Legal & General Group Plc Has $27.93 Million Stock Position in Tanger Inc. (NYSE:SKT)

Legal & General Group Plc lessened its stake in shares of Tanger Inc. (NYSE:SKT) by 11.0% during the fourth quarter, according to the company in its most recent disclosure with the SEC. The fund 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 approximately 0.74% of Tanger worth $27,929,000 as of its most recent SEC filing.

Several other institutional investors also recently modified their holdings of SKT. Stifel Financial Corp increased its holdings in Tanger by 48.5% in the 3rd quarter. Stifel Financial Corp now owns 67,402 shares of the real estate investment trust’s stock worth $2,236,000 after purchasing an additional 22,002 shares in the last quarter. Public Employees Retirement System of Ohio grew its holdings in shares of Tanger by 0.7% during the third quarter. Public Employees Retirement System of Ohio now owns 157,260 shares of the real estate investment trust’s stock worth $5,218,000 after purchasing an additional 1,155 shares during the last quarter. Barclays PLC increased its stake in shares of Tanger by 174.7% in the third quarter. Barclays PLC now owns 240,281 shares of the real estate investment trust’s stock valued at $7,973,000 after buying an additional 152,796 shares during the period. Franklin Resources Inc. raised its holdings in Tanger by 2.3% in the 3rd quarter. Franklin Resources Inc. now owns 95,286 shares of the real estate investment trust’s stock valued at $3,205,000 after buying an additional 2,169 shares during the last quarter. Finally, JPMorgan Chase & Co. boosted its position in Tanger by 2.2% during the 3rd quarter. JPMorgan Chase & Co. now owns 444,901 shares of the real estate investment trust’s stock worth $14,762,000 after buying an additional 9,701 shares during the period. 85.23% of the stock is currently owned by institutional investors and hedge funds.

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 that occurred on Tuesday, March 11th. The stock was 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 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 ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Insiders own 5.80% of the company’s stock.

Tanger Stock Down 0.1 %

Shares of NYSE:SKT opened at $30.91 on Monday. 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 current ratio of 0.44 and a quick ratio of 0.13. The business’s 50-day moving average is $33.34 and its 200-day moving average is $34.02. The company has a market capitalization of $3.50 billion, a price-to-earnings ratio of 35.52, a P/E/G ratio of 2.97 and a beta of 1.49.

Tanger (NYSE:SKT) last posted its quarterly earnings results on Wednesday, February 19th. The real estate investment trust reported $0.54 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.52 by $0.02. The firm had revenue of $132.17 million for the quarter, compared to analysts’ expectations of $129.10 million. Tanger had a return on equity of 16.16% and a net margin of 18.65%. Equities research analysts predict that Tanger Inc. will post 2.24 earnings per share for the current year.

Tanger Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, May 15th. Shareholders of record on Wednesday, April 30th will be issued a $0.2925 dividend. This represents a $1.17 dividend on an annualized basis and a yield of 3.79%. This is a boost from Tanger’s previous quarterly dividend of $0.28. The ex-dividend date of this dividend is Wednesday, April 30th. Tanger’s dividend payout ratio (DPR) is presently 134.48%.

Analyst Upgrades and Downgrades

Several equities analysts have recently issued reports on SKT shares. Deutsche Bank Aktiengesellschaft initiated coverage on shares of Tanger in a research note on Tuesday, December 17th. They set a “hold” rating and a $37.00 price target for the company. The Goldman Sachs Group raised Tanger from a “neutral” rating to a “buy” rating and lifted their target price for the stock from $39.00 to $40.00 in a report on Friday, March 28th. Finally, BMO Capital Markets initiated coverage on Tanger in a research note on Tuesday, January 28th. They issued a “market perform” rating and a $36.00 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 company currently has an average rating of “Moderate Buy” and a consensus target price of $36.63.

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.