Monument Capital Management Trims Stake in Tanger Inc. (NYSE:SKT)

Monument Capital Management reduced its position in shares of Tanger Inc. (NYSE:SKT) by 4.2% during the 1st quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 15,225 shares of the real estate investment trust’s stock after selling 660 shares during the quarter. Monument Capital Management’s holdings in Tanger were worth $450,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors also recently bought and sold shares of the company. Federated Hermes Inc. purchased a new position in shares of Tanger in the 3rd quarter valued at $125,000. Future Financial Wealth Managment LLC purchased a new position in shares of Tanger in the 4th quarter valued at $210,000. D.A. Davidson & CO. purchased a new position in shares of Tanger in the 4th quarter valued at $224,000. Investment Management Associates Inc. ADV purchased a new position in shares of Tanger in the 4th quarter valued at $241,000. Finally, Connor Clark & Lunn Investment Management Ltd. purchased a new position in Tanger during the 3rd quarter worth $271,000. 85.23% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several research analysts recently weighed in on the company. Scotiabank upgraded Tanger from a “sector underperform” rating to a “sector perform” rating and boosted their target price for the stock from $20.00 to $28.00 in a research note on Friday, May 17th. 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. 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. Compass Point upgraded Tanger from a “neutral” rating to a “buy” rating and boosted their target price for the stock from $31.00 to $32.00 in a research note on Thursday, May 2nd. Finally, Evercore ISI dropped their target price on Tanger from $29.00 to $28.00 and set an “in-line” rating on the stock in a research note on Wednesday, May 1st. Five research analysts have rated the stock with a hold rating and three have issued a buy rating to the company. According to MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus price target of $29.57.

Tanger Stock Performance

Shares of SKT opened at $26.14 on Thursday. The stock has a 50-day moving average of $27.40 and a two-hundred day moving average of $27.75. Tanger Inc. has a one year low of $21.42 and a one year high of $29.98. The company has a debt-to-equity ratio of 2.54, a quick ratio of 0.20 and a current ratio of 0.20. The stock has a market cap of $2.86 billion, a P/E ratio of 28.73, a P/E/G ratio of 2.78 and a beta of 1.90.

Tanger Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, May 15th. Stockholders of record on Tuesday, April 30th were issued a $0.275 dividend. This represents a $1.10 annualized dividend and a dividend yield of 4.21%. The ex-dividend date was Monday, April 29th. This is a boost from Tanger’s previous quarterly dividend of $0.26. Tanger’s payout ratio is 120.88%.

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.