Illinois Municipal Retirement Fund Lowers Stock Holdings in Tanger Inc. (NYSE:SKT)

Illinois Municipal Retirement Fund lessened its holdings in Tanger Inc. (NYSE:SKT) by 5.1% in the fourth quarter, according to its most recent filing with the SEC. The institutional investor owned 57,577 shares of the real estate investment trust’s stock after selling 3,102 shares during the period. Illinois Municipal Retirement Fund’s holdings in Tanger were worth $1,596,000 as of its most recent SEC filing.

A number of other institutional investors have also bought and sold shares of the business. Van ECK Associates Corp boosted its stake in shares of Tanger by 4.3% in the third quarter. Van ECK Associates Corp now owns 11,968 shares of the real estate investment trust’s stock worth $270,000 after acquiring an additional 496 shares during the period. Knights of Columbus Asset Advisors LLC grew its holdings in Tanger by 0.5% during the 3rd quarter. Knights of Columbus Asset Advisors LLC now owns 175,987 shares of the real estate investment trust’s stock valued at $3,977,000 after buying an additional 922 shares in the last quarter. EMC Capital Management raised its position in shares of Tanger by 9.3% during the third quarter. EMC Capital Management now owns 13,577 shares of the real estate investment trust’s stock valued at $307,000 after buying an additional 1,159 shares during the last quarter. Daiwa Securities Group Inc. raised its position in shares of Tanger by 3.7% during the third quarter. Daiwa Securities Group Inc. now owns 33,525 shares of the real estate investment trust’s stock valued at $758,000 after buying an additional 1,211 shares during the last quarter. Finally, Loomis Sayles & Co. L P lifted its holdings in shares of Tanger by 4,051.4% in the third quarter. Loomis Sayles & Co. L P now owns 1,453 shares of the real estate investment trust’s stock worth $33,000 after buying an additional 1,418 shares in the last quarter. Hedge funds and other institutional investors own 85.23% of the company’s stock.

Tanger Price Performance

SKT stock opened at $28.88 on Friday. Tanger Inc. has a 52 week low of $18.00 and a 52 week high of $29.98. The firm has a market capitalization of $3.15 billion, a P/E ratio of 31.39, a price-to-earnings-growth ratio of 3.62 and a beta of 1.83. The company has a fifty day simple moving average of $28.46 and a two-hundred day simple moving average of $26.77. The company has a quick ratio of 0.19, a current ratio of 0.19 and a debt-to-equity ratio of 2.43.

Tanger Increases Dividend

The firm also recently declared 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 is an increase from Tanger’s previous quarterly dividend of $0.26. The ex-dividend date of this dividend is Monday, April 29th. This represents a $1.10 dividend on an annualized basis and a dividend yield of 3.81%. Tanger’s dividend payout ratio (DPR) is presently 113.04%.

Analysts Set New Price Targets

Several research firms recently weighed in on SKT. Citigroup raised shares of Tanger from a “neutral” rating to a “buy” rating and raised their target price for the company from $30.00 to $33.00 in a research note on Friday, March 22nd. Evercore ISI lifted their target price on Tanger from $28.00 to $29.00 and gave the stock an “in-line” rating in a report on Wednesday, February 28th. Finally, 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 report on Friday, April 5th. Five research analysts have rated the stock with a hold rating and two have given a buy rating to the company’s stock. According to MarketBeat, the company presently has an average rating of “Hold” and an average target price of $29.00.

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.