Thomas Joseph Guerrieri, Jr. Sells 3,000 Shares of Tanger Inc. (NYSE:SKT) Stock

22 Nov 2024, 08:20 by Amy Steele · The Cerbat Gem

Tanger Inc. (NYSE:SKT – Get Free Report) CAO Thomas Joseph Guerrieri, Jr. sold 3,000 shares of the stock in a transaction dated Tuesday, November 19th. The stock was sold at an average price of $36.27, for a total transaction of $108,810.00. Following the completion of the transaction, the chief accounting officer now directly owns 59,641 shares of the company’s stock, valued at $2,163,179.07. This trade represents a 4.79 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link.

Tanger Stock Performance

SKT stock opened at $36.67 on Friday. Tanger Inc. has a twelve month low of $24.72 and a twelve month high of $36.81. The company has a quick ratio of 0.13, a current ratio of 0.13 and a debt-to-equity ratio of 2.40. The company has a market cap of $4.06 billion, a P/E ratio of 42.64, a price-to-earnings-growth ratio of 2.85 and a beta of 1.88. The business’s fifty day moving average is $33.73 and its 200-day moving average is $29.99.

Tanger (NYSE:SKT – Get Free Report) last issued its earnings results on Wednesday, November 6th. The real estate investment trust reported $0.22 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.53 by ($0.31). The company had revenue of $133.00 million for the quarter, compared to the consensus estimate of $125.80 million. Tanger had a return on equity of 16.25% and a net margin of 18.55%. Tanger’s quarterly revenue was up 13.3% on a year-over-year basis. During the same quarter last year, the business posted $0.50 EPS. Equities research analysts forecast that Tanger Inc. will post 2.11 EPS for the current year.

Tanger Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, November 15th. Stockholders of record on Thursday, October 31st were given a dividend of $0.275 per share. This represents a $1.10 annualized dividend and a dividend yield of 3.00%. The ex-dividend date was Thursday, October 31st. Tanger’s dividend payout ratio is 127.91%.

Analyst Ratings Changes

Several equities research analysts have recently weighed in on SKT shares. Scotiabank upped their target price on shares of Tanger from $28.00 to $30.00 and gave the stock a “sector perform” rating in a report on Monday, August 26th. Bank of America upgraded shares of Tanger from a “neutral” rating to a “buy” rating and lifted their target price for the company from $35.00 to $40.00 in a research note on Monday, November 11th. Evercore ISI increased their price target on Tanger from $31.00 to $33.00 and gave the stock an “in-line” rating in a research report on Thursday, November 7th. Citigroup lifted their price objective on Tanger from $34.00 to $41.00 and gave the company a “buy” rating in a research report on Wednesday, November 13th. Finally, Compass Point increased their target price on Tanger from $34.00 to $36.00 and gave the stock a “buy” rating in a report on Friday, October 25th. Three 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.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $34.86.

Get Our Latest Analysis on SKT

Hedge Funds Weigh In On Tanger

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Blue Trust Inc. grew its stake in Tanger by 1,412.1% in the 2nd quarter. Blue Trust Inc. now owns 877 shares of the real estate investment trust’s stock valued at $26,000 after buying an additional 819 shares during the last quarter. HHM Wealth Advisors LLC acquired a new stake in Tanger in the 2nd quarter worth about $27,000. Whittier Trust Co. acquired a new position in shares of Tanger during the 2nd quarter worth approximately $33,000. GAMMA Investing LLC raised its holdings in Tanger by 44.6% in the 2nd quarter. GAMMA Investing LLC now owns 1,274 shares of the real estate investment trust’s stock valued at $35,000 after acquiring an additional 393 shares in the last quarter. Finally, Loomis Sayles & Co. L P boosted its position in shares of Tanger by 3,393.9% during the 3rd quarter. Loomis Sayles & Co. L P now owns 1,712 shares of the real estate investment trust’s stock worth $57,000 after acquiring an additional 1,663 shares in the last quarter. 85.23% of the stock is owned by institutional investors and hedge funds.

About Tanger

(Get Free Report)