Tanger Inc. (NYSE:SKT) COO Gallardo Leslie Swanson Sells 12,500 Shares of Stock

Tanger Inc. (NYSE:SKT) COO Gallardo Leslie Swanson sold 12,500 shares of the 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 completion of the transaction, the chief operating officer now directly owns 113,158 shares in the company, valued at $3,664,056.04. This represents a 9.95 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink.

Tanger Price Performance

SKT stock opened at $32.65 on Thursday. Tanger Inc. has a 1 year low of $25.94 and a 1 year high of $37.57. The company has a debt-to-equity ratio of 2.09, a quick ratio of 0.13 and a current ratio of 0.44. The stock’s 50 day moving average price is $33.85 and its 200 day moving average price is $33.87. The firm has a market cap of $3.68 billion, a P/E ratio of 37.52, a PEG ratio of 2.97 and a beta of 1.88.

Tanger (NYSE:SKT) last issued its quarterly earnings results on Wednesday, February 19th. The real estate investment trust reported $0.54 earnings per share 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 company had revenue of $132.17 million for the quarter, compared to analyst estimates of $129.10 million. On average, sell-side analysts expect that Tanger Inc. will post 2.24 earnings per share for the current fiscal year.

Tanger Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, February 14th. Stockholders of record on Friday, January 31st were issued a dividend of $0.275 per share. The ex-dividend date of this dividend was Friday, January 31st. This represents a $1.10 dividend on an annualized basis and a dividend yield of 3.37%. Tanger’s payout ratio is 126.44%.

Institutional Trading of Tanger

Several large investors have recently added to or reduced their stakes in the stock. Van ECK Associates Corp lifted its position in shares of Tanger by 12.3% during the third quarter. Van ECK Associates Corp now owns 18,297 shares of the real estate investment trust’s stock worth $624,000 after purchasing an additional 2,008 shares during the last quarter. Los Angeles Capital Management LLC raised its holdings in shares of Tanger by 61.0% during the third quarter. Los Angeles Capital Management LLC now owns 26,683 shares of the real estate investment trust’s stock valued at $885,000 after buying an additional 10,110 shares during the last quarter. KBC Group NV raised its holdings in shares of Tanger by 31.5% during the third quarter. KBC Group NV now owns 3,679 shares of the real estate investment trust’s stock valued at $122,000 after buying an additional 881 shares during the last quarter. Metis Global Partners LLC raised its holdings in shares of Tanger by 29.7% during the third quarter. Metis Global Partners LLC now owns 11,261 shares of the real estate investment trust’s stock valued at $374,000 after buying an additional 2,577 shares during the last quarter. Finally, Natixis Advisors LLC increased its stake in shares of Tanger by 55.3% during the third quarter. Natixis Advisors LLC now owns 72,131 shares of the real estate investment trust’s stock valued at $2,393,000 after acquiring an additional 25,683 shares during the period. 85.23% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several research firms have recently weighed in on SKT. Deutsche Bank Aktiengesellschaft began coverage on Tanger in a research report on Tuesday, December 17th. They issued a “hold” rating and a $37.00 target price on the stock. The Goldman Sachs Group lifted their price objective on Tanger from $31.00 to $35.00 and gave the company a “neutral” rating in a research note on Friday, November 15th. Citigroup lifted their target price on Tanger from $34.00 to $41.00 and gave the company a “buy” rating in a report on Wednesday, November 13th. Finally, BMO Capital Markets initiated 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. Five research analysts have rated the stock with a hold rating and three have issued a buy rating to the company. According to data from MarketBeat, Tanger presently has a consensus rating of “Hold” and a consensus 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.