Insider Selling: Tanger Inc. (NYSE:SKT) CAO Sells 3,000 Shares of Stock

Tanger Inc. (NYSE:SKT) CAO Thomas Joseph Guerrieri, Jr. sold 3,000 shares of the company’s stock in a transaction that occurred on Tuesday, November 19th. The shares were sold at an average price of $36.27, for a total value of $108,810.00. Following the sale, the chief accounting officer now owns 59,641 shares in the company, valued at approximately $2,163,179.07. This trade represents a 4.79 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link.

Tanger Stock Performance

Shares of SKT stock opened at $36.42 on Thursday. The company has a current ratio of 0.13, a quick ratio of 0.13 and a debt-to-equity ratio of 2.40. The company has a market cap of $4.03 billion, a PE ratio of 42.35, a PEG ratio of 2.85 and a beta of 1.88. Tanger Inc. has a 12-month low of $24.72 and a 12-month high of $36.53. The business’s fifty day simple moving average is $33.73 and its 200-day simple moving average is $29.99.

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

Tanger Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, November 15th. Investors of record on Thursday, October 31st were paid a $0.275 dividend. This represents a $1.10 dividend on an annualized basis and a yield of 3.02%. The ex-dividend date of this dividend was Thursday, October 31st. Tanger’s dividend payout ratio (DPR) is presently 127.91%.

Wall Street Analyst Weigh In

A number of research analysts have weighed in on the stock. Bank of America upgraded shares of Tanger from a “neutral” rating to a “buy” rating and boosted their price objective for the company from $35.00 to $40.00 in a research report on Monday, November 11th. Compass Point boosted their target price on Tanger from $34.00 to $36.00 and gave the company a “buy” rating in a research report on Friday, October 25th. The Goldman Sachs Group upped their price objective on Tanger from $31.00 to $35.00 and gave the company a “neutral” rating in a research report on Friday, November 15th. Scotiabank lifted their target price on Tanger from $28.00 to $30.00 and gave the stock a “sector perform” rating in a research report on Monday, August 26th. Finally, Evercore ISI upped their target price on shares of Tanger from $31.00 to $33.00 and gave the stock an “in-line” rating in a research note on Thursday, November 7th. Three research analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $34.86.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of SKT. Vestcor Inc raised its stake in Tanger by 3.3% in the 3rd quarter. Vestcor Inc now owns 98,215 shares of the real estate investment trust’s stock worth $3,259,000 after acquiring an additional 3,177 shares during the last quarter. Barclays PLC boosted its position in Tanger by 174.7% in the third quarter. Barclays PLC now owns 240,281 shares of the real estate investment trust’s stock valued at $7,973,000 after buying an additional 152,796 shares during the last quarter. Public Employees Retirement System of Ohio increased its holdings in Tanger by 0.7% in the 3rd quarter. Public Employees Retirement System of Ohio now owns 157,260 shares of the real estate investment trust’s stock worth $5,218,000 after buying an additional 1,155 shares during the period. Stifel Financial Corp raised its position in Tanger by 48.5% during the 3rd quarter. Stifel Financial Corp now owns 67,402 shares of the real estate investment trust’s stock worth $2,236,000 after buying an additional 22,002 shares during the last quarter. Finally, Beck Capital Management LLC lifted its stake in Tanger by 77.3% during 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. Institutional investors and hedge funds own 85.23% of the company’s stock.

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.