Granite Investment Partners LLC Cuts Stock Holdings in Tanger Factory Outlet Centers, Inc. (NYSE:SKT)

Granite Investment Partners LLC lowered its position in shares of Tanger Factory Outlet Centers, Inc. (NYSE:SKT – Get Rating) by 1.2% in the fourth quarter, HoldingsChannel.com reports. The firm owned 934,999 shares of the real estate investment trust’s stock after selling 11,630 shares during the quarter. Granite Investment Partners LLC’s holdings in Tanger Factory Outlet Centers were worth $16,774,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Belpointe Asset Management LLC acquired a new position in Tanger Factory Outlet Centers in the fourth quarter valued at $53,000. Point72 Hong Kong Ltd acquired a new stake in shares of Tanger Factory Outlet Centers during the first quarter worth about $74,000. M&T Bank Corp boosted its stake in shares of Tanger Factory Outlet Centers by 6.0% during the third quarter. M&T Bank Corp now owns 10,623 shares of the real estate investment trust’s stock worth $144,000 after buying an additional 602 shares during the period. 1620 Investment Advisors Inc. boosted its stake in shares of Tanger Factory Outlet Centers by 5.3% during the third quarter. 1620 Investment Advisors Inc. now owns 10,783 shares of the real estate investment trust’s stock worth $148,000 after buying an additional 547 shares during the period. Finally, Franklin Resources Inc. acquired a new stake in shares of Tanger Factory Outlet Centers during the second quarter worth about $178,000. Institutional investors and hedge funds own 74.61% of the company’s stock.

Insider Activity

In other news, Director Thomas Reddin sold 5,000 shares of the stock in a transaction that occurred on Wednesday, May 17th. The shares were sold at an average price of $19.95, for a total value of $99,750.00. Following the sale, the director now directly owns 45,067 shares in the company, valued at $899,086.65. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Company insiders own 2.20% of the company’s stock.

Analyst Ratings Changes

Several equities research analysts have recently weighed in on the stock. StockNews.com assumed coverage on shares of Tanger Factory Outlet Centers in a research note on Thursday, May 18th. They set a “hold” rating for the company. Compass Point cut shares of Tanger Factory Outlet Centers from a “buy” rating to a “neutral” rating and set a $21.00 price target for the company. in a report on Monday, January 30th. Finally, The Goldman Sachs Group began coverage on shares of Tanger Factory Outlet Centers in a report on Tuesday, March 21st. They set a “buy” rating and a $22.00 price target for the company.

Tanger Factory Outlet Centers Price Performance

Tanger Factory Outlet Centers stock traded up $0.23 during mid-day trading on Friday, reaching $20.17. The company had a trading volume of 261,841 shares, compared to its average volume of 990,632. Tanger Factory Outlet Centers, Inc. has a 1 year low of $13.26 and a 1 year high of $20.27. The company has a debt-to-equity ratio of 2.82, a current ratio of 2.97 and a quick ratio of 2.97. The company has a market capitalization of $2.12 billion, a P/E ratio of 25.24, a P/E/G ratio of 5.33 and a beta of 1.81. The stock’s 50-day simple moving average is $19.16 and its 200-day simple moving average is $18.83.

Tanger Factory Outlet Centers Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, May 15th. Stockholders of record on Friday, April 28th were given a $0.245 dividend. The ex-dividend date was Thursday, April 27th. This is a positive change from Tanger Factory Outlet Centers’s previous quarterly dividend of $0.22. This represents a $0.98 annualized dividend and a dividend yield of 4.86%. Tanger Factory Outlet Centers’s dividend payout ratio is currently 124.05%.

Tanger Factory Outlet Centers Company Profile

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Tanger Factory Outlet Centers, Inc engages in the operation of upscale open-air outlet centers. The firm focuses on developing, acquiring, owning, operating, and managing outlet shopping centers. The company was founded by Stanley K. Tanger in 1981 and is headquartered in Greensboro, NC.