Sightline Wealth Advisors LLC Trims Position in Tanger Inc. (NYSE:SKT)

Sightline Wealth Advisors LLC cut its stake in shares of Tanger Inc. (NYSE:SKT) by 11.4% during the 4th quarter, HoldingsChannel reports. The institutional investor owned 87,080 shares of the real estate investment trust’s stock after selling 11,250 shares during the period. Tanger comprises 1.6% of Sightline Wealth Advisors LLC’s portfolio, making the stock its 16th biggest holding. Sightline Wealth Advisors LLC’s holdings in Tanger were worth $2,972,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently modified their holdings of SKT. FMR LLC raised its holdings in shares of Tanger by 32.2% in the 3rd quarter. FMR LLC now owns 7,523,354 shares of the real estate investment trust’s stock valued at $249,625,000 after acquiring an additional 1,832,261 shares in the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its position in Tanger by 387.7% during the third 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 purchasing an additional 616,417 shares during the last quarter. Land & Buildings Investment Management LLC grew its stake in Tanger by 52.4% in the 2nd quarter. Land & Buildings Investment Management LLC now owns 1,043,287 shares of the real estate investment trust’s stock worth $28,284,000 after buying an additional 358,860 shares in the last quarter. Cubist Systematic Strategies LLC bought a new position in shares of Tanger in the 2nd quarter worth $4,539,000. Finally, Algert Global LLC raised its position in Tanger by 183.7% during the third quarter. Algert Global LLC now owns 243,623 shares of the real estate investment trust’s stock valued at $8,083,000 after purchasing an additional 157,742 shares in the last quarter. 85.23% of the stock is owned by hedge funds and other institutional investors.

Insider Transactions at Tanger

In other news, CAO Thomas Joseph Guerrieri, Jr. sold 3,000 shares of the firm’s stock in a transaction that occurred on Tuesday, November 19th. The stock was 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 owns 59,641 shares in the company, valued at $2,163,179.07. This trade represents a 4.79 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Corporate insiders own 5.80% of the company’s stock.

Wall Street Analyst Weigh In

Several brokerages have issued reports on SKT. Deutsche Bank Aktiengesellschaft began coverage on Tanger in a research note on Tuesday, December 17th. They issued a “hold” rating and a $37.00 target price for the company. Evercore ISI increased their target price on shares of Tanger from $31.00 to $33.00 and gave the company an “in-line” rating in a report on Thursday, November 7th. Bank of America upgraded shares of Tanger from a “neutral” rating to a “buy” rating and lifted their target price for the stock from $35.00 to $40.00 in a research report on Monday, November 11th. The Goldman Sachs Group upped their price target on shares of Tanger from $31.00 to $35.00 and gave the company a “neutral” rating in a research report on Friday, November 15th. Finally, Compass Point lifted their price objective on Tanger from $34.00 to $36.00 and gave the stock a “buy” rating in a report on Friday, October 25th. Four equities research analysts have rated the stock with a hold rating and three have given a buy rating to the stock. Based on data from MarketBeat.com, Tanger currently has a consensus rating of “Hold” and an average price target of $36.00.

Tanger Trading Up 1.6 %

Shares of Tanger stock traded up $0.53 during trading on Monday, reaching $33.13. 459,398 shares of the stock were exchanged, compared to its average volume of 566,302. Tanger Inc. has a 1 year low of $25.67 and a 1 year high of $37.57. The firm has a market cap of $3.67 billion, a price-to-earnings ratio of 38.52, a price-to-earnings-growth ratio of 2.78 and a beta of 1.92. The company has a quick ratio of 0.13, a current ratio of 0.13 and a debt-to-equity ratio of 2.40. The stock’s fifty day moving average is $35.20 and its 200 day moving average is $32.03.

Tanger (NYSE:SKT) last posted its earnings results on Wednesday, November 6th. The real estate investment trust reported $0.22 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.53 by ($0.31). The business had revenue of $133.00 million for 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 quarterly revenue was up 13.3% on a year-over-year basis. During the same period last year, the firm posted $0.50 earnings per share. As a group, equities research analysts expect that Tanger Inc. will post 2.11 earnings per share for the current fiscal year.

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.