Commonwealth Equity Services LLC Reduces Stock Position in Tanger Inc. (NYSE:SKT)

Commonwealth Equity Services LLC decreased its position in shares of Tanger Inc. (NYSE:SKT) by 1.4% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 43,476 shares of the real estate investment trust’s stock after selling 614 shares during the quarter. Commonwealth Equity Services LLC’s holdings in Tanger were worth $1,179,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also modified their holdings of the company. Blue Trust Inc. lifted its holdings in Tanger by 1,412.1% in the 2nd 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 in the last quarter. Whittier Trust Co. purchased a new position in shares of Tanger during the second quarter valued at approximately $33,000. GAMMA Investing LLC boosted its position in Tanger by 44.6% during the second quarter. GAMMA Investing LLC now owns 1,274 shares of the real estate investment trust’s stock worth $35,000 after acquiring an additional 393 shares during the last quarter. 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 acquiring an additional 1,398 shares during the last quarter. Finally, Fidelis Capital Partners LLC acquired a new position in Tanger in the 1st quarter valued at $91,000. Institutional investors and hedge funds own 85.23% of the company’s stock.

Analyst Ratings Changes

Several equities research analysts have recently issued reports on the company. Compass Point raised their price objective on Tanger from $32.00 to $34.00 and gave the stock a “buy” rating in a report on Wednesday, September 11th. Scotiabank raised their price target on Tanger from $28.00 to $30.00 and gave the stock a “sector perform” rating in a research note on Monday, August 26th. Finally, Evercore ISI lifted their price target on Tanger from $29.00 to $31.00 and gave the company an “in-line” rating in a report on Monday. Four investment analysts have rated the stock with a hold rating and three have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus target price of $31.33.

Tanger Trading Down 0.2 %

Shares of SKT opened at $31.76 on Tuesday. Tanger Inc. has a 12 month low of $21.42 and a 12 month high of $32.05. The stock’s 50-day moving average is $28.90 and its two-hundred day moving average is $28.17. The company has a debt-to-equity ratio of 2.53, a current ratio of 0.13 and a quick ratio of 0.13. The stock has a market cap of $3.47 billion, a PE ratio of 34.90, a P/E/G ratio of 3.21 and a beta of 1.89.

Tanger Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Thursday, August 15th. Investors of record on Wednesday, July 31st were issued a dividend of $0.275 per share. This represents a $1.10 dividend on an annualized basis and a yield of 3.46%. The ex-dividend date of this dividend was Wednesday, July 31st. Tanger’s payout ratio is 120.88%.

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.