Tanger Inc. (NYSE:SKT) Shares Sold by Sigma Planning Corp

Sigma Planning Corp lessened its holdings in Tanger Inc. (NYSE:SKT) by 46.1% during the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 9,511 shares of the real estate investment trust’s stock after selling 8,145 shares during the quarter. Sigma Planning Corp’s holdings in Tanger were worth $264,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Nordea Investment Management AB acquired a new stake in shares of Tanger during the 4th quarter worth approximately $4,450,000. Asset Management One Co. Ltd. lifted its position in shares of Tanger by 33.5% during the 4th quarter. Asset Management One Co. Ltd. now owns 214,944 shares of the real estate investment trust’s stock valued at $6,040,000 after buying an additional 53,985 shares in the last quarter. Federated Hermes Inc. lifted its position in shares of Tanger by 2,457.1% during the 4th quarter. Federated Hermes Inc. now owns 141,485 shares of the real estate investment trust’s stock valued at $3,922,000 after buying an additional 135,952 shares in the last quarter. Allspring Global Investments Holdings LLC lifted its position in shares of Tanger by 1,740.5% during the 4th quarter. Allspring Global Investments Holdings LLC now owns 191,244 shares of the real estate investment trust’s stock valued at $5,301,000 after buying an additional 180,853 shares in the last quarter. Finally, Quantbot Technologies LP purchased a new position in shares of Tanger during the 3rd quarter valued at approximately $746,000. Institutional investors and hedge funds own 85.23% of the company’s stock.

Tanger Stock Up 0.7 %

NYSE SKT opened at $28.88 on Monday. Tanger Inc. has a 52 week low of $18.00 and a 52 week high of $29.98. The company has a quick ratio of 0.19, a current ratio of 0.19 and a debt-to-equity ratio of 2.43. The business’s fifty day simple moving average is $28.46 and its 200-day simple moving average is $26.87. The firm has a market cap of $3.15 billion, a PE ratio of 31.39, a P/E/G ratio of 3.65 and a beta of 1.83.

Tanger Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, May 15th. Stockholders of record on Tuesday, April 30th will be issued a dividend of $0.275 per share. This represents a $1.10 annualized dividend and a dividend yield of 3.81%. The ex-dividend date is Monday, April 29th. This is a positive change from Tanger’s previous quarterly dividend of $0.26. Tanger’s payout ratio is currently 113.04%.

Wall Street Analyst Weigh In

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

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.