Mutual of America Capital Management LLC Decreases Stake in Tanger Inc. (NYSE:SKT)

Mutual of America Capital Management LLC lowered its position in shares of Tanger Inc. (NYSE:SKT) by 3.9% during the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 16,119 shares of the real estate investment trust’s stock after selling 648 shares during the quarter. Mutual of America Capital Management LLC’s holdings in Tanger were worth $545,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Vanguard Group Inc. lifted its holdings in Tanger by 1.1% during the first quarter. Vanguard Group Inc. now owns 17,511,443 shares of the real estate investment trust’s stock worth $591,712,000 after acquiring an additional 193,141 shares during the period. Intrust Bank NA increased its position in shares of Tanger by 12.0% during the 1st quarter. Intrust Bank NA now owns 15,581 shares of the real estate investment trust’s stock valued at $526,000 after purchasing an additional 1,666 shares during the last quarter. New Age Alpha Advisors LLC raised its stake in shares of Tanger by 168.3% during the 1st quarter. New Age Alpha Advisors LLC now owns 129,316 shares of the real estate investment trust’s stock worth $4,370,000 after purchasing an additional 81,111 shares during the period. Jefferies Financial Group Inc. purchased a new position in shares of Tanger in the 1st quarter worth about $6,296,000. Finally, Natixis Advisors LLC grew its position in Tanger by 6.5% during the first quarter. Natixis Advisors LLC now owns 50,734 shares of the real estate investment trust’s stock valued at $1,714,000 after buying an additional 3,084 shares during the period. Hedge funds and other institutional investors own 85.23% of the company’s stock.

Tanger Stock Down 0.1%

Shares of NYSE SKT opened at $31.63 on Tuesday. The company has a quick ratio of 0.11, a current ratio of 0.11 and a debt-to-equity ratio of 2.31. The company has a market cap of $3.58 billion, a P/E ratio of 35.94, a P/E/G ratio of 2.09 and a beta of 1.23. Tanger Inc. has a 52 week low of $27.23 and a 52 week high of $37.57. The business has a 50-day simple moving average of $30.91 and a two-hundred day simple moving average of $31.81.

Tanger (NYSE:SKT) last released its quarterly earnings data on Monday, August 4th. The real estate investment trust reported $0.58 EPS for the quarter, beating analysts’ consensus estimates of $0.56 by $0.02. The company had revenue of $133.44 million during the quarter, compared to analyst estimates of $132.02 million. Tanger had a net margin of 18.22% and a return on equity of 15.45%. Tanger’s revenue was up 9.2% compared to the same quarter last year. During the same period last year, the business earned $0.53 earnings per share. Research analysts anticipate 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 will be paid on Friday, August 15th. Stockholders of record on Thursday, July 31st will be issued a $0.2925 dividend. The ex-dividend date of this dividend is Thursday, July 31st. This represents a $1.17 annualized dividend and a dividend yield of 3.7%. Tanger’s dividend payout ratio is presently 132.95%.

Wall Street Analyst Weigh In

Several analysts have commented on SKT shares. Barclays began coverage on shares of Tanger in a research report on Wednesday, July 2nd. They issued an “equal weight” rating and a $33.00 price objective on the stock. LADENBURG THALM/SH SH began coverage on Tanger in a research note on Friday, July 18th. They issued a “buy” rating and a $35.00 price objective on the stock. Wall Street Zen raised Tanger from a “sell” rating to a “hold” rating in a research report on Saturday. Scotiabank lowered their target price on Tanger from $38.00 to $33.00 and set a “sector perform” rating on the stock in a research note on Wednesday, April 23rd. Finally, Evercore ISI upgraded Tanger to a “hold” rating in a research note on Friday, May 2nd. Six research analysts have rated the stock with a hold rating and five have given a buy rating to the company. According to MarketBeat, the stock currently has an average rating of “Hold” and an average target price of $36.40.

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.