SG Americas Securities LLC Reduces Stock Position in Tanger Inc. (NYSE:SKT)

SG Americas Securities LLC reduced its holdings in Tanger Inc. (NYSE:SKT) by 17.5% in the third quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 8,824 shares of the real estate investment trust’s stock after selling 1,873 shares during the period. SG Americas Securities LLC’s holdings in Tanger were worth $293,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors and hedge funds have also made changes to their positions in the business. Vanguard Group Inc. grew its stake in shares of Tanger by 3.6% in the 1st quarter. Vanguard Group Inc. now owns 17,456,758 shares of the real estate investment trust’s stock worth $515,498,000 after buying an additional 608,547 shares in the last quarter. Dimensional Fund Advisors LP boosted its stake in shares of Tanger by 8.2% during the 2nd quarter. Dimensional Fund Advisors LP now owns 1,628,331 shares of the real estate investment trust’s stock worth $44,144,000 after purchasing an additional 123,107 shares during the period. Bank of New York Mellon Corp boosted 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 purchasing an additional 55,794 shares during the period. Land & Buildings Investment Management LLC boosted its stake 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 worth $28,284,000 after purchasing an additional 358,860 shares during the period. Finally, Millennium Management LLC boosted its stake in shares of Tanger by 8.2% during the 2nd quarter. Millennium Management LLC now owns 767,166 shares of the real estate investment trust’s stock worth $20,798,000 after purchasing an additional 58,205 shares during the period. 85.23% of the stock is owned by hedge funds and other institutional investors.

Tanger Trading Up 0.7 %

Shares of SKT opened at $34.70 on Monday. Tanger Inc. has a 1-year low of $21.42 and a 1-year high of $34.81. The company has a 50-day moving average of $31.38 and a 200 day moving average of $28.85. The firm has a market capitalization of $3.79 billion, a price-to-earnings ratio of 38.13, a PEG ratio of 2.85 and a beta of 1.89. The company has a debt-to-equity ratio of 2.53, a current ratio of 0.13 and a quick ratio of 0.13.

Tanger Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, November 15th. Stockholders of record on Thursday, October 31st will be issued a $0.275 dividend. The ex-dividend date is Thursday, October 31st. This represents a $1.10 annualized dividend and a dividend yield of 3.17%. Tanger’s dividend payout ratio is currently 120.88%.

Analyst Upgrades and Downgrades

A number of equities analysts recently commented on the stock. Evercore ISI lifted their price target on shares of Tanger from $29.00 to $31.00 and gave the stock an “in-line” rating in a research note on Monday, September 16th. Bank of America lifted their price target on shares of Tanger from $31.00 to $35.00 and gave the stock a “neutral” rating in a research note on Friday, October 11th. Scotiabank lifted their price target on shares of Tanger from $28.00 to $30.00 and gave the stock a “sector perform” rating in a research note on Monday, August 26th. Finally, Compass Point lifted their price objective on shares of Tanger from $32.00 to $34.00 and gave the company a “buy” rating in a report on Wednesday, September 11th. Three research analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $32.00.

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.