Tanger Inc. (NYSE:SKT) COO Sells $404,750.00 in Stock

Tanger Inc. (NYSE:SKT) COO Gallardo Leslie Swanson sold 12,500 shares of the stock in a transaction that occurred on Tuesday, March 11th. The stock was sold at an average price of $32.38, for a total transaction of $404,750.00. Following the completion of the sale, the chief operating officer now owns 113,158 shares of the company’s stock, valued at approximately $3,664,056.04. The trade was a 9.95 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink.

Tanger Stock Up 0.5 %

Shares of SKT stock opened at $31.90 on Friday. The stock’s 50 day simple moving average is $33.77 and its 200 day simple moving average is $33.84. Tanger Inc. has a twelve month low of $25.94 and a twelve month high of $37.57. The company has a debt-to-equity ratio of 2.09, a quick ratio of 0.13 and a current ratio of 0.44. The company has a market capitalization of $3.60 billion, a price-to-earnings ratio of 36.67, a PEG ratio of 2.97 and a beta of 1.88.

Tanger (NYSE:SKT) last released its quarterly earnings results on Wednesday, February 19th. The real estate investment trust reported $0.54 EPS for the quarter, beating analysts’ consensus estimates of $0.52 by $0.02. The company had revenue of $132.17 million for the quarter, compared to analyst estimates of $129.10 million. Tanger had a net margin of 18.65% and a return on equity of 16.16%. As a group, research analysts predict that Tanger Inc. will post 2.24 EPS for the current year.

Tanger Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, February 14th. Shareholders of record on Friday, January 31st were issued a dividend of $0.275 per share. This represents a $1.10 dividend on an annualized basis and a yield of 3.45%. The ex-dividend date of this dividend was Friday, January 31st. Tanger’s dividend payout ratio (DPR) is 126.44%.

Hedge Funds Weigh In On Tanger

Institutional investors have recently made changes to their positions in the business. FMR LLC grew its holdings in Tanger by 24.9% in the 4th quarter. FMR LLC now owns 9,397,189 shares of the real estate investment trust’s stock valued at $320,726,000 after buying an additional 1,873,835 shares during the last quarter. Nuveen Asset Management LLC grew its stake in shares of Tanger by 78.6% in the fourth quarter. Nuveen Asset Management LLC now owns 1,714,769 shares of the real estate investment trust’s stock worth $58,525,000 after acquiring an additional 754,429 shares during the last quarter. Wellington Management Group LLP grew its stake in shares of Tanger by 34.0% in the fourth quarter. Wellington Management Group LLP now owns 2,748,467 shares of the real estate investment trust’s stock worth $93,805,000 after acquiring an additional 697,291 shares during the last quarter. Northern Trust Corp increased its position in Tanger by 56.4% during the fourth quarter. Northern Trust Corp now owns 1,817,052 shares of the real estate investment trust’s stock worth $62,016,000 after acquiring an additional 655,237 shares during the period. Finally, Norges Bank acquired a new position in Tanger during the 4th quarter valued at $22,239,000. 85.23% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

Several brokerages recently issued reports on SKT. Deutsche Bank Aktiengesellschaft initiated coverage on Tanger in a report on Tuesday, December 17th. They set a “hold” rating and a $37.00 price objective for the company. BMO Capital Markets started coverage on Tanger in a research note on Tuesday, January 28th. They set a “market perform” rating and a $36.00 price target for the company. Finally, The Goldman Sachs Group boosted their price target on Tanger from $31.00 to $35.00 and gave the company a “neutral” rating in a research note on Friday, November 15th. Five research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, Tanger has a consensus rating of “Hold” and a consensus target price of $36.00.

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.