger from $31.00 to $35.00 and gave the stock a “neutral” rating in a research report on Friday, November 15th. Compass Point boosted their price target 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 boosted their price target on shares of Tanger from $28.00 to $30.00 and gave the stock a “sector perform” rating in a research report on Monday, August 26th. Citigroup boosted their target price on shares of Tanger from $34.00 to $41.00 and gave the stock a “buy” rating in a report on Wednesday, November 13th. Finally, Evercore ISI boosted their target price on shares of Tanger from $31.00 to $33.00 and gave the stock an “in-line” rating in a report on Thursday, November 7th. Three analysts have rated the stock with a hold rating and four have given a buy rating to the company’s stock. Based on data from MarketBeat.com, Tanger currently has a consensus rating of “Moderate Buy” and an average target price of $34.86.

Tanger Stock Performance

Tanger stock opened at $35.51 on Wednesday. The firm’s 50 day simple moving average is $34.97 and its 200-day simple moving average is $30.87. The company has a market cap of $3.93 billion, a P/E ratio of 41.29, a price-to-earnings-growth ratio of 2.84 and a beta of 1.90. 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 Inc. has a fifty-two week low of $25.67 and a fifty-two week high of $37.57.

Tanger (NYSE:SKT) last released its 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). The firm had revenue of $133.00 million during the quarter, compared to analysts’ expectations of $125.80 million. Tanger had a return on equity of 16.25% and a net margin of 18.55%. The business’s revenue was up 13.3% on a year-over-year basis. During the same period last year, the business earned $0.50 earnings per share. As a group, equities research analysts predict that Tanger Inc. will post 2.11 EPS for the current year.

Tanger Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, November 15th. Stockholders of record on Thursday, October 31st were given a $0.275 dividend. This represents a $1.10 annualized dividend and a dividend yield of 3.10%. The ex-dividend date of this dividend was Thursday, October 31st. Tanger’s dividend payout ratio (DPR) is currently 127.91%.

About Tanger

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.