Beck Capital Management LLC Cuts Stake in Tanger Inc. (NYSE:SKT)

Beck Capital Management LLC lessened its stake in shares of Tanger Inc. (NYSE:SKT) by 43.9% in the 2nd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 61,634 shares of the real estate investment trust’s stock after selling 48,252 shares during the period. Beck Capital Management LLC’s holdings in Tanger were worth $1,671,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors also recently bought and sold shares of SKT. GRS Advisors LLC grew its holdings in shares of Tanger by 136.7% during the fourth quarter. GRS Advisors LLC now owns 1,335,138 shares of the real estate investment trust’s stock worth $37,010,000 after buying an additional 771,066 shares in the last quarter. Norges Bank acquired a new stake in Tanger in the 4th quarter valued at about $19,141,000. UniSuper Management Pty Ltd lifted its stake in Tanger by 84.0% in the 1st quarter. UniSuper Management Pty Ltd now owns 53,369 shares of the real estate investment trust’s stock worth $1,576,000 after purchasing an additional 24,369 shares in the last quarter. Hancock Whitney Corp boosted its holdings in shares of Tanger by 46.8% during the 1st quarter. Hancock Whitney Corp now owns 71,652 shares of the real estate investment trust’s stock worth $2,116,000 after purchasing an additional 22,859 shares during the last quarter. Finally, Texas Permanent School Fund Corp grew its position in shares of Tanger by 3.6% in the first quarter. Texas Permanent School Fund Corp now owns 94,243 shares of the real estate investment trust’s stock valued at $2,783,000 after purchasing an additional 3,272 shares in the last quarter. 85.23% of the stock is currently owned by institutional investors and hedge funds.

Tanger Stock Performance

NYSE SKT opened at $31.91 on Monday. The stock has a market cap of $3.49 billion, a PE ratio of 35.07, a P/E/G ratio of 3.23 and a beta of 1.89. Tanger Inc. has a twelve month low of $21.42 and a twelve month high of $32.05. The stock has a fifty day simple moving average of $29.28 and a 200-day simple moving average of $28.23. The company has a current ratio of 0.13, a quick ratio of 0.13 and a debt-to-equity ratio of 2.53.

Tanger Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Thursday, August 15th. Shareholders of record on Wednesday, July 31st were given a dividend of $0.275 per share. This represents a $1.10 dividend on an annualized basis and a dividend yield of 3.45%. The ex-dividend date of this dividend was Wednesday, July 31st. Tanger’s dividend payout ratio is presently 120.88%.

Analyst Upgrades and Downgrades

A number of equities analysts have weighed in on SKT shares. Evercore ISI boosted their price objective on Tanger from $29.00 to $31.00 and gave the stock an “in-line” rating in a research note on Monday, September 16th. Scotiabank upped their price objective on shares of Tanger from $28.00 to $30.00 and gave the company a “sector perform” rating in a report on Monday, August 26th. Finally, Compass Point raised their price objective on shares of Tanger from $32.00 to $34.00 and gave the stock a “buy” rating in a research report on Wednesday, September 11th. Four research analysts have rated the stock with a hold rating and three have issued a buy rating to the company. According to data from MarketBeat, the company presently has a consensus rating of “Hold” and a consensus price target of $31.33.

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.