Prudential Financial Inc. Trims Stock Position in Tanger Inc. (NYSE:SKT)

Prudential Financial Inc. trimmed its position in Tanger Inc. (NYSE:SKT) by 13.9% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 111,535 shares of the real estate investment trust’s stock after selling 17,950 shares during the quarter. Prudential Financial Inc. owned about 0.10% of Tanger worth $3,807,000 as of its most recent SEC filing.

Other hedge funds have also made changes to their positions in the company. Charles Schwab Investment Management Inc. lifted its holdings in Tanger by 1.6% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 1,997,100 shares of the real estate investment trust’s stock valued at $68,161,000 after acquiring an additional 31,750 shares during the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its stake in shares of Tanger by 387.7% in the 3rd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 775,411 shares of the real estate investment trust’s stock valued at $25,728,000 after purchasing an additional 616,417 shares during the last quarter. Principal Financial Group Inc. grew its holdings in shares of Tanger by 5.4% during the 4th quarter. Principal Financial Group Inc. now owns 601,266 shares of the real estate investment trust’s stock worth $20,521,000 after purchasing an additional 30,618 shares during the period. Thrivent Financial for Lutherans increased its position in shares of Tanger by 33.1% during the 4th quarter. Thrivent Financial for Lutherans now owns 557,168 shares of the real estate investment trust’s stock worth $19,016,000 after purchasing an additional 138,456 shares during the last quarter. Finally, Fisher Asset Management LLC raised its holdings in Tanger by 1.6% in the 4th quarter. Fisher Asset Management LLC now owns 511,051 shares of the real estate investment trust’s stock valued at $17,442,000 after buying an additional 7,998 shares during the period. Hedge funds and other institutional investors own 85.23% of the company’s stock.

Wall Street Analyst Weigh In

Several research analysts have weighed in on SKT shares. The Goldman Sachs Group raised shares of Tanger from a “neutral” rating to a “buy” rating and increased their target price for the stock from $39.00 to $40.00 in a research note on Friday, March 28th. BMO Capital Markets assumed coverage on shares of Tanger in a report on Tuesday, January 28th. They issued a “market perform” rating and a $36.00 target price for the company. Finally, Deutsche Bank Aktiengesellschaft initiated coverage on Tanger in a research report on Tuesday, December 17th. They set a “hold” rating and a $37.00 price target for the company. Four 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, Tanger currently has a consensus rating of “Moderate Buy” and a consensus price target of $36.63.

Tanger Stock Up 0.5 %

Tanger stock opened at $33.98 on Wednesday. The firm has a market capitalization of $3.83 billion, a P/E ratio of 39.05, a P/E/G ratio of 2.97 and a beta of 1.88. The company has a current ratio of 0.44, a quick ratio of 0.13 and a debt-to-equity ratio of 2.09. Tanger Inc. has a twelve month low of $25.94 and a twelve month high of $37.57. The stock’s fifty day simple moving average is $33.65 and its 200-day simple moving average is $34.06.

Tanger (NYSE:SKT) last issued its quarterly earnings results on Wednesday, February 19th. The real estate investment trust reported $0.54 earnings per share for the quarter, topping the consensus estimate of $0.52 by $0.02. The company had revenue of $132.17 million for the quarter, compared to the consensus estimate of $129.10 million. Tanger had a return on equity of 16.16% and a net margin of 18.65%. As a group, equities analysts expect that Tanger Inc. will post 2.24 earnings per share for the current fiscal year.

Tanger Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, February 14th. Investors of record on Friday, January 31st were paid a $0.275 dividend. The ex-dividend date of this dividend was Friday, January 31st. This represents a $1.10 dividend on an annualized basis and a yield of 3.24%. Tanger’s dividend payout ratio is currently 126.44%.

Insider Buying and Selling

In other news, COO Gallardo Leslie Swanson sold 12,500 shares of the firm’s stock in a transaction on Tuesday, March 11th. The shares were sold at an average price of $32.38, for a total value of $404,750.00. Following the sale, the chief operating officer now directly owns 113,158 shares in the company, valued at approximately $3,664,056.04. This trade represents a 9.95 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 5.80% of the stock is owned by insiders.

Tanger Company 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.