Legal & General Group Plc Sells 101,051 Shares of Tanger Inc. (NYSE:SKT)

Legal & General Group Plc decreased its position in Tanger Inc. (NYSE:SKT - Free Report) by 11.0% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 818,303 shares of the real estate investment trust's stock after selling 101,051 shares during the quarter. Legal & General Group Plc owned about 0.74% of Tanger worth $27,929,000 at the end of the most recent reporting period.

Several other large investors have also bought and sold shares of the company. FMR LLC lifted its holdings in Tanger by 24.9% in the 4th quarter. FMR LLC now owns 9,397,189 shares of the real estate investment trust's stock valued at $320,726,000 after acquiring an additional 1,873,835 shares during the last quarter. Wellington Management Group LLP lifted its stake in Tanger by 34.0% during 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 purchasing an additional 697,291 shares during the last quarter. Norges Bank bought a new stake in Tanger during the fourth quarter worth approximately $22,239,000. JPMorgan Chase & Co. grew its position in Tanger by 46.1% in the fourth quarter. JPMorgan Chase & Co. now owns 650,060 shares of the real estate investment trust's stock worth $22,187,000 after buying an additional 205,159 shares during the last quarter. Finally, Cannell & Spears LLC increased its holdings in shares of Tanger by 263.1% in the fourth quarter. Cannell & Spears LLC now owns 276,682 shares of the real estate investment trust's stock valued at $9,443,000 after buying an additional 200,475 shares in the last quarter. Institutional investors own 85.23% of the company's stock.

Insider Buying and Selling

In related news, COO Gallardo Leslie Swanson sold 12,500 shares of the company's 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 completion of the sale, the chief operating officer now directly owns 113,158 shares in the company, valued at approximately $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 accessible through this link. 5.70% of the stock is currently owned by corporate insiders.

Analyst Upgrades and Downgrades

Several equities research analysts have recently weighed in on SKT shares. The Goldman Sachs Group raised 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. BMO Capital Markets started coverage on Tanger in a research note on Tuesday, January 28th. They issued a "market perform" rating and a $36.00 price target on the stock. Four investment analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. Based on data from MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus target price of $36.63.

Tanger Stock Up 1.4 %

NYSE:SKT traded up $0.44 during trading hours on Friday, hitting $32.38. 529,325 shares of the company's stock traded hands, compared to its average volume of 766,444. The stock's fifty day moving average price is $33.21 and its two-hundred day moving average price is $33.97. The firm has a market cap of $3.67 billion, a P/E ratio of 37.22, a P/E/G ratio of 2.97 and a beta of 1.49. The company has a debt-to-equity ratio of 2.09, a quick ratio of 0.13 and a current ratio of 0.44. Tanger Inc. has a twelve month low of $25.94 and a twelve month high of $37.57.

Tanger (NYSE:SKT - Get Free Report) last posted its quarterly earnings results on Wednesday, February 19th. The real estate investment trust reported $0.54 EPS for the quarter, topping the consensus estimate of $0.52 by $0.02. The business had revenue of $132.17 million during the quarter, compared to analysts' expectations of $129.10 million. Tanger had a net margin of 18.65% and a return on equity of 16.16%. On average, research analysts expect that Tanger Inc. will post 2.24 earnings per share for the current fiscal year.

Tanger Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, May 15th. Investors of record on Wednesday, April 30th will be paid a $0.2925 dividend. This is a boost from Tanger's previous quarterly dividend of $0.28. The ex-dividend date is Wednesday, April 30th. This represents a $1.17 annualized dividend and a dividend yield of 3.61%. Tanger's payout ratio is presently 134.48%.

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.