Bank of New York Mellon Corp Cuts Stock Position in Tanger Inc. (NYSE:SKT)

Bank of New York Mellon Corp lessened its holdings in Tanger Inc. (NYSE:SKT) by 0.2% in the fourth quarter, according to its most recent filing with the SEC. The institutional investor owned 945,294 shares of the real estate investment trust’s stock after selling 2,362 shares during the period. Bank of New York Mellon Corp owned 0.85% of Tanger worth $32,263,000 as of its most recent SEC filing.

A number of other institutional investors have also bought and sold shares of SKT. Creative Planning increased its stake in Tanger by 14.5% in the 3rd quarter. Creative Planning now owns 9,637 shares of the real estate investment trust’s stock worth $320,000 after buying an additional 1,219 shares in the last quarter. Van ECK Associates Corp boosted its holdings in shares of Tanger by 12.3% during the 3rd quarter. Van ECK Associates Corp now owns 18,297 shares of the real estate investment trust’s stock valued at $624,000 after purchasing an additional 2,008 shares during the last quarter. Los Angeles Capital Management LLC boosted its holdings in shares of Tanger by 61.0% during the 3rd quarter. Los Angeles Capital Management LLC now owns 26,683 shares of the real estate investment trust’s stock valued at $885,000 after purchasing an additional 10,110 shares during the last quarter. KBC Group NV boosted its holdings in shares of Tanger by 31.5% during the 3rd quarter. KBC Group NV now owns 3,679 shares of the real estate investment trust’s stock valued at $122,000 after purchasing an additional 881 shares during the last quarter. Finally, Metis Global Partners LLC boosted its holdings in shares of Tanger by 29.7% during the 3rd quarter. Metis Global Partners LLC now owns 11,261 shares of the real estate investment trust’s stock valued at $374,000 after purchasing an additional 2,577 shares during the last quarter. Hedge funds and other institutional investors own 85.23% of the company’s stock.

Wall Street Analysts Forecast Growth

SKT has been the subject of several research reports. The Goldman Sachs Group increased their price objective on shares of Tanger from $31.00 to $35.00 and gave the company a “neutral” rating in a report on Friday, November 15th. BMO Capital Markets assumed coverage on shares of Tanger in a report on Tuesday, January 28th. They set a “market perform” rating and a $36.00 price objective for the company. Bank of America raised shares of Tanger from a “neutral” rating to a “buy” rating and increased their price target for the company from $35.00 to $40.00 in a report on Monday, November 11th. Citigroup increased their price target on shares of Tanger from $34.00 to $41.00 and gave the company a “buy” rating in a report on Wednesday, November 13th. Finally, Deutsche Bank Aktiengesellschaft assumed coverage on shares of Tanger in a report on Tuesday, December 17th. They issued a “hold” rating and a $37.00 price target for the company. Five equities research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. Based on data from MarketBeat.com, Tanger currently has a consensus rating of “Hold” and a consensus target price of $36.00.

Tanger Stock Performance

Shares of NYSE:SKT opened at $33.63 on Friday. The firm has a market cap of $3.79 billion, a PE ratio of 38.66, a price-to-earnings-growth ratio of 2.97 and a beta of 1.88. The firm’s 50 day simple moving average is $33.90 and its 200-day simple moving average is $33.74. Tanger Inc. has a one year low of $25.94 and a one year high of $37.57. The company has a debt-to-equity ratio of 2.09, a quick ratio of 0.13 and a current ratio of 0.44.

Tanger (NYSE:SKT) last issued its earnings results on Wednesday, February 19th. The real estate investment trust reported $0.54 EPS for the quarter, topping analysts’ consensus estimates of $0.52 by $0.02. The business had revenue of $132.17 million for the quarter, compared to analyst estimates of $129.10 million. Tanger had a net margin of 18.65% and a return on equity of 16.16%. As a group, equities analysts predict that Tanger Inc. will post 2.24 EPS for the current year.

Tanger Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Friday, February 14th. Investors of record on Friday, January 31st were issued a dividend of $0.275 per share. This represents a $1.10 annualized dividend and a yield of 3.27%. The ex-dividend date of this dividend was Friday, January 31st. Tanger’s payout ratio is 126.44%.

Tanger Company 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.