Assetmark Inc. Trims Stake in Tanger Inc. (NYSE:SKT)

Assetmark Inc. cut its holdings in Tanger Inc. (NYSE:SKT) by 67.4% during the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 5,757 shares of the real estate investment trust’s stock after selling 11,897 shares during the period. Assetmark Inc.’s holdings in Tanger were worth $191,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also modified their holdings of the company. GAMMA Investing LLC increased its holdings in Tanger by 44.6% in the 2nd quarter. GAMMA Investing LLC now owns 1,274 shares of the real estate investment trust’s stock worth $35,000 after acquiring an additional 393 shares in the last quarter. EMC Capital Management increased its stake in shares of Tanger by 5.1% in the first quarter. EMC Capital Management now owns 14,274 shares of the real estate investment trust’s stock worth $422,000 after purchasing an additional 697 shares in the last quarter. American International Group Inc. raised its position in shares of Tanger by 1.5% during the 1st quarter. American International Group Inc. now owns 56,590 shares of the real estate investment trust’s stock valued at $1,671,000 after purchasing an additional 813 shares during the period. Blue Trust Inc. raised its position in shares of Tanger by 1,412.1% during the 2nd quarter. Blue Trust Inc. now owns 877 shares of the real estate investment trust’s stock valued at $26,000 after purchasing an additional 819 shares during the period. Finally, Beck Bode LLC lifted its stake in shares of Tanger by 1.3% during the 1st quarter. Beck Bode LLC now owns 68,432 shares of the real estate investment trust’s stock valued at $2,021,000 after buying an additional 892 shares in the last quarter. Hedge funds and other institutional investors own 85.23% of the company’s stock.

Analysts Set New Price Targets

A number of brokerages have issued reports on SKT. Evercore ISI increased their price target on Tanger from $31.00 to $33.00 and gave the stock an “in-line” rating in a research note on Thursday, November 7th. Bank of America upgraded Tanger from a “neutral” rating to a “buy” rating and increased their target price for the stock from $35.00 to $40.00 in a research report on Monday, November 11th. The Goldman Sachs Group boosted their price target on Tanger from $31.00 to $35.00 and gave the stock a “neutral” rating in a report on Friday. Citigroup increased their price objective on shares of Tanger from $34.00 to $41.00 and gave the company a “buy” rating in a report on Wednesday. Finally, Compass Point boosted their target price on shares of Tanger from $34.00 to $36.00 and gave the stock a “buy” rating in a report on Friday, October 25th. Three equities research analysts have rated the stock with a hold rating and four have given a buy rating to the stock. According to MarketBeat.com, Tanger currently has an average rating of “Moderate Buy” and an average target price of $34.86.

Tanger Stock Up 0.4 %

NYSE SKT opened at $35.86 on Friday. The stock has a 50 day moving average price of $33.40 and a 200-day moving average price of $29.80. Tanger Inc. has a one year low of $24.72 and a one year high of $36.46. The company has a debt-to-equity ratio of 2.40, a quick ratio of 0.13 and a current ratio of 0.13. The company has a market capitalization of $3.97 billion, a P/E ratio of 41.70, a P/E/G ratio of 2.80 and a beta of 1.88.

Tanger (NYSE:SKT) last released its quarterly earnings data on Wednesday, November 6th. The real estate investment trust reported $0.22 EPS for the quarter, missing the consensus estimate of $0.53 by ($0.31). Tanger had a net margin of 18.55% and a return on equity of 16.25%. The business had revenue of $133.00 million for the quarter, compared to the consensus estimate of $125.80 million. During the same quarter last year, the business earned $0.50 EPS. Tanger’s revenue for the quarter was up 13.3% compared to the same quarter last year. As a group, equities analysts predict that Tanger Inc. will post 2.1 EPS for the current fiscal year.

Tanger Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, November 15th. Shareholders of record on Thursday, October 31st were paid a dividend of $0.275 per share. The ex-dividend date was Thursday, October 31st. This represents a $1.10 annualized dividend and a yield of 3.07%. Tanger’s payout ratio is currently 127.91%.

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.