Sigma Planning Corp Acquires 715 Shares of Tanger Factory Outlet Centers, Inc. (NYSE:SKT)

Posted by Defense World Staff on Aug 14th, 2023

Sigma Planning Corp raised its holdings in shares of Tanger Factory Outlet Centers, Inc. (NYSE:SKT – Free Report) by 4.1% in the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 18,356 shares of the real estate investment trust’s stock after buying an additional 715 shares during the period. Sigma Planning Corp’s holdings in Tanger Factory Outlet Centers were worth $360,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently modified their holdings of the stock. Belpointe Asset Management LLC bought a new position in shares of Tanger Factory Outlet Centers in the fourth quarter worth approximately $53,000. Migdal Insurance & Financial Holdings Ltd. boosted its position in Tanger Factory Outlet Centers by 92.4% during the 1st quarter. Migdal Insurance & Financial Holdings Ltd. now owns 3,702 shares of the real estate investment trust’s stock valued at $69,000 after buying an additional 1,778 shares during the period. Point72 Hong Kong Ltd purchased a new stake in Tanger Factory Outlet Centers during the 1st quarter valued at $74,000. M&T Bank Corp grew its holdings in Tanger Factory Outlet Centers by 6.0% in the 3rd quarter. M&T Bank Corp now owns 10,623 shares of the real estate investment trust’s stock worth $144,000 after acquiring an additional 602 shares during the last quarter. Finally, Franklin Resources Inc. purchased a new position in shares of Tanger Factory Outlet Centers in the second quarter valued at about $178,000. 81.30% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

A number of analysts have recently weighed in on the stock. 888 reiterated a “maintains” rating on shares of Tanger Factory Outlet Centers in a report on Wednesday, May 31st. Compass Point upgraded Tanger Factory Outlet Centers from a “neutral” rating to a “buy” rating and lifted their price objective for the stock from $21.00 to $26.00 in a research report on Monday, August 7th. Evercore ISI upped their target price on Tanger Factory Outlet Centers from $22.00 to $23.00 and gave the company an “in-line” rating in a report on Monday, August 7th. Finally, StockNews.com began coverage on Tanger Factory Outlet Centers in a research note on Thursday, May 18th. They issued a “hold” rating for the company. Two investment analysts have rated the stock with a hold rating and two have given a buy rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $22.75.

View Our Latest Stock Analysis on SKT

Insider Buying and Selling

In other Tanger Factory Outlet Centers news, Director Thomas Reddin sold 5,000 shares of the company’s stock in a transaction dated Wednesday, May 17th. The shares were 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 in the company, valued at $899,086.65. The sale was disclosed in a filing with the SEC, which is available through the SEC website. In related news, insider Steven B. Tanger sold 220,064 shares of the stock in a transaction dated Monday, June 12th. The shares were sold at an average price of $21.67, for a total transaction of $4,768,786.88. Following the sale, the insider now directly owns 1,281,919 shares of the company’s stock, valued at approximately $27,779,184.73. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Thomas Reddin sold 5,000 shares of Tanger Factory Outlet Centers stock in a transaction dated Wednesday, May 17th. The stock was sold at an average price of $19.95, for a total transaction of $99,750.00. Following the completion of the transaction, the director now directly owns 45,067 shares of the company’s stock, valued at $899,086.65. The disclosure for this sale can be found here. Insiders sold a total of 228,374 shares of company stock worth $4,938,179 in the last three months. 3.70% of the stock is owned by corporate insiders.

Tanger Factory Outlet Centers Price Performance

Shares of SKT stock opened at $24.81 on Monday. The business’s fifty day moving average is $22.65 and its 200 day moving average is $20.31. The company has a quick ratio of 2.49, a current ratio of 2.49 and a debt-to-equity ratio of 2.81. The stock has a market cap of $2.61 billion, a price-to-earnings ratio of 29.89, a PEG ratio of 6.68 and a beta of 1.82. Tanger Factory Outlet Centers, Inc. has a twelve month low of $13.26 and a twelve month high of $25.23.

Tanger Factory Outlet Centers Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, August 15th. Stockholders of record on Monday, July 31st will be given a $0.245 dividend. This represents a $0.98 dividend on an annualized basis and a dividend yield of 3.95%. The ex-dividend date of this dividend is Friday, July 28th. Tanger Factory Outlet Centers’s dividend payout ratio is presently 118.07%.

Tanger Factory Outlet Centers Company Profile

(Free Report)

Tanger Factory Outlet Centers, Inc (NYSE: SKT) is a leading operator of upscale open-air outlet centers that owns (or has an ownership interest in) and/or manages a portfolio of 36 centers with an additional center currently under development. Tanger's operating properties are located in 20 states and in Canada, totaling approximately 13.9 million square feet, leased to over 2,700 stores operated by more than 600 different brand name companies.