Alliancebernstein L.P. Sells 10,043 Shares of Tanger Inc. (NYSE:SKT)

Alliancebernstein L.P. decreased its position in shares of Tanger Inc. (NYSE:SKT) by 3.7% in the 4th quarter, according to its most recent 13F filing with the SEC. The firm owned 260,628 shares of the real estate investment trust’s stock after selling 10,043 shares during the quarter. Alliancebernstein L.P. owned approximately 0.24% of Tanger worth $8,895,000 at the end of the most recent quarter.

Several other large investors also recently added to or reduced their stakes in the company. Wellington Management Group LLP boosted its position in Tanger by 34.0% during the fourth quarter. Wellington Management Group LLP now owns 2,748,467 shares of the real estate investment trust’s stock worth $93,805,000 after purchasing an additional 697,291 shares during the period. Intrust Bank NA lifted its stake in shares of Tanger by 5.4% during the 4th quarter. Intrust Bank NA now owns 13,915 shares of the real estate investment trust’s stock valued at $475,000 after buying an additional 714 shares in the last quarter. Pictet Asset Management Holding SA boosted its holdings in Tanger by 1.5% in the 4th quarter. Pictet Asset Management Holding SA now owns 32,851 shares of the real estate investment trust’s stock worth $1,121,000 after buying an additional 480 shares during the period. Nomura Asset Management Co. Ltd. grew its stake in Tanger by 7.3% in the 4th quarter. Nomura Asset Management Co. Ltd. now owns 145,420 shares of the real estate investment trust’s stock valued at $4,963,000 after buying an additional 9,850 shares in the last quarter. Finally, New Age Alpha Advisors LLC bought a new stake in Tanger during the 4th quarter valued at $1,645,000. Hedge funds and other institutional investors own 85.23% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently commented on the company. BMO Capital Markets assumed coverage on Tanger in a report on Tuesday, January 28th. They issued a “market perform” rating and a $36.00 price target for the company. The Goldman Sachs Group upgraded Tanger from a “neutral” rating to a “buy” rating and raised their target price for the stock from $39.00 to $40.00 in a research note on Friday, March 28th. Finally, Deutsche Bank Aktiengesellschaft assumed 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. Four investment analysts have rated the stock with a hold rating and four have given a buy rating to the company. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $36.63.

Tanger Stock Performance

NYSE:SKT opened at $30.85 on Friday. The stock has a market cap of $3.49 billion, a P/E ratio of 35.46, a PEG ratio of 2.97 and a beta of 1.49. The company has a quick ratio of 0.13, a current ratio of 0.44 and a debt-to-equity ratio of 2.09. The business’s 50-day moving average price is $33.39 and its two-hundred day moving average price is $34.02. Tanger Inc. has a twelve month low of $25.94 and a twelve month high of $37.57.

Tanger (NYSE:SKT) last announced its earnings results on Wednesday, February 19th. The real estate investment trust reported $0.54 earnings per share for the quarter, beating analysts’ consensus estimates of $0.52 by $0.02. Tanger had a net margin of 18.65% and a return on equity of 16.16%. The business had revenue of $132.17 million for the quarter, compared to the consensus estimate of $129.10 million. As a group, equities analysts predict that Tanger Inc. will post 2.24 EPS for the current fiscal year.

Tanger Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, May 15th. Investors of record on Wednesday, April 30th will be given a $0.2925 dividend. The ex-dividend date is Wednesday, April 30th. This is a positive change from Tanger’s previous quarterly dividend of $0.28. This represents a $1.17 annualized dividend and a yield of 3.79%. Tanger’s payout ratio is 126.44%.

Insider Activity at Tanger

In other Tanger news, COO Gallardo Leslie Swanson sold 12,500 shares of the company’s stock in a transaction that occurred on Tuesday, March 11th. The stock was sold at an average price of $32.38, for a total value of $404,750.00. Following the completion of the sale, the chief operating officer now owns 113,158 shares of the company’s stock, valued at $3,664,056.04. This represents a 9.95 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. 5.80% of the stock is owned by insiders.

Tanger Company 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.