Bank of New York Mellon Corp Sells 22,433 Shares of Tanger Inc. $SKT

Bank of New York Mellon Corp lowered its holdings in Tanger Inc. (NYSE:SKT) by 2.6% in the 1st quarter, HoldingsChannel reports. The institutional investor owned 837,561 shares of the real estate investment trust’s stock after selling 22,433 shares during the period. Bank of New York Mellon Corp’s holdings in Tanger were worth $28,460,000 at the end of the most recent quarter.

A number of other large investors have also recently made changes to their positions in SKT. SHP Wealth Management purchased a new position in shares of Tanger during the fourth quarter valued at approximately $25,000. EverSource Wealth Advisors LLC lifted its stake in Tanger by 127.3% in the second quarter. EverSource Wealth Advisors LLC now owns 948 shares of the real estate investment trust’s stock worth $29,000 after acquiring an additional 531 shares during the period. Advisory Services Network LLC purchased a new stake in Tanger in the third quarter worth $33,000. Fifth Third Bancorp boosted its holdings in Tanger by 43.2% in the first quarter. Fifth Third Bancorp now owns 972 shares of the real estate investment trust’s stock valued at $33,000 after acquiring an additional 293 shares in the last quarter. Finally, Laurel Wealth Advisors LLC purchased a new position in Tanger during the 4th quarter valued at $34,000. 85.23% of the stock is currently owned by institutional investors.

Tanger Price Performance

Shares of NYSE SKT opened at $41.77 on Tuesday. The company has a 50 day simple moving average of $38.93 and a two-hundred day simple moving average of $36.39. Tanger Inc. has a fifty-two week low of $29.24 and a fifty-two week high of $42.08. The company has a market capitalization of $4.80 billion, a price-to-earnings ratio of 39.03, a P/E/G ratio of 2.14 and a beta of 1.09. The company has a debt-to-equity ratio of 2.67, a quick ratio of 3.36 and a current ratio of 3.36.

Tanger (NYSE:SKT) last issued its quarterly earnings results on Thursday, April 30th. The real estate investment trust reported $0.24 EPS for the quarter, missing analysts’ consensus estimates of $0.28 by ($0.04). The company had revenue of $150.42 million during the quarter, compared to the consensus estimate of $142.94 million. Tanger had a return on equity of 17.53% and a net margin of 20.76%.The business’s revenue for the quarter was up 11.1% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.53 earnings per share. Tanger has set its FY 2026 guidance at 2.420-2.500 EPS. Analysts expect that Tanger Inc. will post 2.48 EPS for the current fiscal year.

Tanger Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, August 14th. Shareholders of record on Friday, July 31st will be issued a $0.3125 dividend. This represents a $1.25 annualized dividend and a yield of 3.0%. The ex-dividend date of this dividend is Friday, July 31st. Tanger’s payout ratio is 116.82%.

Wall Street Analyst Weigh In

Several research analysts have commented on the stock. Deutsche Bank Aktiengesellschaft upped their price objective on shares of Tanger from $35.00 to $40.00 and gave the stock a “hold” rating in a report on Wednesday, June 17th. Scotiabank boosted their price target on shares of Tanger from $37.00 to $41.00 and gave the company a “sector perform” rating in a research report on Thursday, June 18th. Bank of America reissued an “underperform” rating and issued a $38.00 price target on shares of Tanger in a research note on Tuesday, June 16th. BMO Capital Markets raised their price objective on shares of Tanger from $40.00 to $42.00 and gave the stock a “market perform” rating in a report on Monday, June 15th. Finally, UBS Group set a $41.00 price objective on Tanger in a research report on Thursday, June 18th. Two analysts have rated the stock with a Buy rating, seven have issued a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, Tanger has an average rating of “Hold” and a consensus target price of $39.70.

Tanger Profile

Tanger Factory Outlet Centers, Inc (NYSE: SKT) is a real estate investment trust specializing in the ownership, development and management of outlet shopping centers. The company’s portfolio comprises more than 40 outlet properties anchored by leading fashion and lifestyle brands. Tanger’s centers are designed to offer off-price retail experiences in open-air, community-oriented settings, providing value-focused shoppers with access to premium brands at reduced prices.

Founded in 1981 by Stanley K.