JPMorgan Chase & Co. Purchases 1,223,291 Shares of Tanger Factory Outlet Centers, Inc. (NYSE:SKT)

Posted by Defense World Staff on Jun 12th, 2023

JPMorgan Chase & Co. lifted its stake in Tanger Factory Outlet Centers, Inc. (NYSE:SKT – Get Rating) by 278.8% during the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 1,662,003 shares of the real estate investment trust’s stock after purchasing an additional 1,223,291 shares during the quarter. JPMorgan Chase & Co.’s holdings in Tanger Factory Outlet Centers were worth $29,816,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in the business. State Street Corp increased its stake in shares of Tanger Factory Outlet Centers by 12.6% in the 1st quarter. State Street Corp now owns 6,252,459 shares of the real estate investment trust’s stock worth $107,480,000 after purchasing an additional 700,755 shares in the last quarter. Fisher Asset Management LLC purchased a new position in shares of Tanger Factory Outlet Centers in the 4th quarter worth $9,735,000. BlackRock Inc. lifted its holdings in shares of Tanger Factory Outlet Centers by 3.0% in the 3rd quarter. BlackRock Inc. now owns 18,519,731 shares of the real estate investment trust’s stock worth $253,349,000 after acquiring an additional 538,326 shares during the last quarter. Aew Capital Management L P bought a new stake in Tanger Factory Outlet Centers during the 4th quarter valued at about $8,093,000. Finally, Neuberger Berman Group LLC lifted its holdings in Tanger Factory Outlet Centers by 507.8% during the 3rd quarter. Neuberger Berman Group LLC now owns 503,989 shares of the real estate investment trust’s stock valued at $6,895,000 after buying an additional 421,062 shares in the last quarter. 74.61% of the stock is owned by institutional investors.

Insiders Place Their Bets

In other Tanger Factory Outlet Centers news, Director Thomas Reddin sold 5,000 shares of the company’s stock in a transaction that occurred on Wednesday, May 17th. The stock was sold at an average price of $19.95, for a total value of $99,750.00. Following the completion of the transaction, the director now owns 45,067 shares in the company, valued at approximately $899,086.65. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. In other Tanger Factory Outlet Centers news, Director Susan E. Skerritt sold 3,310 shares of Tanger Factory Outlet Centers stock in a transaction on Friday, June 2nd. The stock was sold at an average price of $21.04, for a total value of $69,642.40. Following the completion of the transaction, the director now owns 52,621 shares in the company, valued at approximately $1,107,145.84. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director Thomas Reddin sold 5,000 shares of the business’s stock in a transaction on Wednesday, May 17th. The stock was sold at an average price of $19.95, for a total value of $99,750.00. Following the sale, the director now owns 45,067 shares of the company’s stock, valued at approximately $899,086.65. The disclosure for this sale can be found here. 3.70% of the stock is owned by corporate insiders.

Tanger Factory Outlet Centers Stock Up 0.3 %

Shares of SKT stock opened at $21.96 on Monday. The stock’s fifty day moving average price is $19.65 and its 200 day moving average price is $18.96. Tanger Factory Outlet Centers, Inc. has a 1-year low of $13.26 and a 1-year high of $22.37. The company has a debt-to-equity ratio of 2.82, a current ratio of 2.97 and a quick ratio of 2.97. The company has a market cap of $2.31 billion, a price-to-earnings ratio of 27.80, a price-to-earnings-growth ratio of 5.91 and a beta of 1.82.

Tanger Factory Outlet Centers Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, May 15th. Shareholders of record on Friday, April 28th were issued a dividend of $0.245 per share. The ex-dividend date was Thursday, April 27th. This represents a $0.98 dividend on an annualized basis and a yield of 4.46%. This is a boost from Tanger Factory Outlet Centers’s previous quarterly dividend of $0.22. Tanger Factory Outlet Centers’s dividend payout ratio (DPR) is presently 124.05%.

Wall Street Analyst Weigh In

A number of equities analysts have weighed in on the stock. 888 restated a “maintains” rating on shares of Tanger Factory Outlet Centers in a research report on Wednesday, May 31st. The Goldman Sachs Group began coverage on shares of Tanger Factory Outlet Centers in a research report on Tuesday, March 21st. They set a “buy” rating and a $22.00 target price for the company. StockNews.com assumed coverage on Tanger Factory Outlet Centers in a report on Thursday, May 18th. They set a “hold” rating on the stock. Finally, Evercore ISI raised their price objective on Tanger Factory Outlet Centers from $20.00 to $22.00 in a research note on Wednesday, May 31st.

About Tanger Factory Outlet Centers

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Tanger Factory Outlet Centers, Inc engages in the operation of upscale open-air outlet centers. The firm focuses on developing, acquiring, owning, operating, and managing outlet shopping centers. The company was founded by Stanley K. Tanger in 1981 and is headquartered in Greensboro, NC.