Waterfront Capital Partners LLC Has $15.41 Million Stock Holdings in Tanger Inc. (NYSE:SKT)

Waterfront Capital Partners LLC lowered its holdings in shares of Tanger Inc. (NYSE:SKT) by 57.3% in the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 464,497 shares of the real estate investment trust’s stock after selling 623,608 shares during the period. Tanger makes up about 2.1% of Waterfront Capital Partners LLC’s holdings, making the stock its 16th biggest position. Waterfront Capital Partners LLC’s holdings in Tanger were worth $15,412,000 as of its most recent SEC filing.

Several other large investors have also added to or reduced their stakes in the business. GAMMA Investing LLC grew its stake in Tanger by 44.6% during the second quarter. GAMMA Investing LLC now owns 1,274 shares of the real estate investment trust’s stock worth $35,000 after purchasing an additional 393 shares during the period. Blue Trust Inc. grew its stake in Tanger by 1,412.1% during the second quarter. Blue Trust Inc. now owns 877 shares of the real estate investment trust’s stock worth $26,000 after purchasing an additional 819 shares during the period. KBC Group NV grew its stake in Tanger by 31.5% during the third quarter. KBC Group NV now owns 3,679 shares of the real estate investment trust’s stock worth $122,000 after purchasing an additional 881 shares during the period. Arizona State Retirement System grew its stake in Tanger by 3.0% during the second quarter. Arizona State Retirement System now owns 30,491 shares of the real estate investment trust’s stock worth $827,000 after purchasing an additional 897 shares during the period. Finally, Inspire Investing LLC grew its stake in Tanger by 7.7% during the second quarter. Inspire Investing LLC now owns 13,034 shares of the real estate investment trust’s stock worth $353,000 after purchasing an additional 931 shares during the period. Institutional investors and hedge funds own 85.23% of the company’s stock.

Insider Buying and Selling

In related news, CAO Thomas Joseph Guerrieri, Jr. sold 3,000 shares of the business’s stock in a transaction dated Tuesday, November 19th. The stock was sold at an average price of $36.27, for a total transaction of $108,810.00. Following the completion of the transaction, the chief accounting officer now directly owns 59,641 shares in the company, valued at $2,163,179.07. The trade was a 4.79 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. 5.80% of the stock is owned by company insiders.

Tanger Stock Performance

Shares of Tanger stock opened at $37.10 on Friday. The business’s fifty day simple moving average is $34.35 and its 200 day simple moving average is $30.35. The firm has a market capitalization of $4.11 billion, a P/E ratio of 43.14, a price-to-earnings-growth ratio of 2.90 and a beta of 1.88. Tanger Inc. has a 12 month low of $24.72 and a 12 month high of $37.49. The company has a current ratio of 0.13, a quick ratio of 0.13 and a debt-to-equity ratio of 2.40.

Tanger (NYSE:SKT) last announced its quarterly earnings results on Wednesday, November 6th. The real estate investment trust reported $0.22 earnings per share for the quarter, missing the consensus estimate of $0.53 by ($0.31). The company had revenue of $133.00 million during the quarter, compared to analysts’ expectations of $125.80 million. Tanger had a net margin of 18.55% and a return on equity of 16.25%. Tanger’s revenue for the quarter was up 13.3% compared to the same quarter last year. During the same quarter last year, the firm posted $0.50 earnings per share. As a group, analysts anticipate that Tanger Inc. will post 2.11 EPS for the current year.

Tanger Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, November 15th. Investors of record on Thursday, October 31st were given a dividend of $0.275 per share. This represents a $1.10 annualized dividend and a yield of 2.96%. The ex-dividend date was Thursday, October 31st. Tanger’s payout ratio is 127.91%.

Wall Street Analyst Weigh In

A number of brokerages have commented on SKT. Evercore ISI raised their price objective on Tanger from $31.00 to $33.00 and gave the company an “in-line” rating in a research note on Thursday, November 7th. Citigroup raised their price objective on Tanger from $34.00 to $41.00 and gave the company a “buy” rating in a research note on Wednesday, November 13th. Bank of America raised Tanger from a “neutral” rating to a “buy” rating and raised their price objective for the company from $35.00 to $40.00 in a research note on Monday, November 11th. Scotiabank raised their target price on Tanger from $28.00 to $30.00 and gave the company a “sector perform” rating in a report on Monday, August 26th. Finally, Compass Point raised their target price on Tanger from $34.00 to $36.00 and gave the company a “buy” rating in a report on Friday, October 25th. Three analysts have rated the stock with a hold rating and four have given a buy rating to the company’s stock. Based on data from MarketBeat.com, Tanger presently has a consensus rating of “Moderate Buy” and a consensus price target of $34.86.

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.