Sigma Planning Corp Sells 1,397 Shares of Tanger Inc. (NYSE:SKT)

Sigma Planning Corp cut its holdings in shares of Tanger Inc. (NYSE:SKT) by 8.0% during the 1st quarter, HoldingsChannel.com reports. The fund owned 16,097 shares of the real estate investment trust’s stock after selling 1,397 shares during the period. Sigma Planning Corp’s holdings in Tanger were worth $544,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. NBC Securities Inc. bought a new stake in Tanger during the first quarter worth about $30,000. Aster Capital Management DIFC Ltd raised its holdings in Tanger by 232.7% during the fourth quarter. Aster Capital Management DIFC Ltd now owns 1,048 shares of the real estate investment trust’s stock worth $36,000 after acquiring an additional 733 shares in the last quarter. GF Fund Management CO. LTD. bought a new stake in Tanger during the fourth quarter worth about $68,000. Coppell Advisory Solutions LLC raised its holdings in Tanger by 144.4% during the fourth quarter. Coppell Advisory Solutions LLC now owns 2,368 shares of the real estate investment trust’s stock worth $80,000 after acquiring an additional 1,399 shares in the last quarter. Finally, FIL Ltd raised its holdings in Tanger by 16.2% during the fourth quarter. FIL Ltd now owns 2,874 shares of the real estate investment trust’s stock worth $98,000 after acquiring an additional 401 shares in the last quarter. 85.23% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

A number of equities analysts have weighed in on the company. Barclays assumed coverage on Tanger in a research report on Wednesday, July 2nd. They set an “equal weight” rating and a $33.00 price target on the stock. LADENBURG THALM/SH SH assumed coverage on Tanger in a research report on Friday. They set a “buy” rating and a $35.00 price target on the stock. The Goldman Sachs Group raised Tanger from a “neutral” rating to a “buy” rating and boosted their price target for the stock from $39.00 to $40.00 in a research report on Friday, March 28th. Evercore ISI raised Tanger to a “hold” rating in a report on Friday, May 2nd. Finally, Scotiabank reduced their price target on Tanger from $38.00 to $33.00 and set a “sector perform” rating for the company in a research note on Wednesday, April 23rd. Five research analysts have rated the stock with a hold rating and five have issued a buy rating to the company’s stock. According to MarketBeat, Tanger currently has a consensus rating of “Moderate Buy” and an average target price of $36.40.

Tanger Price Performance

Tanger stock opened at $31.53 on Friday. The stock’s 50 day moving average is $30.53 and its 200 day moving average is $32.04. The company has a debt-to-equity ratio of 2.37, a current ratio of 0.14 and a quick ratio of 0.14. The firm has a market cap of $3.57 billion, a P/E ratio of 37.54, a P/E/G ratio of 2.10 and a beta of 1.17. Tanger Inc. has a one year low of $26.62 and a one year high of $37.57.

Tanger (NYSE:SKT) last posted its quarterly earnings data on Wednesday, April 30th. The real estate investment trust reported $0.53 EPS for the quarter, hitting analysts’ consensus estimates of $0.53. Tanger had a return on equity of 15.13% and a net margin of 17.65%. The company had revenue of $129.29 million for the quarter, compared to analyst estimates of $128.24 million. During the same period in the previous year, the firm earned $0.52 earnings per share. The firm’s quarterly revenue was up 9.7% on a year-over-year basis. As a group, research analysts expect that Tanger Inc. will post 2.24 EPS for the current year.

Tanger Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, August 15th. Stockholders of record on Thursday, July 31st will be paid a dividend of $0.2925 per share. The ex-dividend date of this dividend is Thursday, July 31st. This represents a $1.17 annualized dividend and a dividend yield of 3.71%. Tanger’s payout ratio is currently 139.29%.

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.