Insider Selling: Tanger Inc. (NYSE:SKT) CAO Sells $108,810.00 in Stock

Tanger Inc. (NYSE:SKT) CAO Thomas Joseph Guerrieri, Jr. sold 3,000 shares of Tanger stock in a transaction dated Tuesday, November 19th. The shares were sold at an average price of $36.27, for a total value of $108,810.00. Following the completion of the transaction, the chief accounting officer now owns 59,641 shares of the company’s stock, valued at $2,163,179.07. The trade was a 4.79 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this link.

Tanger Stock Down 0.5 %

Tanger stock opened at $36.50 on Friday. The company has a debt-to-equity ratio of 2.40, a current ratio of 0.13 and a quick ratio of 0.13. Tanger Inc. has a 1-year low of $24.72 and a 1-year high of $37.01. The company has a market cap of $4.04 billion, a PE ratio of 42.44, a price-to-earnings-growth ratio of 2.87 and a beta of 1.88. The stock’s 50 day moving average price is $33.83 and its 200 day moving average price is $30.03.

Tanger (NYSE:SKT) last posted its 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 return on equity of 16.25% and a net margin of 18.55%. The firm had revenue of $133.00 million for the quarter, compared to analysts’ expectations of $125.80 million. During the same quarter in the previous year, the firm posted $0.50 earnings per share. The firm’s revenue for the quarter was up 13.3% compared to the same quarter last year. On average, sell-side analysts predict that Tanger Inc. will post 2.11 EPS for the current fiscal year.

Tanger Announces Dividend

The firm 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. The ex-dividend date of this dividend was Thursday, October 31st. This represents a $1.10 annualized dividend and a yield of 3.01%. Tanger’s payout ratio is currently 127.91%.

Analysts Set New Price Targets

Several equities research analysts have recently weighed in on SKT shares. Evercore ISI raised their target price on Tanger from $31.00 to $33.00 and gave the stock an “in-line” rating in a research report on Thursday, November 7th. Scotiabank lifted their price target on Tanger from $28.00 to $30.00 and gave the stock a “sector perform” rating in a research report on Monday, August 26th. Compass Point lifted their price target on Tanger from $34.00 to $36.00 and gave the stock a “buy” rating in a research report on Friday, October 25th. Bank of America raised Tanger from a “neutral” rating to a “buy” rating and lifted their price target for the stock from $35.00 to $40.00 in a research report on Monday, November 11th. Finally, Citigroup lifted their price target on Tanger from $34.00 to $41.00 and gave the stock a “buy” rating in a research report on Wednesday, November 13th. Three analysts have rated the stock with a hold rating and four have issued a buy rating to the company. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $34.86.

Hedge Funds Weigh In On Tanger

Several institutional investors have recently added to or reduced their stakes in the business. Vanguard Group Inc. increased its stake in Tanger by 3.6% during the first quarter. Vanguard Group Inc. now owns 17,456,758 shares of the real estate investment trust’s stock worth $515,498,000 after acquiring an additional 608,547 shares during the last quarter. FMR LLC boosted its position in shares of Tanger by 32.2% in the third quarter. FMR LLC now owns 7,523,354 shares of the real estate investment trust’s stock worth $249,625,000 after buying an additional 1,832,261 shares during the period. Charles Schwab Investment Management Inc. boosted its position in shares of Tanger by 1.1% in the third quarter. Charles Schwab Investment Management Inc. now owns 1,965,350 shares of the real estate investment trust’s stock worth $65,210,000 after buying an additional 21,793 shares during the period. Dimensional Fund Advisors LP boosted its position in shares of Tanger by 8.2% in the second quarter. Dimensional Fund Advisors LP now owns 1,628,331 shares of the real estate investment trust’s stock worth $44,144,000 after buying an additional 123,107 shares during the period. Finally, Bank of New York Mellon Corp boosted its position in shares of Tanger by 5.4% in the second quarter. Bank of New York Mellon Corp now owns 1,091,856 shares of the real estate investment trust’s stock worth $29,600,000 after buying an additional 55,794 shares during the period. 85.23% of the stock is currently owned by institutional investors and hedge funds.

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.