By otakuyassine3@gmail.com 
Corebridge Financial Inc. reduced its stake in Tanger Inc. (NYSE:SKT – Free Report) by 7.2% in the 4th quarter, HoldingsChannel.com reports. The firm owned 56,838 shares of the real estate investment trust’s stock after selling 4,391 shares during the period. Corebridge Financial Inc.’s holdings in Tanger were worth $1,940,000 as of its most recent filing with the Securities & Exchange Commission.
A number of other institutional investors also recently bought and sold shares of SKT. GAMMA Investing LLC increased its stake in Tanger by 24.9% during the 4th quarter. GAMMA Investing LLC now owns 2,578 shares of the real estate investment trust’s stock valued at $88,000 after purchasing an additional 514 shares in the last quarter. Smartleaf Asset Management LLC increased its position in shares of Tanger by 415.7% in the 4th quarter. Smartleaf Asset Management LLC now owns 2,790 shares of the real estate investment trust’s stock valued at $95,000 after acquiring an additional 2,249 shares during the period. KBC Group NV raised its stake in Tanger by 21.6% in the 4th quarter. KBC Group NV now owns 4,474 shares of the real estate investment trust’s stock worth $153,000 after acquiring an additional 795 shares during the last quarter. Exchange Traded Concepts LLC lifted its position in Tanger by 12.8% during the 4th quarter. Exchange Traded Concepts LLC now owns 5,131 shares of the real estate investment trust’s stock worth $175,000 after acquiring an additional 583 shares during the period. Finally, CIBC Asset Management Inc purchased a new stake in Tanger during the 4th quarter valued at about $200,000. 85.23% of the stock is currently owned by institutional investors and hedge funds.
Tanger Price Performance
NYSE:SKT opened at $33.98 on Wednesday. The company has a debt-to-equity ratio of 2.09, a current ratio of 0.44 and a quick ratio of 0.13. The company has a 50 day moving average price of $33.65 and a 200-day moving average price of $34.06. Tanger Inc. has a 1-year low of $25.94 and a 1-year high of $37.57. The firm has a market cap of $3.83 billion, a price-to-earnings ratio of 39.05, a price-to-earnings-growth 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 earnings per share for the quarter, beating analysts’ consensus estimates of $0.52 by $0.02. Tanger had a net margin of 18.65% and a return on equity of 16.16%. The company had revenue of $132.17 million during the quarter, compared to analysts’ expectations of $129.10 million. Equities research analysts forecast that Tanger Inc. will post 2.24 EPS for the current year.
Tanger Announces Dividend
The firm also recently disclosed a quarterly dividend, which was paid on Friday, February 14th. Shareholders of record on Friday, January 31st were issued a $0.275 dividend. This represents a $1.10 annualized dividend and a yield of 3.24%. The ex-dividend date of this dividend was Friday, January 31st. Tanger’s payout ratio is currently 126.44%.
Analysts Set New Price Targets
Several research analysts have recently issued reports on SKT shares. The Goldman Sachs Group upgraded Tanger from a “neutral” rating to a “buy” rating and raised their price objective for the stock from $39.00 to $40.00 in a research note on Friday, March 28th. Deutsche Bank Aktiengesellschaft began coverage on shares of Tanger in a research note on Tuesday, December 17th. They set a “hold” rating and a $37.00 price objective for the company. Finally, BMO Capital Markets assumed coverage on shares of Tanger in a research note on Tuesday, January 28th. They issued a “market perform” rating and a $36.00 price objective on the stock. Four investment analysts have rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $36.63.
Check Out Our Latest Stock Report on SKT
Insider Activity
In related news, COO Gallardo Leslie Swanson sold 12,500 shares of Tanger stock in a transaction on Tuesday, March 11th. The shares were sold at an average price of $32.38, for a total value of $404,750.00. Following the sale, the chief operating officer now owns 113,158 shares of the company’s stock, valued at approximately $3,664,056.04. This trade represents a 9.95 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Company insiders own 5.80% of the company’s stock.
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.
See Also
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