Shell Asset Management Co. Has $594,000 Stock Position in Tanger Factory Outlet Centers, Inc. (NYSE:SKT)

Posted by Defense World Staff on May 5th, 2023

Shell Asset Management Co. lowered its position in shares of Tanger Factory Outlet Centers, Inc. (NYSE:SKT – Get Rating) by 17.4% during the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 33,112 shares of the real estate investment trust’s stock after selling 6,951 shares during the period. Shell Asset Management Co.’s holdings in Tanger Factory Outlet Centers were worth $594,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Point72 Hong Kong Ltd bought a new stake in Tanger Factory Outlet Centers during the first quarter valued at $74,000. M&T Bank Corp boosted its position in 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 valued at $144,000 after acquiring an additional 602 shares during the last quarter. 1620 Investment Advisors Inc. boosted its position in 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 valued at $148,000 after acquiring an additional 547 shares during the last quarter. Franklin Resources Inc. bought a new stake in Tanger Factory Outlet Centers during the second quarter valued at $178,000. Finally, D.A. Davidson & CO. bought a new stake in Tanger Factory Outlet Centers during the fourth quarter valued at $180,000. Institutional investors own 74.61% of the company’s stock.

Tanger Factory Outlet Centers Stock Up 0.8 %

Shares of NYSE:SKT opened at $18.86 on Friday. 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 market capitalization of $1.98 billion, a PE ratio of 23.87, a price-to-earnings-growth ratio of 5.07 and a beta of 1.81. The business has a fifty day moving average price of $18.85 and a two-hundred day moving average price of $18.63. The company has a debt-to-equity ratio of 2.82, a current ratio of 2.97 and a quick ratio of 2.53.

Tanger Factory Outlet Centers Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, May 15th. Investors of record on Friday, April 28th will be issued a dividend of $0.245 per share. This represents a $0.98 dividend on an annualized basis and a yield of 5.20%. The ex-dividend date is Thursday, April 27th. This is an increase from Tanger Factory Outlet Centers’s previous quarterly dividend of $0.22. Tanger Factory Outlet Centers’s dividend payout ratio (DPR) is 124.05%.

Analysts Set New Price Targets

Several equities research analysts have weighed in on SKT shares. Compass Point downgraded 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 research note on Monday, January 30th. StockNews.com initiated coverage on shares of Tanger Factory Outlet Centers in a report on Thursday, March 16th. They set a “hold” rating for the company. Finally, The Goldman Sachs Group initiated 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 objective for the company.

About Tanger Factory Outlet Centers

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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.