Allspring Global Investments Holdings LLC Sells 70,424 Shares of Tanger Inc. (NYSE:SKT)

Allspring Global Investments Holdings LLC decreased its stake in Tanger Inc. (NYSE:SKT) by 22.2% during the 4th quarter, HoldingsChannel.com reports. The fund owned 247,125 shares of the real estate investment trust’s stock after selling 70,424 shares during the period. Allspring Global Investments Holdings LLC’s holdings in Tanger were worth $8,405,000 as of its most recent filing with the SEC.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Loomis Sayles & Co. L P raised its holdings in shares of Tanger by 3,393.9% in the 3rd quarter. Loomis Sayles & Co. L P now owns 1,712 shares of the real estate investment trust’s stock worth $57,000 after purchasing an additional 1,663 shares during the period. GAMMA Investing LLC raised its stake in shares of Tanger by 24.9% in the fourth quarter. GAMMA Investing LLC now owns 2,578 shares of the real estate investment trust’s stock valued at $88,000 after buying an additional 514 shares during the period. KBC Group NV lifted its position in shares of Tanger by 31.5% during the 3rd quarter. KBC Group NV now owns 3,679 shares of the real estate investment trust’s stock valued at $122,000 after buying an additional 881 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. grew its stake in shares of Tanger by 35.3% during the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 4,244 shares of the real estate investment trust’s stock worth $140,000 after acquiring an additional 1,107 shares during the period. Finally, Exchange Traded Concepts LLC purchased a new stake in Tanger in the 3rd quarter worth about $151,000. 85.23% of the stock is currently owned by hedge funds and other institutional investors.

Tanger Price Performance

Shares of NYSE SKT opened at $34.67 on Wednesday. Tanger Inc. has a twelve month low of $25.94 and a twelve month high of $37.57. The company has a quick ratio of 0.13, a current ratio of 0.13 and a debt-to-equity ratio of 2.40. The company has a 50 day moving average of $33.79 and a 200 day moving average of $33.09. The firm has a market cap of $3.84 billion, a P/E ratio of 40.32, a PEG ratio of 2.82 and a beta of 1.91.

Tanger Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, February 14th. Investors of record on Friday, January 31st were issued a $0.275 dividend. This represents a $1.10 annualized dividend and a dividend yield of 3.17%. The ex-dividend date was Friday, January 31st. Tanger’s payout ratio is currently 127.91%.

Analysts Set New Price Targets

Several research firms have commented on SKT. Bank of America raised shares of Tanger from a “neutral” rating to a “buy” rating and upped their price objective for the company from $35.00 to $40.00 in a report on Monday, November 11th. BMO Capital Markets assumed coverage on Tanger in a report on Tuesday, January 28th. They issued a “market perform” rating and a $36.00 price objective for the company. Deutsche Bank Aktiengesellschaft initiated coverage on Tanger in a report on Tuesday, December 17th. They set a “hold” rating and a $37.00 price objective on the stock. Compass Point upped their target price on Tanger from $34.00 to $36.00 and gave the stock a “buy” rating in a research note on Friday, October 25th. Finally, Citigroup increased their target price on Tanger from $34.00 to $41.00 and gave the company a “buy” rating in a report on Wednesday, November 13th. Five investment analysts have rated the stock with a hold rating and three have assigned a buy rating to the company’s stock. According to MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus price target of $36.00.

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.