Advisors Preferred LLC Sells 35,915 Shares of Tanger Inc. (NYSE:SKT)

Advisors Preferred LLC reduced its stake in Tanger Inc. (NYSE:SKT) by 18.4% during the fourth quarter, Holdings Channel.com reports. The firm owned 158,933 shares of the real estate investment trust’s stock after selling 35,915 shares during the quarter. Advisors Preferred LLC’s holdings in Tanger were worth $5,405,000 as of its most recent filing with the SEC.

Other institutional investors and hedge funds also recently bought and sold shares of the company. Loomis Sayles & Co. L P raised its stake in shares of Tanger by 3,393.9% in the third quarter. Loomis Sayles & Co. L P now owns 1,712 shares of the real estate investment trust’s stock worth $57,000 after buying an additional 1,663 shares during the period. GAMMA Investing LLC raised its stake in Tanger by 62.0% during the 3rd quarter. GAMMA Investing LLC now owns 2,064 shares of the real estate investment trust’s stock worth $68,000 after acquiring an additional 790 shares during the period. KBC Group NV lifted its holdings in Tanger by 31.5% during the third quarter. KBC Group NV now owns 3,679 shares of the real estate investment trust’s stock valued at $122,000 after purchasing an additional 881 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. boosted its position in shares of Tanger by 35.3% in the third quarter. Mirae Asset Global Investments Co. Ltd. now owns 4,244 shares of the real estate investment trust’s stock worth $140,000 after purchasing an additional 1,107 shares during the period. Finally, Exchange Traded Concepts LLC purchased a new stake in shares of Tanger in the third quarter worth $151,000. 85.23% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling

In related news, CAO Thomas Joseph Guerrieri, Jr. sold 3,000 shares of the 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 directly owns 59,641 shares of the company’s stock, valued at $2,163,179.07. This represents a 4.79 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. 5.80% of the stock is owned by corporate insiders.

Tanger Stock Performance

Shares of NYSE:SKT opened at $33.59 on Friday. The firm has a fifty day simple moving average of $34.19 and a two-hundred day simple moving average of $32.77. 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 market capitalization of $3.72 billion, a P/E ratio of 39.06, a PEG ratio of 2.82 and a beta of 1.91. Tanger Inc. has a 52 week low of $25.85 and a 52 week high of $37.57.

Tanger (NYSE:SKT) last issued its quarterly earnings data 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 company had revenue of $133.00 million for the quarter, compared to the consensus estimate of $125.80 million. Tanger had a return on equity of 16.25% and a net margin of 18.55%. The company’s revenue was up 13.3% compared to the same quarter last year. During the same period in the previous year, the firm earned $0.50 earnings per share. On average, analysts expect 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 will be paid on Friday, February 14th. Investors of record on Friday, January 31st will be issued a dividend of $0.275 per share. The ex-dividend date of this dividend is Friday, January 31st. This represents a $1.10 annualized dividend and a yield of 3.27%. Tanger’s payout ratio is presently 127.91%.

Wall Street Analysts Forecast Growth

Several research analysts recently weighed in on the stock. Deutsche Bank Aktiengesellschaft started coverage on shares of Tanger in a report on Tuesday, December 17th. They issued a “hold” rating and a $37.00 target price for the company. The Goldman Sachs Group increased their target price on Tanger from $31.00 to $35.00 and gave the stock a “neutral” rating in a research report on Friday, November 15th. Bank of America raised Tanger from a “neutral” rating to a “buy” rating and boosted their price target for the stock from $35.00 to $40.00 in a report on Monday, November 11th. Citigroup increased their price objective on shares of Tanger from $34.00 to $41.00 and gave the company a “buy” rating in a report on Wednesday, November 13th. Finally, Compass Point boosted their target price on shares of Tanger from $34.00 to $36.00 and gave the stock a “buy” rating in a report on Friday, October 25th. Five equities research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the stock has an average rating of “Hold” and an average price target of $36.00.

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.