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 business’s stock in a transaction on Tuesday, November 19th. The stock was sold at an average price of $36.27, for a total value of $108,810.00. Following the completion of the sale, the chief accounting officer now directly owns 59,641 shares in the company, valued at $2,163,179.07. This represents a 4.79 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this link.

Tanger Price Performance

SKT stock opened at $36.50 on Friday. The stock has a 50-day moving average price of $33.83 and a two-hundred day moving average price of $30.03. The stock 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 company has a current ratio of 0.13, a quick ratio of 0.13 and a debt-to-equity ratio of 2.40. Tanger Inc. has a 1 year low of $24.72 and a 1 year high of $37.01.

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

Tanger Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, November 15th. Investors of record on Thursday, October 31st were issued a dividend of $0.275 per share. This represents a $1.10 dividend on an annualized basis and a yield of 3.01%. The ex-dividend date was Thursday, October 31st. Tanger’s payout ratio is currently 127.91%.

Analysts Set New Price Targets

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

Institutional Investors Weigh In On Tanger

Hedge funds have recently bought and sold shares of the stock. Vanguard Group Inc. raised its position in shares of Tanger by 3.6% in the first quarter. Vanguard Group Inc. now owns 17,456,758 shares of the real estate investment trust’s stock valued at $515,498,000 after buying an additional 608,547 shares in the last quarter. FMR LLC raised 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 valued at $249,625,000 after buying an additional 1,832,261 shares in the last quarter. Charles Schwab Investment Management Inc. raised 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 valued at $65,210,000 after buying an additional 21,793 shares in the last quarter. Dimensional Fund Advisors LP increased its stake in 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 valued at $44,144,000 after acquiring an additional 123,107 shares during the last quarter. Finally, Bank of New York Mellon Corp increased its stake in 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 valued at $29,600,000 after acquiring an additional 55,794 shares during the last quarter. 85.23% of the stock is currently owned by institutional investors and hedge funds.

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.