The Manufacturers Life Insurance Company Decreases Stake in Tanger Inc. (NYSE:SKT)

The Manufacturers Life Insurance Company reduced its stake in Tanger Inc. (NYSE:SKT) by 2.0% in the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 57,165 shares of the real estate investment trust’s stock after selling 1,162 shares during the quarter. The Manufacturers Life Insurance Company owned about 0.05% of Tanger worth $1,951,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Barclays PLC grew its stake in Tanger by 174.7% during the 3rd quarter. Barclays PLC now owns 240,281 shares of the real estate investment trust’s stock valued at $7,973,000 after purchasing an additional 152,796 shares during the last quarter. Franklin Resources Inc. raised its holdings in shares of Tanger by 2.3% during the third quarter. Franklin Resources Inc. now owns 95,286 shares of the real estate investment trust’s stock worth $3,205,000 after purchasing an additional 2,169 shares during the last quarter. GAMMA Investing LLC raised its holdings in shares of Tanger by 24.9% during the fourth quarter. GAMMA Investing LLC now owns 2,578 shares of the real estate investment trust’s stock worth $88,000 after purchasing an additional 514 shares during the last quarter. Burney Co. raised its holdings in shares of Tanger by 1.8% during the fourth quarter. Burney Co. now owns 255,983 shares of the real estate investment trust’s stock worth $8,737,000 after purchasing an additional 4,502 shares during the last quarter. Finally, Hennion & Walsh Asset Management Inc. raised its holdings in shares of Tanger by 36.4% during the fourth quarter. Hennion & Walsh Asset Management Inc. now owns 17,045 shares of the real estate investment trust’s stock worth $582,000 after purchasing an additional 4,549 shares during the last quarter. 85.23% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several research analysts recently issued reports on the stock. Evercore ISI raised shares of Tanger to a “hold” rating in a report on Friday, May 2nd. BMO Capital Markets assumed coverage on Tanger in a report on Tuesday, January 28th. They issued a “market perform” rating and a $36.00 price target for the company. The Goldman Sachs Group raised Tanger from a “neutral” rating to a “buy” rating and boosted their price target for the company from $39.00 to $40.00 in a report on Friday, March 28th. Finally, Scotiabank cut their price objective on shares of Tanger from $38.00 to $33.00 and set a “sector perform” rating for the company in a report on Wednesday, April 23rd. Four analysts have rated the stock with a hold rating and four have given a buy rating to the company. Based on data from MarketBeat.com, Tanger presently has a consensus rating of “Moderate Buy” and an average target price of $37.00.

Insiders Place Their Bets

In related news, COO Gallardo Leslie Swanson sold 12,500 shares of the business’s stock in a transaction dated Tuesday, March 11th. The shares were sold at an average price of $32.38, for a total transaction of $404,750.00. Following the transaction, the chief operating officer now directly owns 113,158 shares in the company, valued at approximately $3,664,056.04. The trade was a 9.95% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. 5.70% of the stock is owned by company insiders.

Tanger Trading Up 1.0%

Shares of NYSE:SKT opened at $30.15 on Monday. Tanger Inc. has a 1 year low of $25.94 and a 1 year high of $37.57. The firm has a market capitalization of $3.41 billion, a price-to-earnings ratio of 34.66, a price-to-earnings-growth ratio of 2.97 and a beta of 1.18. 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 price is $31.92 and its 200-day moving average price is $33.66.

Tanger (NYSE:SKT) last announced its earnings results on Wednesday, April 30th. The real estate investment trust reported $0.53 earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of $0.53. Tanger had a return on equity of 16.16% and a net margin of 18.65%. The firm had revenue of $129.29 million for the quarter, compared to analyst estimates of $128.24 million. During the same quarter last year, the firm posted $0.52 EPS. The business’s revenue was up 9.7% on a year-over-year basis. On average, equities research analysts forecast that Tanger Inc. will post 2.24 earnings per share for the current fiscal year.

Tanger Increases Dividend

The company 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 positive change from Tanger’s previous quarterly dividend of $0.28. This represents a $1.17 annualized dividend and a yield of 3.88%. The ex-dividend date is Wednesday, April 30th. Tanger’s payout ratio is 139.29%.

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.