Tanger Inc. (NYSE:SKT) Shares Sold by The Manufacturers Life Insurance Company

The Manufacturers Life Insurance Company lessened its position in shares of Tanger Inc. (NYSE:SKT) by 1.9% during the 3rd quarter, Holdings Channel reports. The institutional investor owned 58,327 shares of the real estate investment trust’s stock after selling 1,133 shares during the quarter. The Manufacturers Life Insurance Company’s holdings in Tanger were worth $1,935,000 at the end of the most recent quarter.

Other large investors have also recently added to or reduced their stakes in the company. Truvestments Capital LLC purchased a new stake in Tanger in the 3rd quarter valued at about $160,000. Loomis Sayles & Co. L P boosted its stake in shares of Tanger by 3,393.9% in the third quarter. Loomis Sayles & Co. L P now owns 1,712 shares of the real estate investment trust’s stock valued at $57,000 after purchasing an additional 1,663 shares during the period. Fisher Asset Management LLC boosted its stake in shares of Tanger by 5.2% in the third quarter. Fisher Asset Management LLC now owns 503,053 shares of the real estate investment trust’s stock valued at $16,691,000 after purchasing an additional 25,014 shares during the period. Daiwa Securities Group Inc. grew its holdings in shares of Tanger by 6.3% in the third quarter. Daiwa Securities Group Inc. now owns 36,423 shares of the real estate investment trust’s stock valued at $1,209,000 after purchasing an additional 2,165 shares in the last quarter. Finally, Algert Global LLC grew its holdings in shares of Tanger by 183.7% in the third quarter. Algert Global LLC now owns 243,623 shares of the real estate investment trust’s stock valued at $8,083,000 after purchasing an additional 157,742 shares in the last quarter. 85.23% of the stock is currently owned by institutional investors and hedge funds.

Tanger Trading Down 0.8 %

NYSE:SKT opened at $36.03 on Tuesday. Tanger Inc. has a 12-month low of $25.67 and a 12-month high of $37.57. The company has a current ratio of 0.13, a quick ratio of 0.13 and a debt-to-equity ratio of 2.40. The stock’s 50 day simple moving average is $34.92 and its 200-day simple moving average is $30.82. The firm has a market cap of $3.99 billion, a P/E ratio of 41.89, a PEG ratio of 2.84 and a beta of 1.90.

Tanger (NYSE:SKT) last announced its quarterly earnings data on Wednesday, November 6th. The real estate investment trust reported $0.22 EPS for the quarter, missing analysts’ consensus estimates of $0.53 by ($0.31). The firm had revenue of $133.00 million for the quarter, compared to analysts’ expectations of $125.80 million. Tanger had a return on equity of 16.25% and a net margin of 18.55%. The firm’s quarterly revenue was up 13.3% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.50 EPS. Equities analysts anticipate that Tanger Inc. will post 2.11 EPS for the current year.

Tanger Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Friday, November 15th. Stockholders of record on Thursday, October 31st were paid a dividend of $0.275 per share. This represents a $1.10 annualized dividend and a dividend yield of 3.05%. The ex-dividend date of this dividend was Thursday, October 31st. Tanger’s dividend payout ratio (DPR) is 127.91%.

Wall Street Analyst Weigh In

Several analysts have recently issued reports on the company. Evercore ISI increased their price objective on Tanger from $31.00 to $33.00 and gave the company an “in-line” rating in a research note on Thursday, November 7th. Compass Point upped their target price on shares of Tanger from $34.00 to $36.00 and gave the company a “buy” rating in a report on Friday, October 25th. Scotiabank raised their price objective on Tanger from $28.00 to $30.00 and gave the stock a “sector perform” rating in a report on Monday, August 26th. Citigroup boosted 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, The Goldman Sachs Group upped their target price on Tanger from $31.00 to $35.00 and gave the company a “neutral” rating in a research report on Friday, November 15th. Three research analysts have rated the stock with a hold rating and four have given a buy rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $34.86.

Insider Buying and Selling

In other news, CAO Thomas Joseph Guerrieri, Jr. sold 3,000 shares of Tanger stock in a transaction on Tuesday, November 19th. The stock was sold at an average price of $36.27, for a total value of $108,810.00. Following the completion of the sale, the chief accounting officer now owns 59,641 shares of the company’s stock, valued at $2,163,179.07. The trade was a 4.79 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 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.