Pitcairn Co. Sells 2,505 Shares of Tanger Inc. (NYSE:SKT)

Pitcairn Co. decreased its holdings in Tanger Inc. (NYSE:SKT) by 10.6% during the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 21,100 shares of the real estate investment trust’s stock after selling 2,505 shares during the period. Pitcairn Co.’s holdings in Tanger were worth $700,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors and hedge funds have also made changes to their positions in the business. American International Group Inc. increased its stake in Tanger by 1.5% in the 1st quarter. American International Group Inc. now owns 56,590 shares of the real estate investment trust’s stock worth $1,671,000 after buying an additional 813 shares during the period. BOKF NA raised its stake in shares of Tanger by 71.6% during the first quarter. BOKF NA now owns 4,884 shares of the real estate investment trust’s stock valued at $143,000 after acquiring an additional 2,038 shares in the last quarter. Price T Rowe Associates Inc. MD boosted its holdings in shares of Tanger by 2.9% in the first quarter. Price T Rowe Associates Inc. MD now owns 61,197 shares of the real estate investment trust’s stock valued at $1,808,000 after purchasing an additional 1,752 shares during the period. Public Employees Retirement System of Ohio boosted its holdings in shares of Tanger by 1.5% in the first quarter. Public Employees Retirement System of Ohio now owns 155,134 shares of the real estate investment trust’s stock valued at $4,581,000 after purchasing an additional 2,284 shares during the period. Finally, Hancock Whitney Corp grew its stake in Tanger by 46.8% in the first quarter. Hancock Whitney Corp now owns 71,652 shares of the real estate investment trust’s stock worth $2,116,000 after purchasing an additional 22,859 shares in the last quarter. 85.23% of the stock is currently owned by institutional investors.

Tanger Stock Performance

SKT stock opened at $36.49 on Monday. Tanger Inc. has a one year low of $24.72 and a one year high of $37.01. The firm has a market cap of $4.04 billion, a price-to-earnings ratio of 42.43, a PEG ratio of 2.85 and a beta of 1.88. The company has a debt-to-equity ratio of 2.40, a quick ratio of 0.13 and a current ratio of 0.13. The firm has a 50-day simple moving average of $33.93 and a two-hundred day simple moving average of $30.13.

Tanger (NYSE:SKT) last posted its quarterly earnings data on Wednesday, November 6th. The real estate investment trust reported $0.22 EPS for the quarter, missing the consensus estimate of $0.53 by ($0.31). The firm had revenue of $133.00 million for the quarter, compared to the consensus estimate of $125.80 million. Tanger had a return on equity of 16.25% and a net margin of 18.55%. The company’s revenue was up 13.3% compared to the same quarter last year. During the same quarter last year, the firm earned $0.50 EPS. On average, equities analysts forecast that Tanger Inc. will post 2.11 EPS for the current fiscal year.

Tanger Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, November 15th. Stockholders of record on Thursday, October 31st were issued a dividend of $0.275 per share. The ex-dividend date was Thursday, October 31st. This represents a $1.10 annualized dividend and a dividend yield of 3.01%. Tanger’s dividend payout ratio is presently 127.91%.

Insider Transactions at Tanger

In other news, CAO Thomas Joseph Guerrieri, Jr. sold 3,000 shares of the company’s stock in a transaction dated Tuesday, November 19th. The shares were sold at an average price of $36.27, for a total transaction of $108,810.00. Following the transaction, the chief accounting officer now owns 59,641 shares in the company, valued at $2,163,179.07. This represents a 4.79 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Insiders own 5.80% of the company’s stock.

Analyst Ratings Changes

SKT has been the subject of a number of research analyst reports. Citigroup lifted their target price on Tanger from $34.00 to $41.00 and gave the company a “buy” rating in a research report on Wednesday, November 13th. Evercore ISI lifted their price objective on Tanger from $31.00 to $33.00 and gave the company an “in-line” rating in a report on Thursday, November 7th. Compass Point increased their target price on shares of Tanger from $34.00 to $36.00 and gave the stock a “buy” rating in a report on Friday, October 25th. The Goldman Sachs Group upped their price target on shares of Tanger from $31.00 to $35.00 and gave the stock a “neutral” rating in a research report on Friday, November 15th. Finally, Bank of America raised shares of Tanger from a “neutral” rating to a “buy” rating and lifted their price objective for the company from $35.00 to $40.00 in a report on Monday, November 11th. Three research analysts have rated the stock with a hold rating and four have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, Tanger has a consensus rating of “Moderate Buy” and a consensus target price of $34.86.

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.