Presima Securities ULC Sells 80,065 Shares of Tanger Inc. $SKT

Presima Securities ULC lowered its holdings in Tanger Inc. (NYSE:SKT) by 16.9% in the 3rd quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 392,559 shares of the real estate investment trust’s stock after selling 80,065 shares during the quarter. Tanger makes up 3.7% of Presima Securities ULC’s portfolio, making the stock its 12th biggest position. Presima Securities ULC owned 0.35% of Tanger worth $13,284,000 as of its most recent SEC filing.

Several other hedge funds have also recently modified their holdings of SKT. Truist Financial Corp grew its position in shares of Tanger by 736.7% in the 3rd quarter. Truist Financial Corp now owns 61,533 shares of the real estate investment trust’s stock worth $2,082,000 after buying an additional 54,179 shares during the last quarter. Oliver Luxxe Assets LLC purchased a new stake in shares of Tanger during the 3rd quarter valued at $1,867,000. JPMorgan Chase & Co. boosted its position in shares of Tanger by 10.9% in the 2nd quarter. JPMorgan Chase & Co. now owns 777,637 shares of the real estate investment trust’s stock worth $23,780,000 after purchasing an additional 76,330 shares in the last quarter. Geode Capital Management LLC boosted its position in shares of Tanger by 2.4% in the 2nd quarter. Geode Capital Management LLC now owns 2,841,121 shares of the real estate investment trust’s stock worth $86,892,000 after purchasing an additional 65,599 shares in the last quarter. Finally, SG Americas Securities LLC purchased a new position in Tanger during the 3rd quarter worth $1,218,000. Hedge funds and other institutional investors own 85.23% of the company’s stock.

Analysts Set New Price Targets

A number of research firms have commented on SKT. LADENBURG THALM/SH SH upgraded Tanger to a “strong-buy” rating in a research note on Thursday, November 20th. Weiss Ratings reaffirmed a “buy (b)” rating on shares of Tanger in a research report on Wednesday, January 21st. Scotiabank lifted their price objective on shares of Tanger from $33.00 to $34.00 and gave the stock a “sector perform” rating in a research note on Wednesday, January 14th. Barclays reissued a “positive” rating and issued a $36.00 target price on shares of Tanger in a research report on Tuesday, January 13th. Finally, Citigroup restated a “neutral” rating and issued a $35.00 target price (down previously from $38.00) on shares of Tanger in a research note on Wednesday, November 19th. One equities research analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating and three have assigned a Hold rating to the stock. According to MarketBeat, Tanger has a consensus rating of “Moderate Buy” and an average target price of $36.00.

Tanger Stock Performance

NYSE SKT opened at $34.56 on Thursday. The firm has a market capitalization of $3.98 billion, a P/E ratio of 36.77, a PEG ratio of 1.53 and a beta of 1.18. The stock has a 50-day simple moving average of $33.58 and a two-hundred day simple moving average of $33.35. The company has a debt-to-equity ratio of 2.20, a quick ratio of 0.51 and a current ratio of 0.51. Tanger Inc. has a fifty-two week low of $28.69 and a fifty-two week high of $36.76.

Tanger Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, February 13th. Shareholders of record on Friday, January 30th were given a $0.2925 dividend. This represents a $1.17 annualized dividend and a yield of 3.4%. The ex-dividend date was Friday, January 30th. Tanger’s dividend payout ratio is currently 124.47%.

Tanger Profile

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.