Allspring Global Investments Holdings LLC Sells 11,699 Shares of Tanger Inc. (NYSE:SKT)

Allspring Global Investments Holdings LLC reduced its position in shares of Tanger Inc. (NYSE:SKT) by 4.7% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 235,426 shares of the real estate investment trust’s stock after selling 11,699 shares during the period. Allspring Global Investments Holdings LLC owned about 0.21% of Tanger worth $8,009,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors also recently made changes to their positions in the company. Spirit of America Management Corp NY grew its holdings in shares of Tanger by 9.1% during the first quarter. Spirit of America Management Corp NY now owns 12,000 shares of the real estate investment trust’s stock worth $405,000 after purchasing an additional 1,000 shares during the last quarter. Exchange Traded Concepts LLC lifted its stake in shares of Tanger by 453.6% in the first quarter. Exchange Traded Concepts LLC now owns 28,405 shares of the real estate investment trust’s stock worth $960,000 after acquiring an additional 23,274 shares during the period. BNC Wealth Management LLC acquired a new position in shares of Tanger in the first quarter worth approximately $270,000. Albert D Mason Inc. lifted its stake in shares of Tanger by 0.9% in the first quarter. Albert D Mason Inc. now owns 66,999 shares of the real estate investment trust’s stock worth $2,264,000 after acquiring an additional 606 shares during the period. Finally, SG Americas Securities LLC lifted its stake in shares of Tanger by 73.3% in the first quarter. SG Americas Securities LLC now owns 15,326 shares of the real estate investment trust’s stock worth $518,000 after acquiring an additional 6,482 shares during the period. 85.23% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

A number of equities analysts recently commented on the company. The Goldman Sachs Group raised Tanger from a “neutral” rating to a “buy” rating and lifted their price objective for the stock from $39.00 to $40.00 in a research note on Friday, March 28th. Barclays assumed coverage on Tanger in a research note on Wednesday. They issued an “equal weight” rating and a $33.00 price objective on the stock. Scotiabank cut their price objective on Tanger from $38.00 to $33.00 and set a “sector perform” rating on the stock in a research note on Wednesday, April 23rd. Finally, Evercore ISI raised Tanger to a “hold” rating in a research note on Friday, May 2nd. Five investment analysts have rated the stock with a hold rating and four have issued a buy rating to the company. According to data from MarketBeat, Tanger has a consensus rating of “Hold” and an average target price of $36.56.

Tanger Price Performance

Shares of SKT opened at $31.66 on Friday. Tanger Inc. has a 52-week low of $25.96 and a 52-week high of $37.57. The company has a debt-to-equity ratio of 2.37, a quick ratio of 0.14 and a current ratio of 0.14. The business’s 50 day moving average price is $30.26 and its two-hundred day moving average price is $32.21. The firm has a market cap of $3.58 billion, a PE ratio of 37.68, a price-to-earnings-growth ratio of 3.01 and a beta of 1.17.

Tanger (NYSE:SKT) last issued its earnings results on Wednesday, April 30th. The real estate investment trust reported $0.53 earnings per share for the quarter, hitting analysts’ consensus estimates of $0.53. Tanger had a return on equity of 15.13% and a net margin of 17.65%. The company had revenue of $129.29 million for the quarter, compared to analyst estimates of $128.24 million. During the same period in the prior year, the firm earned $0.52 earnings per share. Tanger’s revenue for the quarter was up 9.7% on a year-over-year basis. On average, equities analysts anticipate that Tanger Inc. will post 2.24 EPS for the current year.

Tanger Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, May 15th. Investors of record on Wednesday, April 30th were given a $0.2925 dividend. This is a positive change from Tanger’s previous quarterly dividend of $0.28. This represents a $1.17 dividend on an annualized basis and a yield of 3.70%. The ex-dividend date of this dividend was Wednesday, April 30th. Tanger’s dividend payout ratio is presently 139.29%.

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.