Waterfront Capital Partners LLC Sells 623,608 Shares of Tanger Inc. (NYSE:SKT)

Waterfront Capital Partners LLC lessened its holdings in shares of Tanger Inc. (NYSE:SKT) by 57.3% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 464,497 shares of the real estate investment trust’s stock after selling 623,608 shares during the period. Tanger makes up 2.1% of Waterfront Capital Partners LLC’s portfolio, making the stock its 16th biggest position. Waterfront Capital Partners LLC owned approximately 0.42% of Tanger worth $15,412,000 as of its most recent SEC filing.

Other institutional investors have also modified their holdings of the company. Blue Trust Inc. lifted its stake in Tanger by 1,412.1% in the 2nd quarter. Blue Trust Inc. now owns 877 shares of the real estate investment trust’s stock valued at $26,000 after acquiring an additional 819 shares in the last quarter. HHM Wealth Advisors LLC bought a new stake in Tanger in the 2nd quarter valued at approximately $27,000. Whittier Trust Co. acquired a new position in shares of Tanger during the 2nd quarter worth approximately $33,000. GAMMA Investing LLC increased its holdings in shares of Tanger by 44.6% during the 2nd quarter. GAMMA Investing LLC now owns 1,274 shares of the real estate investment trust’s stock worth $35,000 after acquiring an additional 393 shares during the last quarter. Finally, CWM LLC increased its holdings in shares of Tanger by 418.6% during the 2nd quarter. CWM LLC now owns 1,732 shares of the real estate investment trust’s stock worth $47,000 after acquiring an additional 1,398 shares during the last quarter. Institutional investors own 85.23% of the company’s stock.

Analyst Ratings Changes

A number of research analysts recently weighed in on the company. Evercore ISI boosted their target price on Tanger from $31.00 to $33.00 and gave the stock an “in-line” rating in a report on Thursday, November 7th. Citigroup boosted their target price on Tanger from $34.00 to $41.00 and gave the stock a “buy” rating in a report on Wednesday, November 13th. Scotiabank boosted their target price on Tanger from $28.00 to $30.00 and gave the stock a “sector perform” rating in a report on Monday, August 26th. Bank of America raised 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. Finally, The Goldman Sachs Group upped their price objective on Tanger from $31.00 to $35.00 and gave the company a “neutral” rating in a report on Friday, November 15th. Three analysts have rated the stock with a hold rating and four have given a buy rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $34.86.

Tanger Stock Performance

NYSE:SKT opened at $37.10 on Friday. The stock has a fifty day moving average price of $34.35 and a 200-day moving average price of $30.35. The company has a market cap of $4.11 billion, a price-to-earnings ratio of 43.14, a PEG ratio of 2.90 and a beta of 1.88. The company has a debt-to-equity ratio of 2.40, a quick ratio of 0.13 and a current ratio of 0.13. Tanger Inc. has a fifty-two week low of $24.72 and a fifty-two week high of $37.49.

Tanger (NYSE:SKT) last announced its quarterly earnings data on Wednesday, November 6th. The real estate investment trust reported $0.22 earnings per share for the quarter, missing the consensus estimate of $0.53 by ($0.31). Tanger had a return on equity of 16.25% and a net margin of 18.55%. The business had revenue of $133.00 million for the quarter, compared to the consensus estimate of $125.80 million. During the same quarter in the prior year, the company earned $0.50 earnings per share. Tanger’s quarterly revenue was up 13.3% compared to the same quarter last year. As a group, equities analysts anticipate that Tanger Inc. will post 2.11 EPS for the current fiscal year.

Tanger Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, November 15th. Shareholders of record on Thursday, October 31st were given a $0.275 dividend. The ex-dividend date of this dividend was Thursday, October 31st. This represents a $1.10 annualized dividend and a yield of 2.96%. Tanger’s dividend payout ratio is presently 127.91%.

Insider Buying and Selling at Tanger

In other Tanger news, CAO Thomas Joseph Guerrieri, Jr. sold 3,000 shares of the stock in a transaction dated Tuesday, November 19th. The stock was sold at an average price of $36.27, for a total value of $108,810.00. Following the completion of the transaction, the chief accounting officer now directly owns 59,641 shares in the company, valued at approximately $2,163,179.07. This trade represents a 4.79 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Corporate insiders own 5.80% of the company’s stock.

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.