Bank of New York Mellon Corp Trims Holdings in Tanger Inc. (NYSE:SKT)

Bank of New York Mellon Corp cut its holdings in shares of Tanger Inc. (NYSE:SKT) by 3.4% in the 1st quarter, HoldingsChannel.com reports. The institutional investor owned 913,169 shares of the real estate investment trust’s stock after selling 32,125 shares during the period. Bank of New York Mellon Corp’s holdings in Tanger were worth $30,856,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds have also added to or reduced their stakes in SKT. Principal Financial Group Inc. lifted its holdings in Tanger by 2.5% in the first quarter. Principal Financial Group Inc. now owns 616,192 shares of the real estate investment trust’s stock valued at $20,821,000 after buying an additional 14,926 shares during the period. New York State Teachers Retirement System increased its stake in shares of Tanger by 6.3% in the 1st quarter. New York State Teachers Retirement System now owns 173,974 shares of the real estate investment trust’s stock valued at $5,879,000 after acquiring an additional 10,350 shares in the last quarter. Monument Capital Management bought a new position in shares of Tanger in the 1st quarter worth $351,000. Spirit of America Management Corp NY grew its stake in Tanger by 9.1% in the 1st quarter. Spirit of America Management Corp NY now owns 12,000 shares of the real estate investment trust’s stock valued at $405,000 after purchasing an additional 1,000 shares during the period. Finally, Exchange Traded Concepts LLC boosted its holdings 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. 85.23% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

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

Tanger Price Performance

SKT opened at $31.46 on Wednesday. The firm has a market capitalization of $3.56 billion, a PE ratio of 37.45, a P/E/G ratio of 2.15 and a beta of 1.17. Tanger Inc. has a 52 week low of $26.62 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 company has a fifty day moving average price of $30.43 and a two-hundred day moving average price of $32.08.

Tanger (NYSE:SKT) last released its quarterly earnings results on Wednesday, April 30th. The real estate investment trust reported $0.53 earnings per share for the quarter, hitting the consensus estimate of $0.53. Tanger had a return on equity of 15.13% and a net margin of 17.65%. The business had revenue of $129.29 million during the quarter, compared to analysts’ expectations of $128.24 million. During the same period last year, the firm posted $0.52 EPS. The firm’s revenue for the quarter was up 9.7% compared to the same quarter last year. As a group, analysts anticipate that Tanger Inc. will post 2.24 earnings per share for the current year.

Tanger 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.