Tanger (NYSE:SKT) Shares Gap Up – Here’s What Happened

Tanger Inc. (NYSE:SKT)’s stock price gapped up prior to trading on Friday . The stock had previously closed at $32.86, but opened at $33.56. Tanger shares last traded at $33.12, with a volume of 96,351 shares changing hands.

Wall Street Analyst Weigh In

A number of equities analysts recently commented on SKT shares. BMO Capital Markets started coverage on Tanger in a report on Tuesday, January 28th. They set a “market perform” rating and a $36.00 price target for the company. The Goldman Sachs Group raised Tanger from a “neutral” rating to a “buy” rating and boosted their target price for the stock from $39.00 to $40.00 in a report on Friday. Finally, Deutsche Bank Aktiengesellschaft assumed coverage on Tanger in a report on Tuesday, December 17th. They set a “hold” rating and a $37.00 price target for the company. Four equities research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $36.63.

Tanger Stock Up 0.6 %

The firm has a 50-day simple moving average of $33.64 and a two-hundred day simple moving average of $33.98. The stock has a market cap of $3.73 billion, a P/E ratio of 38.01, a PEG ratio of 2.97 and a beta of 1.88. 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) last issued its quarterly earnings data on Wednesday, February 19th. The real estate investment trust reported $0.54 earnings per share for the quarter, topping the consensus estimate of $0.52 by $0.02. Tanger had a net margin of 18.65% and a return on equity of 16.16%. The business had revenue of $132.17 million during the quarter, compared to analysts’ expectations of $129.10 million. Equities research analysts expect that Tanger Inc. will post 2.24 earnings per share for the current fiscal year.

Tanger Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, February 14th. Shareholders of record on Friday, January 31st were paid a dividend of $0.275 per share. The ex-dividend date was Friday, January 31st. This represents a $1.10 dividend on an annualized basis and a yield of 3.33%. Tanger’s dividend payout ratio (DPR) is presently 126.44%.

Insider Buying and Selling at Tanger

In other Tanger news, COO Gallardo Leslie Swanson sold 12,500 shares of the firm’s stock in a transaction dated Tuesday, March 11th. The shares were sold at an average price of $32.38, for a total value of $404,750.00. Following the transaction, the chief operating officer now directly owns 113,158 shares of the company’s stock, valued at $3,664,056.04. This trade represents a 9.95 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders own 5.80% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in SKT. FMR LLC lifted its stake in Tanger by 24.9% during the fourth quarter. FMR LLC now owns 9,397,189 shares of the real estate investment trust’s stock worth $320,726,000 after purchasing an additional 1,873,835 shares during the last quarter. Wellington Management Group LLP boosted its stake in 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 valued at $93,805,000 after buying an additional 697,291 shares in the last quarter. Charles Schwab Investment Management Inc. boosted its stake in Tanger by 1.6% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 1,997,100 shares of the real estate investment trust’s stock valued at $68,161,000 after buying an additional 31,750 shares in the last quarter. Northern Trust Corp grew its position in Tanger by 56.4% in the fourth quarter. Northern Trust Corp now owns 1,817,052 shares of the real estate investment trust’s stock valued at $62,016,000 after acquiring an additional 655,237 shares during the last quarter. Finally, Millennium Management LLC raised its stake in Tanger by 0.5% during the fourth quarter. Millennium Management LLC now owns 1,748,635 shares of the real estate investment trust’s stock worth $59,681,000 after acquiring an additional 8,590 shares in the last quarter. 85.23% of the stock is owned by institutional investors.

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.