Shell Asset Management Co. Sells 714 Shares of Tanger Inc. (NYSE:SKT)

Shell Asset Management Co. lessened its holdings in Tanger Inc. (NYSE:SKT) by 4.2% during the 1st quarter, according to its most recent Form 13F filing with the SEC. The fund owned 16,454 shares of the real estate investment trust’s stock after selling 714 shares during the period. Shell Asset Management Co.’s holdings in Tanger were worth $486,000 at the end of the most recent quarter.

A number of other large investors have also recently made changes to their positions in SKT. Vanguard Group Inc. increased its holdings in shares of Tanger by 3.6% during the first quarter. Vanguard Group Inc. now owns 17,456,758 shares of the real estate investment trust’s stock valued at $515,498,000 after acquiring an additional 608,547 shares in the last quarter. Wellington Management Group LLP raised its stake in Tanger by 2.4% in the 4th quarter. Wellington Management Group LLP now owns 4,048,442 shares of the real estate investment trust’s stock valued at $112,223,000 after purchasing an additional 94,887 shares during the last quarter. Charles Schwab Investment Management Inc. increased its stake in shares of Tanger by 5.9% in the 4th 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 acquiring an additional 110,297 shares during the last quarter. Waterfront Capital Partners LLC increased its stake in shares of Tanger by 73.3% in the 4th quarter. Waterfront Capital Partners LLC now owns 1,535,310 shares of the real estate investment trust’s stock worth $42,559,000 after acquiring an additional 649,610 shares during the last quarter. Finally, Dimensional Fund Advisors LP increased its position in shares of Tanger by 0.4% during the 4th quarter. Dimensional Fund Advisors LP now owns 1,487,323 shares of the real estate investment trust’s stock worth $41,230,000 after purchasing an additional 6,643 shares during the last quarter. 85.23% of the stock is owned by hedge funds and other institutional investors.

Tanger Price Performance

Shares of NYSE SKT traded up $0.17 during mid-day trading on Friday, reaching $27.88. The company had a trading volume of 68,378 shares, compared to its average volume of 750,119. Tanger Inc. has a 1-year low of $21.42 and a 1-year high of $29.98. The company has a current ratio of 0.20, a quick ratio of 0.20 and a debt-to-equity ratio of 2.54. The stock has a market cap of $3.05 billion, a PE ratio of 30.81, a P/E/G ratio of 2.98 and a beta of 1.90. The company has a 50-day moving average price of $27.22 and a two-hundred day moving average price of $27.71.

Tanger Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, August 15th. Shareholders of record on Wednesday, July 31st will be paid a $0.275 dividend. The ex-dividend date is Wednesday, July 31st. This represents a $1.10 dividend on an annualized basis and a yield of 3.95%. Tanger’s dividend payout ratio (DPR) is currently 120.88%.

Analysts Set New Price Targets

SKT has been the subject of a number of research analyst reports. Scotiabank upgraded Tanger from a “sector underperform” rating to a “sector perform” rating and raised their target price for the company from $20.00 to $28.00 in a report on Friday, May 17th. Compass Point raised Tanger from a “neutral” rating to a “buy” rating and lifted their price target for the stock from $31.00 to $32.00 in a research report on Thursday, May 2nd. Bank of America raised Tanger from an “underperform” rating to a “neutral” rating and boosted their target price for the company from $24.00 to $31.00 in a report on Friday, April 5th. Finally, Evercore ISI decreased their target price on Tanger from $29.00 to $28.00 and set an “in-line” rating on the stock in a research report on Wednesday, May 1st. Five equities research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. According to MarketBeat.com, Tanger presently has an average rating of “Hold” and an average target price of $29.57.

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.