Public Sector Pension Investment Board Has $7.70 Million Stock Holdings in Tanger Inc. (NYSE:SKT)

Public Sector Pension Investment Board cut its stake in shares of Tanger Inc. (NYSE:SKT) by 3.6% in the 3rd quarter, HoldingsChannel.com reports. The firm owned 231,975 shares of the real estate investment trust’s stock after selling 8,600 shares during the quarter. Public Sector Pension Investment Board’s holdings in Tanger were worth $7,697,000 as of its most recent SEC filing.

Other large investors have also recently bought and sold shares of the company. Blue Trust Inc. boosted its position in Tanger by 1,412.1% during the second quarter. Blue Trust Inc. now owns 877 shares of the real estate investment trust’s stock valued at $26,000 after purchasing an additional 819 shares during the last quarter. HHM Wealth Advisors LLC acquired a new position in shares of Tanger during the 2nd quarter worth approximately $27,000. Whittier Trust Co. bought a new stake in Tanger in the 2nd quarter valued at $33,000. GAMMA Investing LLC lifted its holdings in Tanger by 44.6% during the 2nd quarter. GAMMA Investing LLC now owns 1,274 shares of the real estate investment trust’s stock valued at $35,000 after purchasing an additional 393 shares during the last quarter. Finally, CWM LLC boosted its position in Tanger by 418.6% during the second quarter. CWM LLC now owns 1,732 shares of the real estate investment trust’s stock worth $47,000 after purchasing an additional 1,398 shares during the period. 85.23% of the stock is owned by institutional investors and hedge funds.

Tanger Price Performance

Tanger stock opened at $36.97 on Friday. The firm has a market cap of $4.09 billion, a PE ratio of 42.99, a price-to-earnings-growth ratio of 2.90 and a beta of 1.88. The company has a debt-to-equity ratio of 2.40, a current ratio of 0.13 and a quick ratio of 0.13. The stock’s fifty day moving average price is $34.46 and its two-hundred day moving average price is $30.41. Tanger Inc. has a one year low of $24.72 and a one year high of $37.57.

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

Tanger Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, November 15th. Investors of record on Thursday, October 31st were paid a $0.275 dividend. The ex-dividend date of this dividend was Thursday, October 31st. This represents a $1.10 dividend on an annualized basis and a yield of 2.98%. Tanger’s dividend payout ratio (DPR) is 127.91%.

Insider Activity at Tanger

In related news, CAO Thomas Joseph Guerrieri, Jr. sold 3,000 shares of the company’s stock in a transaction on Tuesday, November 19th. The stock was sold at an average price of $36.27, for a total transaction of $108,810.00. Following the completion of the sale, the chief accounting officer now directly owns 59,641 shares in the company, valued at $2,163,179.07. This represents a 4.79 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. 5.80% of the stock is currently owned by insiders.

Analyst Ratings Changes

A number of analysts have recently issued reports on SKT shares. The Goldman Sachs Group raised their target price on shares of Tanger from $31.00 to $35.00 and gave the stock a “neutral” rating in a research note on Friday, November 15th. Citigroup boosted their price objective on Tanger from $34.00 to $41.00 and gave the stock a “buy” rating in a report on Wednesday, November 13th. Evercore ISI increased their target price on Tanger from $31.00 to $33.00 and gave the stock an “in-line” rating in a research note on Thursday, November 7th. Scotiabank boosted their price target on Tanger from $28.00 to $30.00 and gave the company a “sector perform” rating in a research note on Monday, August 26th. Finally, Bank of America upgraded Tanger from a “neutral” rating to a “buy” rating and increased their price objective for the stock from $35.00 to $40.00 in a research report on Monday, November 11th. Three equities research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. According to MarketBeat, Tanger has an average rating of “Moderate Buy” and a consensus price target 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.