Thrivent Financial for Lutherans Acquires 50,100 Shares of Tanger Inc. (NYSE:SKT)

Thrivent Financial for Lutherans raised its stake in shares of Tanger Inc. (NYSE:SKT) by 13.6% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 418,712 shares of the real estate investment trust’s stock after acquiring an additional 50,100 shares during the quarter. Thrivent Financial for Lutherans owned approximately 0.38% of Tanger worth $13,893,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also made changes to their positions in SKT. Blue Trust Inc. grew its position in shares of Tanger by 1,412.1% in the 2nd quarter. Blue Trust Inc. now owns 877 shares of the real estate investment trust’s stock worth $26,000 after buying an additional 819 shares during the last quarter. HHM Wealth Advisors LLC acquired a new position in shares of Tanger during the second quarter worth $27,000. Whittier Trust Co. purchased a new stake in shares of Tanger during the 2nd quarter valued at $33,000. GAMMA Investing LLC boosted its position in shares of Tanger by 44.6% in the 2nd quarter. GAMMA Investing LLC now owns 1,274 shares of the real estate investment trust’s stock worth $35,000 after purchasing an additional 393 shares in the last quarter. Finally, CWM LLC grew its stake in Tanger by 418.6% during the 2nd quarter. CWM LLC now owns 1,732 shares of the real estate investment trust’s stock worth $47,000 after buying an additional 1,398 shares during the last quarter. 85.23% of the stock is currently owned by hedge funds and other institutional investors.

Tanger Stock Performance

Shares of SKT stock opened at $36.42 on Thursday. Tanger Inc. has a 52-week low of $24.72 and a 52-week high of $36.53. 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 stock has a market cap of $4.03 billion, a PE ratio of 42.35, a price-to-earnings-growth ratio of 2.80 and a beta of 1.88. The business has a 50-day simple moving average of $33.73 and a 200-day simple moving average of $29.99.

Tanger (NYSE:SKT) last announced its quarterly 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 during the quarter, compared to analyst estimates of $125.80 million. Tanger had a net margin of 18.55% and a return on equity of 16.25%. The company’s revenue was up 13.3% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.50 earnings per share. On average, equities analysts expect that Tanger Inc. will post 2.11 EPS for the current year.

Tanger Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, November 15th. Shareholders of record on Thursday, October 31st were issued a $0.275 dividend. The ex-dividend date of this dividend was Thursday, October 31st. This represents a $1.10 dividend on an annualized basis and a yield of 3.02%. Tanger’s payout ratio is 127.91%.

Analyst Upgrades and Downgrades

Several equities analysts have recently issued reports on the stock. Evercore ISI upped their price objective on shares of Tanger from $31.00 to $33.00 and gave the company an “in-line” rating in a report on Thursday, November 7th. Compass Point raised their price target on shares of Tanger from $34.00 to $36.00 and gave the stock a “buy” rating in a report on Friday, October 25th. Citigroup upped their target price on Tanger from $34.00 to $41.00 and gave the company a “buy” rating in a research report on Wednesday, November 13th. The Goldman Sachs Group lifted their price target on Tanger from $31.00 to $35.00 and gave the stock a “neutral” rating in a research report on Friday, November 15th. Finally, Bank of America raised Tanger from a “neutral” rating to a “buy” rating and increased their price objective for the company from $35.00 to $40.00 in a report on Monday, November 11th. Three equities research analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $34.86.

Insiders Place Their Bets

In other news, CAO Thomas Joseph Guerrieri, Jr. sold 3,000 shares of the business’s stock in a transaction that occurred on Tuesday, November 19th. The stock was sold at an average price of $36.27, for a total value of $108,810.00. Following the completion of the sale, the chief accounting officer now directly owns 59,641 shares in the company, valued at $2,163,179.07. The trade was a 4.79 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Insiders own 5.80% of the company’s stock.

Tanger Profile

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.