Tanger Inc. (NYSE:SKT) Holdings Reduced by Wellington Management Group LLP

Wellington Management Group LLP decreased its position in Tanger Inc. (NYSE:SKT) by 29.6% in the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 2,051,176 shares of the real estate investment trust’s stock after selling 862,623 shares during the period. Wellington Management Group LLP owned approximately 1.85% of Tanger worth $68,058,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Natixis Advisors LLC grew its position in Tanger by 55.3% in the 3rd quarter. Natixis Advisors LLC now owns 72,131 shares of the real estate investment trust’s stock worth $2,393,000 after purchasing an additional 25,683 shares during the last quarter. Charles Schwab Investment Management Inc. boosted its holdings in shares of Tanger by 1.1% in the third quarter. Charles Schwab Investment Management Inc. now owns 1,965,350 shares of the real estate investment trust’s stock valued at $65,210,000 after acquiring an additional 21,793 shares in the last quarter. Allspring Global Investments Holdings LLC boosted its holdings in shares of Tanger by 13.6% in the third quarter. Allspring Global Investments Holdings LLC now owns 317,549 shares of the real estate investment trust’s stock valued at $10,536,000 after acquiring an additional 38,036 shares in the last quarter. Bailard Inc. boosted its holdings in shares of Tanger by 64.4% in the second quarter. Bailard Inc. now owns 24,500 shares of the real estate investment trust’s stock valued at $664,000 after acquiring an additional 9,600 shares in the last quarter. Finally, Thrivent Financial for Lutherans boosted its holdings in shares of Tanger by 42.2% in the second quarter. Thrivent Financial for Lutherans now owns 368,612 shares of the real estate investment trust’s stock valued at $9,993,000 after acquiring an additional 109,388 shares in the last quarter. Institutional investors own 85.23% of the company’s stock.

Insider Activity at Tanger

In other Tanger news, CAO Thomas Joseph Guerrieri, Jr. sold 3,000 shares of the 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 owns 59,641 shares in the company, valued at $2,163,179.07. This represents a 4.79 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. 5.80% of the stock is owned by insiders.

Tanger Trading Down 1.5 %

Shares of NYSE:SKT opened at $35.51 on Wednesday. The stock has a market capitalization of $3.93 billion, a price-to-earnings ratio of 41.29, a PEG ratio of 2.84 and a beta of 1.90. Tanger Inc. has a 1-year low of $25.67 and a 1-year high of $37.57. The company has a debt-to-equity ratio of 2.40, a quick ratio of 0.13 and a current ratio of 0.13. The company has a 50 day moving average price of $34.97 and a 200 day moving average price of $30.87.

Tanger (NYSE:SKT) last issued 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 firm had revenue of $133.00 million during the quarter, compared to analysts’ expectations of $125.80 million. Tanger had a net margin of 18.55% and a return on equity of 16.25%. The firm’s revenue was up 13.3% compared to the same quarter last year. During the same quarter last year, the company posted $0.50 EPS. On average, research analysts anticipate that Tanger Inc. will post 2.11 EPS for the current fiscal year.

Tanger Announces Dividend

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

Wall Street Analyst Weigh In

Several research analysts have recently issued reports on SKT shares. The Goldman Sachs Group increased their price objective on shares of Tanger from $31.00 to $35.00 and gave the company a “neutral” rating in a report on Friday, November 15th. Evercore ISI increased their price objective on shares of Tanger from $31.00 to $33.00 and gave the company an “in-line” rating in a report on Thursday, November 7th. Scotiabank increased their price objective on shares of Tanger from $28.00 to $30.00 and gave the company a “sector perform” rating in a report on Monday, August 26th. Compass Point increased their price objective on shares of Tanger from $34.00 to $36.00 and gave the company a “buy” rating in a report on Friday, October 25th. Finally, Citigroup raised 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. Three equities research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. According to MarketBeat.com, Tanger presently has an average rating of “Moderate Buy” and an average price target of $34.86.

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.