Point72 Asset Management L.P. Cuts Stock Holdings in Tanger Inc. (NYSE:SKT)

Point72 Asset Management L.P. lowered its stake in shares of Tanger Inc. (NYSE:SKT) by 66.7% during the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 42,537 shares of the real estate investment trust’s stock after selling 85,156 shares during the period. Point72 Asset Management L.P.’s holdings in Tanger were worth $1,411,000 at the end of the most recent reporting period.

Other large investors also recently bought and sold shares of the company. Beck Capital Management LLC raised its stake in shares of Tanger by 77.3% in the 3rd quarter. Beck Capital Management LLC now owns 109,276 shares of the real estate investment trust’s stock valued at $3,626,000 after acquiring an additional 47,642 shares during the period. Atom Investors LP purchased a new position in shares of Tanger in the 3rd quarter valued at $564,000. Point72 Asia Singapore Pte. Ltd. raised its stake in shares of Tanger by 255.2% in the 3rd quarter. Point72 Asia Singapore Pte. Ltd. now owns 6,437 shares of the real estate investment trust’s stock valued at $214,000 after acquiring an additional 4,625 shares during the period. Verition Fund Management LLC raised its stake in shares of Tanger by 23.8% in the 3rd quarter. Verition Fund Management LLC now owns 37,989 shares of the real estate investment trust’s stock valued at $1,260,000 after acquiring an additional 7,300 shares during the period. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its stake in shares of Tanger by 387.7% in the 3rd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 775,411 shares of the real estate investment trust’s stock valued at $25,728,000 after acquiring an additional 616,417 shares during the period. Hedge funds and other institutional investors own 85.23% of the company’s stock.

Insider Activity

In other news, CAO Thomas Joseph Guerrieri, Jr. sold 3,000 shares of Tanger stock in a transaction dated Tuesday, November 19th. The shares were sold at an average price of $36.27, for a total value of $108,810.00. Following the completion of the transaction, the chief accounting officer now directly owns 59,641 shares of the company’s stock, valued at approximately $2,163,179.07. The trade was a 4.79 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Company insiders own 5.80% of the company’s stock.

Tanger Price Performance

Shares of SKT stock opened at $35.51 on Wednesday. The firm has a market cap of $3.93 billion, a P/E ratio of 41.29, a P/E/G ratio of 2.84 and a beta of 1.90. The company has a debt-to-equity ratio of 2.40, a current ratio of 0.13 and a quick ratio of 0.13. Tanger Inc. has a 1-year low of $25.67 and a 1-year high of $37.57. The firm has a fifty day moving average of $34.97 and a two-hundred day moving average of $30.87.

Tanger (NYSE:SKT) last announced its quarterly earnings data 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 for the quarter, compared to analyst estimates of $125.80 million. Tanger had a return on equity of 16.25% and a net margin of 18.55%. Tanger’s revenue was up 13.3% on a year-over-year basis. During the same period in the prior year, the business earned $0.50 earnings per share. As a group, research analysts anticipate that Tanger Inc. will post 2.11 earnings per share for the current fiscal year.

Tanger Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, November 15th. Shareholders of record on Thursday, October 31st were issued a dividend of $0.275 per share. This represents a $1.10 annualized dividend and a yield of 3.10%. The ex-dividend date was Thursday, October 31st. Tanger’s dividend payout ratio is currently 127.91%.

Analyst Upgrades and Downgrades

SKT has been the topic of a number of research reports. The Goldman Sachs Group raised their target price on shares of Tanger from $31.00 to $35.00 and gave the company a “neutral” rating in a research note on Friday, November 15th. Evercore ISI raised their target price on shares of 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 target on shares of Tanger from $34.00 to $41.00 and gave the company a “buy” rating in a report on Wednesday, November 13th. Scotiabank raised their price target on shares of Tanger from $28.00 to $30.00 and gave the company a “sector perform” rating in a report on Monday, August 26th. Finally, Bank of America raised shares of Tanger from a “neutral” rating to a “buy” rating and raised their price target for the company from $35.00 to $40.00 in a report on Monday, November 11th. Three research analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $34.86.

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.