CANADA LIFE ASSURANCE Co boosted its position in Tanger Inc. (NYSE:SKT - Free Report) by 4.7% during the 4th quarter, according to its most recent Form 13F filing with the SEC. The fund owned 282,277 shares of the real estate investment trust's stock after purchasing an additional 12,725 shares during the period. CANADA LIFE ASSURANCE Co owned about 0.26% of Tanger worth $9,625,000 as of its most recent SEC filing.
Other large investors have also made changes to their positions in the company. Rhumbline Advisers boosted its holdings in shares of Tanger by 2.6% in the fourth quarter. Rhumbline Advisers now owns 399,556 shares of the real estate investment trust's stock worth $13,637,000 after buying an additional 10,283 shares during the last quarter. Asset Management One Co. Ltd. grew its holdings in Tanger by 4.9% during the fourth quarter. Asset Management One Co. Ltd. now owns 163,420 shares of the real estate investment trust's stock valued at $5,560,000 after purchasing an additional 7,647 shares during the period. Charles Schwab Investment Management Inc. increased its position 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 worth $68,161,000 after buying an additional 31,750 shares in the last quarter. Norges Bank bought a new position in shares of Tanger in the fourth quarter worth about $22,239,000. Finally, Y Intercept Hong Kong Ltd purchased a new position in shares of Tanger during the 4th quarter valued at about $709,000. 85.23% of the stock is currently owned by institutional investors.
Insider Transactions at Tanger
In other Tanger news, COO Gallardo Leslie Swanson sold 12,500 shares of the business's stock in a transaction that occurred on Tuesday, March 11th. The stock was sold at an average price of $32.38, for a total transaction of $404,750.00. Following the completion of the transaction, the chief operating officer now owns 113,158 shares in the company, valued at $3,664,056.04. The trade was a 9.95 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Company insiders own 5.70% of the company's stock.
Tanger Price Performance
NYSE SKT traded up $0.19 on Friday, reaching $32.08. The company had a trading volume of 553,767 shares, compared to its average volume of 768,872. The stock has a market capitalization of $3.63 billion, a PE ratio of 36.87, a price-to-earnings-growth ratio of 2.97 and a beta of 1.49. Tanger Inc. has a 12 month low of $25.94 and a 12 month high of $37.57. The company has a quick ratio of 0.13, a current ratio of 0.44 and a debt-to-equity ratio of 2.09. The firm's 50 day moving average price is $32.94 and its 200 day moving average price is $33.93.
Tanger (NYSE:SKT - Get Free Report) last issued its earnings results on Wednesday, February 19th. The real estate investment trust reported $0.54 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.52 by $0.02. Tanger had a return on equity of 16.16% and a net margin of 18.65%. The firm had revenue of $132.17 million for the quarter, compared to analysts' expectations of $129.10 million. As a group, equities analysts predict that Tanger Inc. will post 2.24 earnings per share for the current year.
Tanger Increases Dividend
The business also recently disclosed a quarterly dividend, which will be paid on Thursday, May 15th. Shareholders of record on Wednesday, April 30th will be paid a dividend of $0.2925 per share. This is a boost from Tanger's previous quarterly dividend of $0.28. This represents a $1.17 annualized dividend and a yield of 3.65%. The ex-dividend date of this dividend is Wednesday, April 30th. Tanger's payout ratio is presently 134.48%.
Wall Street Analyst Weigh In
A number of equities research analysts have commented on SKT shares. BMO Capital Markets assumed coverage on shares of Tanger in a research note on Tuesday, January 28th. They set a "market perform" rating and a $36.00 target price on the stock. Scotiabank decreased their price objective on shares of Tanger from $38.00 to $33.00 and set a "sector perform" rating on the stock in a research report on Wednesday. Finally, The Goldman Sachs Group upgraded Tanger from a "neutral" rating to a "buy" rating and increased their price target for the stock from $39.00 to $40.00 in a research note on Friday, March 28th. Four research analysts have rated the stock with a hold rating and four have issued a buy rating to the company's stock. According to data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average price target of $37.00.
Read Our Latest Report on Tanger
About Tanger
(
Free Report)
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.
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