Tanger Inc. (NYSE:SKT) is O Keefe Stevens Advisory Inc.’s 8th Largest Position

O Keefe Stevens Advisory Inc. lowered its position in Tanger Inc. (NYSE:SKTFree Report) by 1.1% during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 380,972 shares of the real estate investment trust’s stock after selling 4,067 shares during the quarter. Tanger comprises about 3.7% of O Keefe Stevens Advisory Inc.’s portfolio, making the stock its 8th largest position. O Keefe Stevens Advisory Inc. owned 0.35% of Tanger worth $11,250,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Nordea Investment Management AB acquired a new stake in Tanger in the fourth quarter valued at approximately $4,450,000. Asset Management One Co. Ltd. raised its position in shares of Tanger by 33.5% in the fourth quarter. Asset Management One Co. Ltd. now owns 214,944 shares of the real estate investment trust’s stock worth $6,040,000 after acquiring an additional 53,985 shares during the period. Charles Schwab Investment Management Inc. boosted its position in Tanger by 5.9% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 1,978,485 shares of the real estate investment trust’s stock worth $54,844,000 after purchasing an additional 110,297 shares in the last quarter. Federated Hermes Inc. grew its position in shares of Tanger by 2,457.1% in the fourth quarter. Federated Hermes Inc. now owns 141,485 shares of the real estate investment trust’s stock valued at $3,922,000 after purchasing an additional 135,952 shares during the period. Finally, GRS Advisors LLC lifted its position in shares of Tanger by 136.7% in the fourth quarter. GRS Advisors LLC now owns 1,335,138 shares of the real estate investment trust’s stock valued at $37,010,000 after acquiring an additional 771,066 shares in the last quarter. 85.23% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several analysts recently issued reports on the stock. Bank of America upgraded shares of Tanger from an “underperform” rating to a “neutral” rating and boosted their price objective for the company from $24.00 to $31.00 in a report on Friday, April 5th. Compass Point raised shares of Tanger from a “neutral” rating to a “buy” rating and increased their price objective for the stock from $31.00 to $32.00 in a research report on Thursday, May 2nd. Citigroup raised Tanger from a “neutral” rating to a “buy” rating and boosted their target price for the company from $30.00 to $33.00 in a research report on Friday, March 22nd. Evercore ISI lowered their price target on Tanger from $29.00 to $28.00 and set an “in-line” rating for the company in a research report on Wednesday, May 1st. Finally, Scotiabank raised Tanger from a “sector underperform” rating to a “sector perform” rating and increased their target price for the stock from $20.00 to $28.00 in a research note on Friday, May 17th. Five research analysts have rated the stock with a hold rating and three have given a buy rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and a consensus price target of $29.57.

View Our Latest Report on SKT

Tanger Price Performance

Shares of SKT traded down $0.26 on Friday, reaching $26.55. The stock had a trading volume of 1,537,827 shares, compared to its average volume of 571,997. The firm has a 50-day moving average of $27.51 and a 200 day moving average of $27.77. The firm has a market capitalization of $2.90 billion, a PE ratio of 29.18, a PEG ratio of 3.08 and a beta of 1.85. Tanger Inc. has a twelve month low of $20.34 and a twelve month high of $29.98. The company has a quick ratio of 0.20, a current ratio of 0.20 and a debt-to-equity ratio of 2.54.

Tanger Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, May 15th. Investors of record on Tuesday, April 30th were given a dividend of $0.275 per share. This is an increase from Tanger’s previous quarterly dividend of $0.26. This represents a $1.10 annualized dividend and a dividend yield of 4.14%. The ex-dividend date was Monday, April 29th. Tanger’s payout ratio is currently 120.88%.

Tanger Profile

(Free Report)

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.

Further Reading

Institutional Ownership by Quarter for Tanger (NYSE:SKT)

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