Arizona State Retirement System Lowers Holdings in Tanger Inc. (NYSE:SKT)

Arizona State Retirement System decreased its holdings in Tanger Inc. (NYSE:SKT) by 1.8% in the 4th quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 29,403 shares of the real estate investment trust’s stock after selling 545 shares during the quarter. Arizona State Retirement System’s holdings in Tanger were worth $815,000 at the end of the most recent reporting period.

Other institutional investors also recently added to or reduced their stakes in the company. Loomis Sayles & Co. L P lifted its stake in Tanger by 4,051.4% in the third quarter. Loomis Sayles & Co. L P now owns 1,453 shares of the real estate investment trust’s stock worth $33,000 after acquiring an additional 1,418 shares during the last quarter. Tower Research Capital LLC TRC lifted its stake in Tanger by 151.5% in the first quarter. Tower Research Capital LLC TRC now owns 1,846 shares of the real estate investment trust’s stock worth $37,000 after acquiring an additional 1,112 shares during the last quarter. Point72 Hong Kong Ltd purchased a new position in Tanger in the first quarter worth approximately $74,000. Advisory Services Network LLC lifted its stake in Tanger by 84.7% in the first quarter. Advisory Services Network LLC now owns 3,845 shares of the real estate investment trust’s stock worth $75,000 after acquiring an additional 1,763 shares during the last quarter. Finally, Lazard Asset Management LLC purchased a new position in Tanger in the third quarter worth approximately $103,000. Hedge funds and other institutional investors own 85.23% of the company’s stock.

Analyst Ratings Changes

A number of brokerages recently issued reports on SKT. Evercore ISI lifted their price target on shares of Tanger from $28.00 to $29.00 and gave the stock an “in-line” rating in a research note on Wednesday, February 28th. Bank of America raised shares of Tanger from an “underperform” rating to a “neutral” rating and raised their price objective for the stock from $24.00 to $31.00 in a report on Friday, April 5th. Finally, Citigroup raised shares of Tanger from a “neutral” rating to a “buy” rating and raised their price objective for the stock from $30.00 to $33.00 in a report on Friday, March 22nd. Five equities research analysts have rated the stock with a hold rating and two have assigned a buy rating to the company. Based on data from MarketBeat, the stock presently has an average rating of “Hold” and an average target price of $29.00.

Tanger Stock Down 0.4 %

SKT stock opened at $26.47 on Thursday. The company’s 50 day moving average is $28.35 and its two-hundred day moving average is $26.57. The stock has a market cap of $2.89 billion, a P/E ratio of 28.77, a PEG ratio of 3.37 and a beta of 1.83. Tanger Inc. has a twelve month low of $18.00 and a twelve month high of $29.98. The company has a current ratio of 0.19, a quick ratio of 0.19 and a debt-to-equity ratio of 2.43.

Tanger Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, May 15th. Stockholders of record on Tuesday, April 30th will be issued a $0.275 dividend. This represents a $1.10 dividend on an annualized basis and a dividend yield of 4.16%. This is a boost from Tanger’s previous quarterly dividend of $0.26. The ex-dividend date of this dividend is Monday, April 29th. Tanger’s payout ratio is presently 113.04%.

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.