Tanger Inc. (NYSE:SKT) Shares Sold by Raymond James Financial Services Advisors Inc.

Raymond James Financial Services Advisors Inc. lowered its stake in shares of Tanger Inc. (NYSE:SKT) by 26.0% during the fourth quarter, according to its most recent Form 13F filing with the SEC. The fund owned 9,748 shares of the real estate investment trust’s stock after selling 3,430 shares during the period. Raymond James Financial Services Advisors Inc.’s holdings in Tanger were worth $270,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Nordea Investment Management AB acquired a new position in Tanger during the fourth quarter worth $4,450,000. Quantbot Technologies LP acquired a new position in shares of Tanger in the 3rd quarter valued at $746,000. Whittier Trust Co. of Nevada Inc. acquired a new position in shares of Tanger in the 4th quarter valued at $333,000. Legato Capital Management LLC lifted its stake in shares of Tanger by 10.3% in the 4th quarter. Legato Capital Management LLC now owns 55,687 shares of the real estate investment trust’s stock valued at $1,544,000 after purchasing an additional 5,195 shares during the last quarter. Finally, Qube Research & Technologies Ltd acquired a new position in shares of Tanger in the 3rd quarter valued at $2,786,000. Institutional investors and hedge funds own 85.23% of the company’s stock.

Tanger Price Performance

SKT stock opened at $27.72 on Tuesday. The company has a current ratio of 0.19, a quick ratio of 0.19 and a debt-to-equity ratio of 2.43. The company has a market capitalization of $3.03 billion, a PE ratio of 30.13, a P/E/G ratio of 3.37 and a beta of 1.83. Tanger Inc. has a 12-month low of $18.00 and a 12-month high of $29.98. The business’s fifty day moving average price is $28.35 and its 200 day moving average price is $26.67.

Tanger Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, May 15th. Investors of record on Tuesday, April 30th will be issued a $0.275 dividend. This represents a $1.10 annualized dividend and a dividend yield of 3.97%. The ex-dividend date is Monday, April 29th. This is an increase from Tanger’s previous quarterly dividend of $0.26. Tanger’s payout ratio is currently 113.04%.

Wall Street Analysts Forecast Growth

Several equities analysts have recently commented on SKT shares. Citigroup raised Tanger from a “neutral” rating to a “buy” rating and upped their price target for the company from $30.00 to $33.00 in a research note on Friday, March 22nd. Evercore ISI upped their price target on Tanger from $28.00 to $29.00 and gave the company an “in-line” rating in a research note on Wednesday, February 28th. Finally, Bank of America raised Tanger from an “underperform” rating to a “neutral” rating and upped their price target for the company from $24.00 to $31.00 in a research note on Friday, April 5th. Five research analysts have rated the stock with a hold rating and two have issued a buy rating to the company’s stock. According to data from MarketBeat, Tanger presently has a consensus rating of “Hold” and a consensus price target of $29.00.

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.