Tanger Inc. (NYSE:SKT) Stock Position Cut by LSV Asset Management

LSV Asset Management lessened its stake in Tanger Inc. (NYSE:SKT) by 33.9% in the first quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 918,002 shares of the real estate investment trust’s stock after selling 471,792 shares during the period. LSV Asset Management’s holdings in Tanger were worth $27,109,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Wellington Management Group LLP boosted its position in shares of Tanger by 2.4% during the 4th quarter. Wellington Management Group LLP now owns 4,048,442 shares of the real estate investment trust’s stock valued at $112,223,000 after purchasing an additional 94,887 shares in the last quarter. Charles Schwab Investment Management Inc. boosted its position in shares of Tanger by 5.9% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 1,978,485 shares of the real estate investment trust’s stock valued at $54,844,000 after purchasing an additional 110,297 shares in the last quarter. Waterfront Capital Partners LLC boosted its position in shares of Tanger by 73.3% during the 4th quarter. Waterfront Capital Partners LLC now owns 1,535,310 shares of the real estate investment trust’s stock valued at $42,559,000 after purchasing an additional 649,610 shares in the last quarter. Dimensional Fund Advisors LP lifted its stake in Tanger by 0.4% during the fourth quarter. Dimensional Fund Advisors LP now owns 1,487,323 shares of the real estate investment trust’s stock valued at $41,230,000 after buying an additional 6,643 shares in the last quarter. Finally, GRS Advisors LLC lifted its stake in Tanger by 136.7% during the fourth quarter. GRS Advisors LLC now owns 1,335,138 shares of the real estate investment trust’s stock valued at $37,010,000 after buying an additional 771,066 shares in the last quarter. Institutional investors own 85.23% of the company’s stock.

Tanger Stock Performance

SKT traded up $0.37 during trading on Friday, reaching $27.37. 539,720 shares of the company’s stock were exchanged, compared to its average volume of 758,810. Tanger Inc. has a fifty-two week low of $21.42 and a fifty-two week high of $29.98. The company has a quick ratio of 0.20, a current ratio of 0.20 and a debt-to-equity ratio of 2.54. The business has a 50 day moving average price of $27.18 and a 200 day moving average price of $27.68. The company has a market capitalization of $2.99 billion, a P/E ratio of 30.08, a PEG ratio of 2.87 and a beta of 1.90.

Analyst Upgrades and Downgrades

A number of analysts have commented on SKT shares. Evercore ISI reduced their price objective on shares of Tanger from $29.00 to $28.00 and set an “in-line” rating for the company in a research note on Wednesday, May 1st. Scotiabank upgraded Tanger from a “sector underperform” rating to a “sector perform” rating and increased their price target for the company from $20.00 to $28.00 in a report on Friday, May 17th. Citigroup upgraded Tanger from a “neutral” rating to a “buy” rating and increased their price target for the company from $30.00 to $33.00 in a report on Friday, March 22nd. Compass Point upgraded Tanger from a “neutral” rating to a “buy” rating and increased their price target for the company from $31.00 to $32.00 in a report on Thursday, May 2nd. Finally, Bank of America upgraded Tanger from an “underperform” rating to a “neutral” rating and increased their price target for the company from $24.00 to $31.00 in a report on Friday, April 5th. Five research analysts have rated the stock with a hold rating and three have given a buy rating to the company’s stock. According to data from MarketBeat, Tanger has a consensus rating of “Hold” and a consensus price target of $29.57.

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.