Tanger Inc. (NYSE:SKT - Get Free Report) COO Gallardo Leslie Swanson sold 12,500 shares of Tanger stock in a transaction that occurred on Tuesday, March 11th. The shares were sold at an average price of $32.38, for a total transaction of $404,750.00. Following the transaction, the chief operating officer now directly owns 113,158 shares of the company's stock, valued at approximately $3,664,056.04. This trade represents a 9.95 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link.
Tanger Price Performance
SKT stock traded down $0.22 during mid-day trading on Wednesday, reaching $32.65. The company's stock had a trading volume of 873,367 shares, compared to its average volume of 753,263. The stock has a market cap of $3.68 billion, a PE ratio of 37.52, a P/E/G ratio of 2.97 and a beta of 1.88. The company's 50 day moving average is $33.85 and its two-hundred day moving average is $33.87. Tanger Inc. has a fifty-two week low of $25.94 and a fifty-two week high of $37.57. The company has a current ratio of 0.44, a quick ratio of 0.13 and a debt-to-equity ratio of 2.09.
Tanger (NYSE:SKT - Get Free Report) last issued its earnings results on Wednesday, February 19th. The real estate investment trust reported $0.54 EPS for the quarter, topping analysts' consensus estimates of $0.52 by $0.02. Tanger had a net margin of 18.65% and a return on equity of 16.16%. The company had revenue of $132.17 million for the quarter, compared to the consensus estimate of $129.10 million. Equities research analysts expect that Tanger Inc. will post 2.24 EPS for the current year.
Tanger Announces Dividend
The firm also recently declared a quarterly dividend, which was paid on Friday, February 14th. Stockholders of record on Friday, January 31st were paid a $0.275 dividend. This represents a $1.10 annualized dividend and a dividend yield of 3.37%. The ex-dividend date was Friday, January 31st. Tanger's dividend payout ratio (DPR) is presently 126.44%.
Wall Street Analyst Weigh In
A number of research firms have recently commented on SKT. The Goldman Sachs Group raised their target price on Tanger from $31.00 to $35.00 and gave the company a "neutral" rating in a research report on Friday, November 15th. BMO Capital Markets started coverage on Tanger in a research report on Tuesday, January 28th. They issued a "market perform" rating and a $36.00 price objective for the company. Citigroup lifted their price target on shares of Tanger from $34.00 to $41.00 and gave the company a "buy" rating in a research note on Wednesday, November 13th. Finally, Deutsche Bank Aktiengesellschaft assumed coverage on shares of Tanger in a research report on Tuesday, December 17th. They set a "hold" rating and a $37.00 price objective for the company. Five investment analysts have rated the stock with a hold rating and three have given a buy rating to the stock. Based on data from MarketBeat, Tanger currently has an average rating of "Hold" and an average price target of $36.00.
Read Our Latest Stock Analysis on Tanger
Institutional Inflows and Outflows
Several hedge funds have recently bought and sold shares of SKT. Aster Capital Management DIFC Ltd lifted its stake in Tanger by 232.7% during the fourth quarter. Aster Capital Management DIFC Ltd now owns 1,048 shares of the real estate investment trust's stock worth $36,000 after purchasing an additional 733 shares in the last quarter. Loomis Sayles & Co. L P raised its position in Tanger by 3,393.9% in the 3rd quarter. Loomis Sayles & Co. L P now owns 1,712 shares of the real estate investment trust's stock valued at $57,000 after purchasing an additional 1,663 shares in the last quarter. GF Fund Management CO. LTD. acquired a new position in shares of Tanger during the fourth quarter worth about $68,000. Coppell Advisory Solutions LLC increased its stake in shares of Tanger by 144.4% during the fourth quarter. Coppell Advisory Solutions LLC now owns 2,368 shares of the real estate investment trust's stock worth $80,000 after buying an additional 1,399 shares during the period. Finally, GAMMA Investing LLC raised its holdings in Tanger by 24.9% in the fourth quarter. GAMMA Investing LLC now owns 2,578 shares of the real estate investment trust's stock valued at $88,000 after acquiring an additional 514 shares in the last quarter. Hedge funds and other institutional investors own 85.23% of the company's stock.
About Tanger
(
Get Free Report)
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.
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