Three Stocks Near 52-Week Highs with Strong Insider Selling; Align Technology Inc. (ALGN) Among Them

This Pure-Play Outlet Center REIT Had Three Executives Sell Shares This Week

Retail investors looking for clusters of insider selling might want to have a look at the recent insider selling registered at Tanger Factory Outlet Centers Inc. (NYSE:SKT). Lisa J. Morrison, Senior Vice President of Leasing, jettisoned 5,700 shares on Tuesday at an average price of $35.53, reducing her ownership to 38,904 shares. More importantly, Chief Executive Officer Steven B. Tanger sold 20,000 shares on Monday and 65,000 shares on Wednesday at prices that ranged from $35.52 to $36.00 per share, which cut his holding to 817,528 shares. Manuel O. Jessup, Senior Vice President of Human Resources, unloaded 1,000 units of common stock on Monday for $35.50 each, trimming his stake to 22,400 units.

The pure-play outlet center REIT has seen its shares advance 9%, so far in 2016, which are currently chasing their 52-week high of $37.40 reached in mid-April. Tanger Factory Outlet Centers had 33 consolidated outlet centers in 20 states at the end of March, as well as nine unconsolidated outlet centers. The REIT added four new properties during 2015 totaling 1.4 million square feet and plans to open an additional two centers by the end of 2016. The company has been working on revitalizing its center portfolio, as it sold six consolidated centers in 2015 and 2016 that had an average age of 24 years. This reshuffling process may reduce the REIT’s capital spending on restoring older properties.

In April, Tanger Factory Outlet Centers increased its annual dividend by 14% to $1.30 per share, which equates to a current dividend yield of 3.62%. The company has increased its dividend payment each year since going public in 1993. Jeffrey Furber’s AEW Capital Management owns 1.77 million shares of Tanger Factory Outlet Centers Inc. (NYSE:SKT) as of March 31.