Thrivent Financial for Lutherans Purchases 138,456 Shares of Tanger Inc. (NYSE:SKT)

Thrivent Financial for Lutherans increased its stake in Tanger Inc. (NYSE:SKT - Free Report) by 33.1% during the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 557,168 shares of the real estate investment trust's stock after acquiring an additional 138,456 shares during the quarter. Thrivent Financial for Lutherans owned approximately 0.50% of Tanger worth $19,016,000 at the end of the most recent quarter.

A number of other hedge funds have also modified their holdings of SKT. Cibc World Markets Corp purchased a new position in Tanger in the 4th quarter worth about $340,000. First Eagle Investment Management LLC increased its position in shares of Tanger by 30.8% in the fourth quarter. First Eagle Investment Management LLC now owns 164,104 shares of the real estate investment trust's stock worth $5,601,000 after acquiring an additional 38,600 shares in the last quarter. Commonwealth Equity Services LLC raised its holdings in shares of Tanger by 3.0% during the fourth quarter. Commonwealth Equity Services LLC now owns 42,571 shares of the real estate investment trust's stock valued at $1,453,000 after acquiring an additional 1,258 shares during the period. Swiss National Bank lifted its position in shares of Tanger by 0.7% in the 4th quarter. Swiss National Bank now owns 215,100 shares of the real estate investment trust's stock valued at $7,341,000 after acquiring an additional 1,500 shares in the last quarter. Finally, Zurcher Kantonalbank Zurich Cantonalbank boosted its stake in Tanger by 60.8% in the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 72,916 shares of the real estate investment trust's stock worth $2,489,000 after purchasing an additional 27,583 shares during the period. 85.23% of the stock is currently owned by institutional investors and hedge funds.

Remove Ads

Insiders Place Their Bets

In related news, COO Gallardo Leslie Swanson sold 12,500 shares of the business's stock in a transaction 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 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 ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Company insiders own 5.80% of the company's stock.

Tanger Stock Up 0.2 %

NYSE SKT traded up $0.06 on Wednesday, reaching $32.92. The stock had a trading volume of 465,259 shares, compared to its average volume of 682,629. Tanger Inc. has a 1 year low of $25.94 and a 1 year high of $37.57. The business has a 50 day moving average price of $33.64 and a 200 day moving average price of $34.00. The company has a current ratio of 0.44, a quick ratio of 0.13 and a debt-to-equity ratio of 2.09. The company has a market capitalization of $3.71 billion, a price-to-earnings ratio of 37.83, a P/E/G ratio of 2.97 and a beta of 1.88.

Tanger (NYSE:SKT - Get Free Report) last released its quarterly earnings data 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 return on equity of 16.16% and a net margin of 18.65%. The firm had revenue of $132.17 million for the quarter, compared to the consensus estimate of $129.10 million. On average, analysts forecast that Tanger Inc. will post 2.24 EPS for the current fiscal year.

Tanger Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, February 14th. Shareholders of record on Friday, January 31st were given a dividend of $0.275 per share. This represents a $1.10 annualized dividend and a yield of 3.34%. The ex-dividend date was Friday, January 31st. Tanger's payout ratio is 126.44%.

Analysts Set New Price Targets

Several analysts have issued reports on SKT shares. Deutsche Bank Aktiengesellschaft assumed coverage on shares of Tanger in a research note on Tuesday, December 17th. They set a "hold" rating and a $37.00 target price on the stock. BMO Capital Markets assumed coverage on Tanger in a research note on Tuesday, January 28th. They issued a "market perform" rating and a $36.00 price objective for the company. Five investment analysts have rated the stock with a hold rating and three have issued a buy rating to the company's stock. According to data from MarketBeat, the company presently has an average rating of "Hold" and an average target price of $36.00.

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.