Tanger Inc. (NYSE:SKT) Shares Sold by Boothbay Fund Management LLC

Boothbay Fund Management LLC lowered its position in shares of Tanger Inc. (NYSE:SKT) by 5.9% in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 167,415 shares of the real estate investment trust’s stock after selling 10,502 shares during the quarter. Boothbay Fund Management LLC’s holdings in Tanger were worth $5,714,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Aster Capital Management DIFC Ltd increased its position in shares of Tanger by 232.7% during the fourth quarter. Aster Capital Management DIFC Ltd now owns 1,048 shares of the real estate investment trust’s stock worth $36,000 after purchasing an additional 733 shares in the last quarter. Coppell Advisory Solutions LLC grew its holdings in shares of Tanger by 144.4% during the fourth quarter. Coppell Advisory Solutions LLC now owns 2,368 shares of the real estate investment trust’s stock worth $80,000 after buying an additional 1,399 shares in the last quarter. GAMMA Investing LLC grew its holdings in shares of Tanger by 24.9% during the fourth quarter. GAMMA Investing LLC now owns 2,578 shares of the real estate investment trust’s stock worth $88,000 after buying an additional 514 shares in the last quarter. Smartleaf Asset Management LLC lifted its stake in shares of Tanger by 415.7% in the fourth quarter. Smartleaf Asset Management LLC now owns 2,790 shares of the real estate investment trust’s stock worth $95,000 after buying an additional 2,249 shares in the last quarter. Finally, FIL Ltd lifted its stake in shares of Tanger by 16.2% in the fourth quarter. FIL Ltd now owns 2,874 shares of the real estate investment trust’s stock worth $98,000 after buying an additional 401 shares in the last quarter. Hedge funds and other institutional investors own 85.23% of the company’s stock.

Insider Activity

In other news, COO Gallardo Leslie Swanson sold 12,500 shares of Tanger stock in a transaction 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 directly owns 113,158 shares of the company’s stock, valued at approximately $3,664,056.04. The trade was a 9.95 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Insiders own 5.70% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research analysts have weighed in on the stock. The Goldman Sachs Group raised shares of 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. Scotiabank cut their price target on Tanger from $38.00 to $33.00 and set a “sector perform” rating for the company in a report on Wednesday. Finally, BMO Capital Markets initiated coverage on Tanger in a research note on Tuesday, January 28th. They set a “market perform” rating and a $36.00 price objective on the stock. Four investment analysts have rated the stock with a hold rating and four have issued a buy rating to the company’s stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $37.00.

Tanger Trading Up 0.6 %

SKT opened at $32.08 on Friday. The stock has a market capitalization of $3.63 billion, a PE ratio of 36.87, a P/E/G ratio of 2.97 and a beta of 1.49. Tanger Inc. has a one year low of $25.94 and a one year high of $37.57. The company has a debt-to-equity ratio of 2.09, a quick ratio of 0.13 and a current ratio of 0.44. The business’s 50 day moving average price is $32.94 and its 200 day moving average price is $33.93.

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

Tanger Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, May 15th. Shareholders of record on Wednesday, April 30th will be given a dividend of $0.2925 per share. The ex-dividend date of this dividend is Wednesday, April 30th. This is a boost from Tanger’s previous quarterly dividend of $0.28. This represents a $1.17 dividend on an annualized basis and a dividend yield of 3.65%. Tanger’s dividend payout ratio (DPR) is currently 134.48%.

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.