Public Employees Retirement System of Ohio Reduces Holdings in Tanger Inc. $SKT

Public Employees Retirement System of Ohio lowered its holdings in shares of Tanger Inc. (NYSE:SKT) by 17.1% in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 130,739 shares of the real estate investment trust’s stock after selling 27,006 shares during the period. Public Employees Retirement System of Ohio owned about 0.11% of Tanger worth $4,443,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently modified their holdings of the business. Lido Advisors LLC increased its stake in shares of Tanger by 56.2% during the 1st quarter. Lido Advisors LLC now owns 19,430 shares of the real estate investment trust’s stock worth $660,000 after purchasing an additional 6,990 shares in the last quarter. First Trust Advisors LP lifted its stake in Tanger by 69.0% in the 1st quarter. First Trust Advisors LP now owns 112,685 shares of the real estate investment trust’s stock valued at $3,829,000 after buying an additional 45,997 shares in the last quarter. PNC Financial Services Group Inc. grew its holdings in Tanger by 1.6% during the 1st quarter. PNC Financial Services Group Inc. now owns 34,547 shares of the real estate investment trust’s stock valued at $1,174,000 after buying an additional 530 shares during the last quarter. Dimensional Fund Advisors LP grew its holdings in Tanger by 2.5% during the 1st quarter. Dimensional Fund Advisors LP now owns 1,694,607 shares of the real estate investment trust’s stock valued at $57,584,000 after buying an additional 42,114 shares during the last quarter. Finally, Swiss National Bank grew its holdings in Tanger by 2.1% during the 1st quarter. Swiss National Bank now owns 227,800 shares of the real estate investment trust’s stock valued at $7,741,000 after buying an additional 4,600 shares during the last quarter. Hedge funds and other institutional investors own 85.23% of the company’s stock.

Analyst Ratings Changes

A number of research firms have recently weighed in on SKT. Barclays boosted their price target on Tanger from $38.00 to $41.00 and gave the stock an “equal weight” rating in a report on Tuesday, May 12th. LADENBURG THALM/SH SH lifted their price objective on Tanger from $40.00 to $42.00 and gave the stock a “buy” rating in a research report on Wednesday, June 10th. UBS Group set a $41.00 target price on shares of Tanger in a research note on Thursday, June 18th. BMO Capital Markets upped their target price on shares of Tanger from $40.00 to $42.00 and gave the company a “market perform” rating in a report on Monday, June 15th. Finally, Deutsche Bank Aktiengesellschaft raised their price target on shares of Tanger from $35.00 to $40.00 and gave the stock a “hold” rating in a research note on Wednesday, June 17th. Two equities research analysts have rated the stock with a Buy rating, seven have issued a Hold rating and one has given a Sell rating to the stock. According to MarketBeat.com, the stock has a consensus rating of “Hold” and an average price target of $39.70.

Tanger Price Performance

Shares of NYSE:SKT opened at $41.55 on Thursday. The company has a market cap of $4.77 billion, a P/E ratio of 38.84, a P/E/G ratio of 2.15 and a beta of 1.09. The company has a quick ratio of 3.36, a current ratio of 3.36 and a debt-to-equity ratio of 2.67. Tanger Inc. has a 52 week low of $29.24 and a 52 week high of $42.53. The business has a fifty day simple moving average of $39.19 and a 200-day simple moving average of $36.50.

Tanger (NYSE:SKT) last released its earnings results on Thursday, April 30th. The real estate investment trust reported $0.24 earnings per share for the quarter, missing the consensus estimate of $0.28 by ($0.04). Tanger had a return on equity of 17.53% and a net margin of 20.76%.The business had revenue of $150.42 million for the quarter, compared to analysts’ expectations of $142.94 million. During the same quarter last year, the company posted $0.53 earnings per share. The business’s quarterly revenue was up 11.1% compared to the same quarter last year. Equities research analysts forecast that Tanger Inc. will post 2.48 EPS for the current year.

Tanger Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, August 14th. Shareholders of record on Friday, July 31st will be issued a $0.3125 dividend. The ex-dividend date is Friday, July 31st. This represents a $1.25 annualized dividend and a yield of 3.0%. Tanger’s payout ratio is 116.82%.

About Tanger

Tanger Factory Outlet Centers, Inc (NYSE: SKT) is a real estate investment trust specializing in the ownership, development and management of outlet shopping centers. The company’s portfolio comprises more than 40 outlet properties anchored by leading fashion and lifestyle brands. Tanger’s centers are designed to offer off-price retail experiences in open-air, community-oriented settings, providing value-focused shoppers with access to premium brands at reduced prices.

Founded in 1981 by Stanley K.