Strs Ohio Reduces Stake in Tanger Inc. (NYSE:SKT)

Strs Ohio reduced its position in Tanger Inc. (NYSE:SKT) by 2.8% in the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 20,900 shares of the real estate investment trust’s stock after selling 600 shares during the period. Strs Ohio’s holdings in Tanger were worth $579,000 as of its most recent SEC filing.

Several other hedge funds also recently bought and sold shares of SKT. Loomis Sayles & Co. L P increased its position in Tanger by 4,051.4% during the third quarter. Loomis Sayles & Co. L P now owns 1,453 shares of the real estate investment trust’s stock worth $33,000 after buying an additional 1,418 shares in the last quarter. Federated Hermes Inc. purchased a new position in Tanger during the third quarter worth $125,000. Future Financial Wealth Managment LLC purchased a new stake in shares of Tanger in the fourth quarter valued at $210,000. Van ECK Associates Corp grew its position in shares of Tanger by 4.3% in the third quarter. Van ECK Associates Corp now owns 11,968 shares of the real estate investment trust’s stock valued at $270,000 after purchasing an additional 496 shares during the period. Finally, Connor Clark & Lunn Investment Management Ltd. purchased a new stake in shares of Tanger in the third quarter valued at $271,000. Hedge funds and other institutional investors own 85.23% of the company’s stock.

Analyst Upgrades and Downgrades

SKT has been the subject of a number of recent analyst reports. Evercore ISI lifted their price objective on Tanger from $28.00 to $29.00 and gave the company an “in-line” rating in a research report on Wednesday, February 28th. Bank of America raised Tanger from an “underperform” rating to a “neutral” rating and lifted their price objective for the company from $24.00 to $31.00 in a research report on Friday, April 5th. Finally, Citigroup raised Tanger from a “neutral” rating to a “buy” rating and lifted their price objective for the company from $30.00 to $33.00 in a research report on Friday, March 22nd. Five research analysts have rated the stock with a hold rating and two have given a buy rating to the company. According to data from MarketBeat, the stock currently has an average rating of “Hold” and an average target price of $29.00.

Tanger Price Performance

Shares of Tanger stock opened at $28.88 on Friday. Tanger Inc. has a twelve month low of $18.00 and a twelve month high of $29.98. The stock has a market capitalization of $3.15 billion, a P/E ratio of 31.39, a PEG ratio of 3.62 and a beta of 1.83. The company has a current ratio of 0.19, a quick ratio of 0.19 and a debt-to-equity ratio of 2.43. The business’s fifty day moving average price is $28.46 and its 200 day moving average price is $26.77.

Tanger Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Wednesday, May 15th. Investors of record on Tuesday, April 30th will be issued a $0.275 dividend. The ex-dividend date is Monday, April 29th. This represents a $1.10 dividend on an annualized basis and a yield of 3.81%. This is a boost from Tanger’s previous quarterly dividend of $0.26. Tanger’s dividend payout ratio (DPR) is presently 113.04%.

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.