Tanger Inc. (NYSE:SKT) Shares Sold by Truist Financial Corp

Truist Financial Corp decreased its position in Tanger Inc. (NYSE:SKT) by 10.0% in the 4th quarter, HoldingsChannel reports. The institutional investor owned 6,972 shares of the real estate investment trust’s stock after selling 775 shares during the period. Truist Financial Corp’s holdings in Tanger were worth $238,000 at the end of the most recent reporting period.

Other institutional investors have also modified their holdings of the company. Loomis Sayles & Co. L P lifted its holdings in shares of Tanger by 3,393.9% in the third quarter. Loomis Sayles & Co. L P now owns 1,712 shares of the real estate investment trust’s stock valued at $57,000 after buying an additional 1,663 shares during the period. GAMMA Investing LLC lifted its holdings in shares of Tanger by 24.9% during the fourth quarter. GAMMA Investing LLC now owns 2,578 shares of the real estate investment trust’s stock valued at $88,000 after purchasing an additional 514 shares during the last quarter. KBC Group NV lifted its holdings in shares of Tanger by 31.5% during the third 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. Truvestments Capital LLC purchased a new stake in shares of Tanger during the third quarter valued at $160,000. Finally, Exchange Traded Concepts LLC lifted its holdings in shares of Tanger by 12.8% during the fourth quarter. Exchange Traded Concepts LLC now owns 5,131 shares of the real estate investment trust’s stock valued at $175,000 after purchasing an additional 583 shares during the last quarter. Institutional investors and hedge funds own 85.23% of the company’s stock.

Tanger Stock Performance

Shares of SKT stock opened at $34.07 on Friday. The company has a debt-to-equity ratio of 2.09, a current ratio of 0.44 and a quick ratio of 0.13. Tanger Inc. has a fifty-two week low of $25.94 and a fifty-two week high of $37.57. The stock’s 50-day moving average is $33.92 and its two-hundred day moving average is $33.71. The firm has a market cap of $3.84 billion, a P/E ratio of 39.16, a PEG ratio of 2.97 and a beta of 1.91.

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

Tanger Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, February 14th. Stockholders of record on Friday, January 31st were issued a dividend of $0.275 per share. This represents a $1.10 dividend on an annualized basis and a dividend yield of 3.23%. The ex-dividend date of this dividend was Friday, January 31st. Tanger’s dividend payout ratio is 126.44%.

Analyst Upgrades and Downgrades

Several equities research analysts have recently commented on SKT shares. Evercore ISI upped their target price on Tanger from $31.00 to $33.00 and gave the company an “in-line” rating in a report on Thursday, November 7th. Deutsche Bank Aktiengesellschaft started coverage on Tanger in a report on Tuesday, December 17th. They set a “hold” rating and a $37.00 target price for the company. Bank of America raised Tanger from a “neutral” rating to a “buy” rating and upped their target price for the company from $35.00 to $40.00 in a report on Monday, November 11th. The Goldman Sachs Group upped their target price on Tanger from $31.00 to $35.00 and gave the company a “neutral” rating in a report on Friday, November 15th. Finally, Citigroup increased their price objective on Tanger from $34.00 to $41.00 and gave the stock a “buy” rating in a research note on Wednesday, November 13th. Five analysts have rated the stock with a hold rating and three have assigned a buy rating to the company’s stock. According to MarketBeat.com, Tanger presently has an average rating of “Hold” and a consensus price target of $36.00.

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.