Truvestments Capital LLC Decreases Holdings in Tanger Inc. (NYSE:SKT)

Truvestments Capital LLC cut its holdings in shares of Tanger Inc. (NYSE:SKT) by 5.4% during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 6,375 shares of the real estate investment trust’s stock after selling 361 shares during the period. Truvestments Capital LLC’s holdings in Tanger were worth $188,000 at the end of the most recent quarter.

A number of other institutional investors have also recently made changes to their positions in SKT. Fidelis Capital Partners LLC purchased a new stake in Tanger in the first quarter valued at about $91,000. SageView Advisory Group LLC purchased a new position in shares of Tanger in the 1st quarter valued at approximately $145,000. Future Financial Wealth Managment LLC acquired a new stake in Tanger in the 4th quarter worth approximately $210,000. D.A. Davidson & CO. purchased a new stake in Tanger during the 4th quarter worth approximately $224,000. Finally, Investment Management Associates Inc. ADV acquired a new position in Tanger during the 4th quarter valued at approximately $241,000. Institutional investors and hedge funds own 85.23% of the company’s stock.

Tanger Stock Performance

Shares of SKT traded up $0.64 during mid-day trading on Friday, reaching $28.35. The company had a trading volume of 547,103 shares, compared to its average volume of 744,868. The stock has a 50 day moving average of $27.23 and a two-hundred day moving average of $27.71. The company has a quick ratio of 0.20, a current ratio of 0.20 and a debt-to-equity ratio of 2.54. The stock has a market capitalization of $3.10 billion, a P/E ratio of 31.15, a PEG ratio of 2.96 and a beta of 1.90. Tanger Inc. has a 52-week low of $21.42 and a 52-week high of $29.98.

Tanger Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, August 15th. Stockholders of record on Wednesday, July 31st will be paid a dividend of $0.275 per share. The ex-dividend date of this dividend is Wednesday, July 31st. This represents a $1.10 dividend on an annualized basis and a dividend yield of 3.88%. Tanger’s payout ratio is 120.88%.

Analyst Ratings Changes

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

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.