Prudential Financial Inc. Decreases Position in Tanger Inc. (NYSE:SKT)

Prudential Financial Inc. reduced its stake in Tanger Inc. (NYSE:SKT) by 13.9% during the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 111,535 shares of the real estate investment trust’s stock after selling 17,950 shares during the period. Prudential Financial Inc.’s holdings in Tanger were worth $3,807,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the stock. GAMMA Investing LLC boosted its holdings in shares of Tanger by 24.9% in the 4th quarter. GAMMA Investing LLC now owns 2,578 shares of the real estate investment trust’s stock valued at $88,000 after buying an additional 514 shares in the last quarter. Smartleaf Asset Management LLC boosted its stake in Tanger by 415.7% in the fourth quarter. Smartleaf Asset Management LLC now owns 2,790 shares of the real estate investment trust’s stock valued at $95,000 after acquiring an additional 2,249 shares in the last quarter. KBC Group NV grew its holdings in shares of Tanger by 21.6% during the fourth quarter. KBC Group NV now owns 4,474 shares of the real estate investment trust’s stock worth $153,000 after purchasing an additional 795 shares during the last quarter. Exchange Traded Concepts LLC increased its position 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 worth $175,000 after purchasing an additional 583 shares in the last quarter. Finally, CIBC Asset Management Inc purchased a new stake in shares of Tanger in the 4th quarter valued at about $200,000. Institutional investors and hedge funds own 85.23% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research firms have commented on SKT. Deutsche Bank Aktiengesellschaft initiated coverage on Tanger in a research report on Tuesday, December 17th. They set a “hold” rating and a $37.00 price target on the stock. The Goldman Sachs Group upgraded shares of Tanger from a “neutral” rating to a “buy” rating and upped their price target for the company from $39.00 to $40.00 in a research report on Friday, March 28th. Finally, BMO Capital Markets began coverage on shares of Tanger in a research report on Tuesday, January 28th. They set a “market perform” rating and a $36.00 price objective on the stock. Four equities research analysts have rated the stock with a hold rating and four have given a buy rating to the company. According to MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $36.63.

Tanger Stock Performance

Shares of SKT opened at $33.98 on Wednesday. Tanger Inc. has a 1 year low of $25.94 and a 1 year high of $37.57. The stock has a market capitalization of $3.83 billion, a P/E ratio of 39.05, a P/E/G ratio of 2.97 and a beta of 1.88. The company has a debt-to-equity ratio of 2.09, a quick ratio of 0.13 and a current ratio of 0.44. The company’s fifty day moving average is $33.65 and its two-hundred day moving average is $34.06.

Tanger (NYSE:SKT) last posted its quarterly earnings results on Wednesday, February 19th. The real estate investment trust reported $0.54 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.52 by $0.02. Tanger had a net margin of 18.65% and a return on equity of 16.16%. The firm had revenue of $132.17 million during the quarter, compared to analysts’ expectations of $129.10 million. On average, sell-side analysts predict that Tanger Inc. will post 2.24 earnings per share for the current year.

Tanger Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, February 14th. Investors of record on Friday, January 31st were paid a $0.275 dividend. The ex-dividend date was Friday, January 31st. This represents a $1.10 dividend on an annualized basis and a dividend yield of 3.24%. Tanger’s dividend payout ratio (DPR) is presently 126.44%.

Insider Buying and Selling

In related news, COO Gallardo Leslie Swanson sold 12,500 shares of the business’s stock in a transaction dated Tuesday, March 11th. The shares were sold at an average price of $32.38, for a total transaction of $404,750.00. Following the sale, the chief operating officer now owns 113,158 shares of the company’s stock, valued at approximately $3,664,056.04. The trade was a 9.95 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. 5.80% of the stock is currently owned by corporate insiders.

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.