Inlet Private Wealth LLC Sells 11,000 Shares of Tanger Inc. (NYSE:SKT)

Inlet Private Wealth LLC reduced its position in shares of Tanger Inc. (NYSE:SKT) by 17.2% in the first quarter, HoldingsChannel reports. The institutional investor owned 53,100 shares of the real estate investment trust’s stock after selling 11,000 shares during the quarter. Inlet Private Wealth LLC’s holdings in Tanger were worth $1,794,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in SKT. NBC Securities Inc. bought a new stake in Tanger during the 1st quarter valued at $30,000. Aster Capital Management DIFC Ltd raised its holdings in Tanger by 232.7% during the 4th quarter. Aster Capital Management DIFC Ltd now owns 1,048 shares of the real estate investment trust’s stock valued at $36,000 after buying an additional 733 shares during the last quarter. GF Fund Management CO. LTD. bought a new stake in Tanger during the 4th quarter valued at $68,000. Coppell Advisory Solutions LLC raised its holdings in Tanger by 144.4% during the 4th quarter. Coppell Advisory Solutions LLC now owns 2,368 shares of the real estate investment trust’s stock valued at $80,000 after buying an additional 1,399 shares during the last quarter. Finally, FIL Ltd raised its holdings in Tanger by 16.2% during the 4th quarter. FIL Ltd now owns 2,874 shares of the real estate investment trust’s stock valued at $98,000 after buying an additional 401 shares during the last quarter. 85.23% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

A number of research firms recently commented on SKT. Barclays assumed coverage on shares of Tanger in a report on Wednesday, July 2nd. They set an “equal weight” rating and a $33.00 price target for the company. LADENBURG THALM/SH SH assumed coverage on shares of Tanger in a research report on Friday, July 18th. They set a “buy” rating and a $35.00 price objective on the stock. Scotiabank reduced their price objective on shares of Tanger from $38.00 to $33.00 and set a “sector perform” rating on the stock in a research report on Wednesday, April 23rd. Finally, Evercore ISI raised shares of Tanger to a “hold” rating in a research report on Friday, May 2nd. Five research analysts have rated the stock with a hold rating and five have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $36.40.

Tanger Stock Down 0.7%

NYSE:SKT opened at $31.30 on Monday. The firm’s 50-day moving average price is $30.59 and its 200-day moving average price is $31.95. The company has a market capitalization of $3.54 billion, a PE ratio of 37.26, a P/E/G ratio of 2.07 and a beta of 1.17. The company has a debt-to-equity ratio of 2.37, a current ratio of 0.14 and a quick ratio of 0.14. Tanger Inc. has a 1-year low of $26.62 and a 1-year high of $37.57.

Tanger (NYSE:SKT) last released its earnings results on Wednesday, April 30th. The real estate investment trust reported $0.53 earnings per share for the quarter, hitting analysts’ consensus estimates of $0.53. The firm had revenue of $129.29 million for the quarter, compared to the consensus estimate of $128.24 million. Tanger had a net margin of 17.65% and a return on equity of 15.13%. The company’s revenue was up 9.7% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.52 EPS. On average, equities analysts predict that Tanger Inc. will post 2.24 EPS for the current fiscal year.

Tanger Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, August 15th. Stockholders of record on Thursday, July 31st will be given a $0.2925 dividend. This represents a $1.17 dividend on an annualized basis and a dividend yield of 3.74%. The ex-dividend date of this dividend is Thursday, July 31st. Tanger’s dividend payout ratio is presently 139.29%.

Tanger 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.