Victory Capital Management Inc. Lowers Stock Position in Tanger Inc. (NYSE:SKT)

Victory Capital Management Inc. decreased its position in Tanger Inc. (NYSE:SKT) by 64.3% in the third quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 21,170 shares of the real estate investment trust’s stock after selling 38,068 shares during the period. Victory Capital Management Inc.’s holdings in Tanger were worth $702,000 at the end of the most recent quarter.

A number of other large investors have also modified their holdings of SKT. Dimensional Fund Advisors LP increased its stake in shares of Tanger by 8.2% in the 2nd quarter. Dimensional Fund Advisors LP now owns 1,628,331 shares of the real estate investment trust’s stock valued at $44,144,000 after purchasing an additional 123,107 shares in the last quarter. Bank of New York Mellon Corp raised its stake in shares of Tanger by 5.4% during the 2nd quarter. Bank of New York Mellon Corp now owns 1,091,856 shares of the real estate investment trust’s stock worth $29,600,000 after buying an additional 55,794 shares during the period. Land & Buildings Investment Management LLC lifted its position in shares of Tanger by 52.4% during the 2nd quarter. Land & Buildings Investment Management LLC now owns 1,043,287 shares of the real estate investment trust’s stock valued at $28,284,000 after buying an additional 358,860 shares in the last quarter. Millennium Management LLC grew its stake in Tanger by 8.2% in the 2nd quarter. Millennium Management LLC now owns 767,166 shares of the real estate investment trust’s stock valued at $20,798,000 after acquiring an additional 58,205 shares during the period. Finally, Renaissance Technologies LLC increased its holdings in Tanger by 20.4% in the 2nd quarter. Renaissance Technologies LLC now owns 575,226 shares of the real estate investment trust’s stock worth $15,594,000 after acquiring an additional 97,400 shares in the last quarter. Institutional investors and hedge funds own 85.23% of the company’s stock.

Wall Street Analysts Forecast Growth

Several analysts have recently issued reports on the stock. The Goldman Sachs Group lifted their target price on shares of Tanger from $31.00 to $35.00 and gave the company a “neutral” rating in a research report on Friday, November 15th. Evercore ISI lifted their price objective on Tanger from $31.00 to $33.00 and gave the stock an “in-line” rating in a report on Thursday, November 7th. Compass Point increased their target price on Tanger from $34.00 to $36.00 and gave the company a “buy” rating in a report on Friday, October 25th. Bank of America raised Tanger from a “neutral” rating to a “buy” rating and lifted their price target for the stock from $35.00 to $40.00 in a research note on Monday, November 11th. Finally, Scotiabank increased their price objective on Tanger from $28.00 to $30.00 and gave the company a “sector perform” rating in a research note on Monday, August 26th. Three research analysts have rated the stock with a hold rating and four have given a buy rating to the stock. According to MarketBeat, Tanger currently has an average rating of “Moderate Buy” and an average price target of $34.86.

Tanger Price Performance

SKT stock opened at $37.10 on Friday. Tanger Inc. has a 1 year low of $24.72 and a 1 year high of $37.49. 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 firm has a market capitalization of $4.11 billion, a PE ratio of 43.14, a price-to-earnings-growth ratio of 2.87 and a beta of 1.88. The business has a 50 day simple moving average of $34.25 and a 200-day simple moving average of $30.30.

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

Tanger Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, November 15th. Shareholders of record on Thursday, October 31st were paid a dividend of $0.275 per share. This represents a $1.10 dividend on an annualized basis and a yield of 2.96%. The ex-dividend date of this dividend was Thursday, October 31st. Tanger’s dividend payout ratio (DPR) is presently 127.91%.

Insider Buying and Selling at Tanger

In other Tanger news, CAO Thomas Joseph Guerrieri, Jr. sold 3,000 shares of the firm’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 owns 59,641 shares of the company’s stock, valued at $2,163,179.07. This trade represents a 4.79 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 5.80% of the stock is currently owned by company insiders.

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.