CANADA LIFE ASSURANCE Co Boosts Stock Position in Tanger Inc. (NYSE:SKT)

CANADA LIFE ASSURANCE Co boosted its holdings in shares of Tanger Inc. (NYSE:SKT) by 4.7% during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 282,277 shares of the real estate investment trust’s stock after purchasing an additional 12,725 shares during the quarter. CANADA LIFE ASSURANCE Co owned about 0.26% of Tanger worth $9,625,000 as of its most recent SEC filing.

Several other institutional investors have also bought and sold shares of SKT. FMR LLC lifted its holdings in shares of 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 shares of Tanger by 34.0% in the 4th 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. Charles Schwab Investment Management Inc. boosted its holdings in shares of Tanger by 1.6% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 1,997,100 shares of the real estate investment trust’s stock worth $68,161,000 after purchasing an additional 31,750 shares during the period. Invesco Ltd. increased its position in shares of Tanger by 9.5% during the 4th quarter. Invesco Ltd. now owns 895,466 shares of the real estate investment trust’s stock valued at $30,562,000 after purchasing an additional 78,014 shares during the last quarter. Finally, Renaissance Technologies LLC raised its holdings in Tanger by 5.7% during the 4th quarter. Renaissance Technologies LLC now owns 818,672 shares of the real estate investment trust’s stock valued at $27,941,000 after buying an additional 44,265 shares during the period. Institutional investors own 85.23% of the company’s stock.

Insider Transactions at Tanger

In related news, COO Gallardo Leslie Swanson sold 12,500 shares of the company’s stock in a transaction on Tuesday, March 11th. The stock was sold at an average price of $32.38, for a total transaction 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 $3,664,056.04. This represents a 9.95 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this link. Corporate insiders own 5.70% of the company’s stock.

Wall Street Analyst Weigh In

Several research analysts have commented on the stock. The Goldman Sachs Group raised shares of Tanger from a “neutral” rating to a “buy” rating and lifted 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 shares of Tanger in a report on Tuesday, January 28th. They set a “market perform” rating and a $36.00 price target on the stock. Four research analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. According to MarketBeat, Tanger currently has a consensus rating of “Moderate Buy” and a consensus target price of $36.63.

Tanger Stock Performance

Tanger stock opened at $31.10 on Tuesday. The company has a debt-to-equity ratio of 2.09, a quick ratio of 0.13 and a current ratio of 0.44. The company has a market capitalization of $3.52 billion, a PE ratio of 35.75, a P/E/G ratio of 2.97 and a beta of 1.49. The company has a 50 day moving average price of $33.14 and a 200-day moving average price of $33.97. Tanger Inc. has a fifty-two week low of $25.94 and a fifty-two week high of $37.57.

Tanger (NYSE:SKT) last issued its earnings results on Wednesday, February 19th. The real estate investment trust reported $0.54 earnings per share 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 return on equity of 16.16% and a net margin of 18.65%. As a group, equities analysts forecast that Tanger Inc. will post 2.24 earnings per share for the current year.

Tanger Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, May 15th. Stockholders of record on Wednesday, April 30th will be issued a $0.2925 dividend. The ex-dividend date of this dividend is Wednesday, April 30th. This represents a $1.17 annualized dividend and a dividend yield of 3.76%. This is a positive change from Tanger’s previous quarterly dividend of $0.28. Tanger’s payout ratio is currently 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.