Corebridge Financial Inc. Sells 4,391 Shares of Tanger Inc. (NYSE:SKT)

Corebridge Financial Inc. trimmed its position in shares of Tanger Inc. (NYSE:SKT) by 7.2% during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 56,838 shares of the real estate investment trust’s stock after selling 4,391 shares during the period. Corebridge Financial Inc. owned about 0.05% of Tanger worth $1,940,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. GAMMA Investing LLC boosted its position 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 valued at $88,000 after buying an additional 514 shares during the period. Smartleaf Asset Management LLC lifted its stake in shares of Tanger by 415.7% during the 4th quarter. Smartleaf Asset Management LLC now owns 2,790 shares of the real estate investment trust’s stock worth $95,000 after acquiring an additional 2,249 shares during the last quarter. KBC Group NV boosted its holdings in Tanger by 21.6% during the 4th quarter. KBC Group NV now owns 4,474 shares of the real estate investment trust’s stock valued at $153,000 after acquiring an additional 795 shares during the period. Exchange Traded Concepts LLC grew its position in Tanger by 12.8% in the 4th quarter. Exchange Traded Concepts LLC now owns 5,131 shares of the real estate investment trust’s stock valued at $175,000 after acquiring an additional 583 shares during the last quarter. Finally, CIBC Asset Management Inc purchased a new stake in Tanger in the fourth quarter worth $200,000. 85.23% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of analysts have recently issued reports on SKT shares. BMO Capital Markets started coverage on shares of Tanger in a research note on Tuesday, January 28th. They set a “market perform” rating and a $36.00 target price for the company. The Goldman Sachs Group raised shares of Tanger from a “neutral” rating to a “buy” rating and boosted their price objective for the company from $39.00 to $40.00 in a research report on Friday, March 28th. Finally, Deutsche Bank Aktiengesellschaft started coverage on shares of Tanger in a research report on Tuesday, December 17th. They set a “hold” rating and a $37.00 target price on the stock. Four 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 company presently has an average rating of “Moderate Buy” and a consensus price target of $36.63.

Tanger Price Performance

NYSE SKT opened at $33.98 on Wednesday. The company has a market cap of $3.83 billion, a PE ratio of 39.05, a P/E/G ratio of 2.97 and a beta of 1.88. The firm’s 50 day moving average price is $33.65 and its 200-day moving average price is $34.06. The company has a debt-to-equity ratio of 2.09, a quick ratio of 0.13 and a current ratio of 0.44. Tanger Inc. has a 52-week low of $25.94 and a 52-week high of $37.57.

Tanger (NYSE:SKT) last announced its earnings results on Wednesday, February 19th. The real estate investment trust reported $0.54 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.52 by $0.02. The business had revenue of $132.17 million for 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%. Sell-side analysts forecast that Tanger Inc. will post 2.24 EPS for the current fiscal year.

Tanger Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, February 14th. Shareholders of record on Friday, January 31st were issued a $0.275 dividend. The ex-dividend date was Friday, January 31st. This represents a $1.10 dividend on an annualized basis and a yield of 3.24%. Tanger’s dividend payout ratio is presently 126.44%.

Insider Buying and Selling at Tanger

In related news, COO Gallardo Leslie Swanson sold 12,500 shares of the stock in a transaction that occurred on Tuesday, March 11th. The shares were 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 owns 113,158 shares of the company’s stock, valued at $3,664,056.04. This represents a 9.95 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Insiders own 5.80% of the company’s stock.

Tanger Company 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.