LSV Asset Management Trims Stock Position in Tanger Inc. (NYSE:SKT)

LSV Asset Management lowered its position in shares of Tanger Inc. (NYSE:SKT) by 33.9% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 918,002 shares of the real estate investment trust’s stock after selling 471,792 shares during the period. LSV Asset Management owned 0.84% of Tanger worth $27,109,000 as of its most recent SEC filing.

Several other hedge funds also recently bought and sold shares of the company. Texas Permanent School Fund Corp grew its stake in Tanger by 3.6% during the first quarter. Texas Permanent School Fund Corp now owns 94,243 shares of the real estate investment trust’s stock valued at $2,783,000 after acquiring an additional 3,272 shares in the last quarter. Daiwa Securities Group Inc. grew its stake in Tanger by 9.3% during the first quarter. Daiwa Securities Group Inc. now owns 34,895 shares of the real estate investment trust’s stock valued at $1,030,000 after acquiring an additional 2,981 shares in the last quarter. Fidelis Capital Partners LLC purchased a new position in Tanger in the 1st quarter worth approximately $91,000. BNP Paribas Financial Markets grew its stake in Tanger by 9.0% in the 1st quarter. BNP Paribas Financial Markets now owns 72,813 shares of the real estate investment trust’s stock worth $2,150,000 after buying an additional 6,016 shares in the last quarter. Finally, Albert D Mason Inc. grew its stake in Tanger by 0.8% in the 1st quarter. Albert D Mason Inc. now owns 80,811 shares of the real estate investment trust’s stock worth $2,386,000 after buying an additional 654 shares in the last quarter. Hedge funds and other institutional investors own 85.23% of the company’s stock.

Tanger Trading Up 1.4 %

NYSE:SKT traded up $0.37 during midday trading on Friday, reaching $27.37. 539,720 shares of the stock traded hands, compared to its average volume of 758,810. The company has a fifty day moving average of $27.18 and a 200 day moving average of $27.68. Tanger Inc. has a 12 month low of $21.42 and a 12 month high of $29.98. The company has a debt-to-equity ratio of 2.54, a quick ratio of 0.20 and a current ratio of 0.20. The stock has a market capitalization of $2.99 billion, a P/E ratio of 30.08, a PEG ratio of 2.87 and a beta of 1.90.

Analyst Upgrades and Downgrades

A number of research firms have commented on SKT. Scotiabank raised shares of Tanger from a “sector underperform” rating to a “sector perform” rating and boosted their price target for the stock from $20.00 to $28.00 in a research note on Friday, May 17th. Citigroup raised shares of Tanger from a “neutral” rating to a “buy” rating and upped their price objective for the company from $30.00 to $33.00 in a research note on Friday, March 22nd. Evercore ISI cut their price objective on shares of Tanger from $29.00 to $28.00 and set an “in-line” rating for the company in a research note on Wednesday, May 1st. Bank of America raised shares of Tanger from an “underperform” rating to a “neutral” rating and upped their price objective for the company from $24.00 to $31.00 in a research note on Friday, April 5th. Finally, Compass Point raised shares of Tanger from a “neutral” rating to a “buy” rating and upped their price objective for the company from $31.00 to $32.00 in a research note on Thursday, May 2nd. 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, the stock has an average rating of “Hold” and an average target price of $29.57.

About Tanger

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.