Pitcairn Co. Sells 2,505 Shares of Tanger Inc. (NYSE:SKT)

Pitcairn Co. lessened its holdings in Tanger Inc. (NYSE:SKT) by 10.6% during the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 21,100 shares of the real estate investment trust’s stock after selling 2,505 shares during the period. Pitcairn Co.’s holdings in Tanger were worth $700,000 at the end of the most recent quarter.

A number of other institutional investors have also added to or reduced their stakes in SKT. Land & Buildings Investment Management LLC raised its position in Tanger by 52.4% during the 2nd quarter. Land & Buildings Investment Management LLC now owns 1,043,287 shares of the real estate investment trust’s stock worth $28,284,000 after purchasing an additional 358,860 shares during the last quarter. Burney Co. bought a new stake in Tanger during the first quarter worth $7,158,000. Cubist Systematic Strategies LLC purchased a new position in Tanger in the second quarter valued at about $4,539,000. Algert Global LLC increased its holdings in Tanger by 183.7% in the 3rd quarter. Algert Global LLC now owns 243,623 shares of the real estate investment trust’s stock worth $8,083,000 after acquiring an additional 157,742 shares during the last quarter. Finally, Point72 Asset Management L.P. bought a new stake in Tanger during the 2nd quarter valued at $3,462,000. 85.23% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

SKT has been the subject of several research analyst reports. Evercore ISI lifted their target price on shares of Tanger from $31.00 to $33.00 and gave the company an “in-line” rating in a research report on Thursday, November 7th. The Goldman Sachs Group increased their price objective on Tanger from $31.00 to $35.00 and gave the company a “neutral” rating in a research note on Friday, November 15th. Citigroup boosted their price target on Tanger from $34.00 to $41.00 and gave the company a “buy” rating in a report on Wednesday, November 13th. Compass Point upped their price objective on shares of Tanger from $34.00 to $36.00 and gave the stock a “buy” rating in a report on Friday, October 25th. Finally, Bank of America upgraded Tanger from a “neutral” rating to a “buy” rating and lifted their price target for the company from $35.00 to $40.00 in a research report on Monday, November 11th. Three investment analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $34.86.

Insider Activity

In related news, CAO Thomas Joseph Guerrieri, Jr. sold 3,000 shares of Tanger stock in a transaction 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 owns 59,641 shares in the company, valued at approximately $2,163,179.07. The trade was a 4.79 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Insiders own 5.80% of the company’s stock.

Tanger Stock Down 0.5 %

Shares of Tanger stock opened at $36.49 on Monday. The stock has a market capitalization of $4.04 billion, a PE ratio of 42.43, a price-to-earnings-growth ratio of 2.85 and a beta of 1.88. Tanger Inc. has a 52-week low of $24.72 and a 52-week high of $37.01. 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 simple moving average of $33.93 and a two-hundred day simple moving average of $30.13.

Tanger (NYSE:SKT) last announced its quarterly earnings results on Wednesday, November 6th. The real estate investment trust reported $0.22 EPS for the quarter, missing analysts’ consensus estimates of $0.53 by ($0.31). The company had revenue of $133.00 million during 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 business’s revenue was up 13.3% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $0.50 earnings per share. On average, analysts anticipate that Tanger Inc. will post 2.11 EPS for the current fiscal year.

Tanger Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Friday, November 15th. Investors of record on Thursday, October 31st were issued a $0.275 dividend. This represents a $1.10 dividend on an annualized basis and a dividend yield of 3.01%. The ex-dividend date of this dividend was Thursday, October 31st. Tanger’s payout ratio is 127.91%.

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.