Inlet Private Wealth LLC Trims Position in Tanger Inc. (NYSE:SKT)

Inlet Private Wealth LLC reduced its position in Tanger Inc. (NYSE:SKT) by 7.5% in the 4th quarter, Holdings Channel reports. The fund owned 64,100 shares of the real estate investment trust’s stock after selling 5,200 shares during the period. Inlet Private Wealth LLC’s holdings in Tanger were worth $2,188,000 at the end of the most recent quarter.

Other hedge funds have also made changes to their positions in the company. EMC Capital Management boosted its stake in Tanger by 8,550.9% in the 4th quarter. EMC Capital Management now owns 14,274 shares of the real estate investment trust’s stock worth $487,000 after buying an additional 14,109 shares during the last quarter. Ibex Wealth Advisors purchased a new stake in Tanger in the fourth quarter valued at approximately $733,000. KBC Group NV increased its position in 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 raised its stake in 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 during the period. Finally, ARS Investment Partners LLC purchased a new stake in shares of Tanger during the 4th quarter valued at $555,000. Institutional investors and hedge funds own 85.23% of the company’s stock.

Tanger Stock Performance

Shares of SKT stock opened at $32.88 on Friday. The company’s fifty day moving average price is $34.45 and its two-hundred day moving average price is $32.62. The company has a debt-to-equity ratio of 2.40, a current ratio of 0.13 and a quick ratio of 0.13. The firm has a market capitalization of $3.64 billion, a P/E ratio of 38.23, a P/E/G ratio of 2.72 and a beta of 1.92. Tanger Inc. has a 12 month low of $25.67 and a 12 month high of $37.57.

Tanger (NYSE:SKT) last released its quarterly earnings results on Wednesday, November 6th. The real estate investment trust reported $0.22 EPS for the quarter, missing the consensus estimate of $0.53 by ($0.31). Tanger had a return on equity of 16.25% and a net margin of 18.55%. The business had revenue of $133.00 million during the quarter, compared to analyst estimates of $125.80 million. During the same quarter last year, the firm posted $0.50 EPS. The company’s revenue was up 13.3% compared to the same quarter last year. On average, research analysts anticipate that Tanger Inc. will post 2.11 earnings per share for the current fiscal year.

Tanger Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, February 14th. Stockholders of record on Friday, January 31st will be given a $0.275 dividend. This represents a $1.10 annualized dividend and a dividend yield of 3.35%. The ex-dividend date is Friday, January 31st. Tanger’s payout ratio is currently 127.91%.

Analysts Set New Price Targets

A number of research firms have issued reports on SKT. Compass Point boosted their price target on Tanger from $34.00 to $36.00 and gave the company a “buy” rating in a research report on Friday, October 25th. Deutsche Bank Aktiengesellschaft assumed coverage on shares of Tanger in a report on Tuesday, December 17th. They issued a “hold” rating and a $37.00 price target on the stock. Citigroup boosted their price objective on shares of Tanger from $34.00 to $41.00 and gave the stock a “buy” rating in a research note on Wednesday, November 13th. Bank of America raised shares of Tanger from a “neutral” rating to a “buy” rating and raised their target price for the company from $35.00 to $40.00 in a research note on Monday, November 11th. Finally, The Goldman Sachs Group upped their price target on shares of Tanger from $31.00 to $35.00 and gave the stock a “neutral” rating in a research report on Friday, November 15th. Five equities research analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus target price of $36.00.

Insider Transactions at Tanger

In other Tanger news, CAO Thomas Joseph Guerrieri, Jr. sold 3,000 shares of the stock in a transaction on Tuesday, November 19th. The shares were sold at an average price of $36.27, for a total transaction of $108,810.00. Following the sale, the chief accounting officer now directly owns 59,641 shares of the company’s stock, valued at approximately $2,163,179.07. This represents a 4.79 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Corporate insiders own 5.80% of the company’s stock.

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.