Aew Capital Management L P Sells 8,772 Shares of Tanger Inc. (NYSE:SKT)

Aew Capital Management L P trimmed its position in Tanger Inc. (NYSE:SKT) by 1.2% in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 750,566 shares of the real estate investment trust’s stock after selling 8,772 shares during the period. Aew Capital Management L P owned approximately 0.71% of Tanger worth $20,806,000 at the end of the most recent quarter.

A number of other hedge funds have also added to or reduced their stakes in SKT. Loomis Sayles & Co. L P boosted its stake in Tanger by 4,051.4% during the 3rd quarter. Loomis Sayles & Co. L P now owns 1,453 shares of the real estate investment trust’s stock valued at $33,000 after purchasing an additional 1,418 shares during the last quarter. Federated Hermes Inc. acquired a new position in Tanger during the 3rd quarter valued at about $125,000. Future Financial Wealth Managment LLC acquired a new position in Tanger during the 4th quarter valued at about $210,000. Van ECK Associates Corp boosted its stake in Tanger by 4.3% during the 3rd quarter. Van ECK Associates Corp now owns 11,968 shares of the real estate investment trust’s stock valued at $270,000 after purchasing an additional 496 shares during the last quarter. Finally, Connor Clark & Lunn Investment Management Ltd. acquired a new position in Tanger during the 3rd quarter valued at about $271,000. Institutional investors and hedge funds own 85.23% of the company’s stock.

Tanger Stock Performance

Tanger stock traded up $0.21 during trading on Friday, hitting $28.88. The stock had a trading volume of 539,676 shares, compared to its average volume of 767,803. Tanger Inc. has a 1 year low of $18.00 and a 1 year high of $29.98. The company has a quick ratio of 0.19, a current ratio of 0.19 and a debt-to-equity ratio of 2.43. The stock’s 50 day moving average is $28.46 and its two-hundred day moving average is $26.77. The stock has a market cap of $3.15 billion, a price-to-earnings ratio of 31.45, a price-to-earnings-growth ratio of 3.62 and a beta of 1.83.

Tanger Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, May 15th. Investors of record on Tuesday, April 30th will be paid a $0.275 dividend. This is an increase from Tanger’s previous quarterly dividend of $0.26. The ex-dividend date is Monday, April 29th. This represents a $1.10 annualized dividend and a yield of 3.81%. Tanger’s dividend payout ratio is presently 113.04%.

Analyst Upgrades and Downgrades

SKT has been the topic of a number of research analyst reports. Citigroup upgraded Tanger from a “neutral” rating to a “buy” rating and boosted their target price for the stock from $30.00 to $33.00 in a research note on Friday, March 22nd. Evercore ISI boosted their target price on Tanger from $28.00 to $29.00 and gave the stock an “in-line” rating in a research note on Wednesday, February 28th. Finally, Bank of America upgraded Tanger from an “underperform” rating to a “neutral” rating and boosted their target price for the stock from $24.00 to $31.00 in a research note on Friday, April 5th. Five investment analysts have rated the stock with a hold rating and two have issued a buy rating to the stock. According to data from MarketBeat, Tanger presently has an average rating of “Hold” and a consensus target price of $29.00.

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.