IFM Investors Pty Ltd Reduces Position in Tanger Inc. $SKT

IFM Investors Pty Ltd lessened its position in shares of Tanger Inc. (NYSE:SKT) by 12.2% during the first quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 21,666 shares of the real estate investment trust’s stock after selling 2,999 shares during the quarter. IFM Investors Pty Ltd’s holdings in Tanger were worth $732,000 as of its most recent SEC filing.

Other hedge funds have also recently added to or reduced their stakes in the company. Nissay Asset Management Corp Japan ADV grew its stake in shares of Tanger by 2.4% in the 1st quarter. Nissay Asset Management Corp Japan ADV now owns 16,664 shares of the real estate investment trust’s stock valued at $563,000 after purchasing an additional 385 shares during the last quarter. Xponance Inc. grew its stake in shares of Tanger by 6.7% in the 1st quarter. Xponance Inc. now owns 8,156 shares of the real estate investment trust’s stock valued at $276,000 after purchasing an additional 514 shares during the last quarter. Public Employees Retirement System of Ohio grew its stake in shares of Tanger by 0.4% in the 4th quarter. Public Employees Retirement System of Ohio now owns 157,814 shares of the real estate investment trust’s stock valued at $5,386,000 after purchasing an additional 554 shares during the last quarter. Albert D Mason Inc. grew its stake in shares of Tanger by 0.9% in the 1st quarter. Albert D Mason Inc. now owns 66,999 shares of the real estate investment trust’s stock valued at $2,264,000 after purchasing an additional 606 shares during the last quarter. Finally, Ibex Wealth Advisors grew its stake in shares of Tanger by 4.0% in the 1st quarter. Ibex Wealth Advisors now owns 22,329 shares of the real estate investment trust’s stock valued at $754,000 after purchasing an additional 862 shares during the last quarter. Hedge funds and other institutional investors own 85.23% of the company’s stock.

Insider Buying and Selling at Tanger

In other news, EVP Gallardo Leslie Swanson sold 17,500 shares of the business’s stock in a transaction on Friday, September 5th. The stock was sold at an average price of $34.74, for a total value of $607,950.00. Following the completion of the transaction, the executive vice president directly owned 92,665 shares of the company’s stock, valued at $3,219,182.10. The trade was a 15.89% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. 5.70% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

SKT has been the topic of several analyst reports. LADENBURG THALM/SH SH assumed coverage on Tanger in a research note on Friday, July 18th. They issued a “buy” rating and a $35.00 target price on the stock. Barclays lifted their price target on Tanger from $33.00 to $34.00 and gave the company an “equal weight” rating in a research note on Wednesday, August 27th. Finally, Wall Street Zen upgraded Tanger from a “sell” rating to a “hold” rating in a research note on Saturday, August 9th. Five research analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $36.50.

Tanger Stock Performance

Shares of SKT stock opened at $34.16 on Friday. The stock has a fifty day moving average price of $32.48 and a 200 day moving average price of $31.74. The stock has a market cap of $3.87 billion, a PE ratio of 38.82, a P/E/G ratio of 2.23 and a beta of 1.34. Tanger Inc. has a 1 year low of $28.69 and a 1 year high of $37.57. The company has a debt-to-equity ratio of 2.31, a quick ratio of 0.11 and a current ratio of 0.11.

Tanger (NYSE:SKT) last released its quarterly earnings results on Monday, August 4th. The real estate investment trust reported $0.58 earnings per share for the quarter, topping analysts’ consensus estimates of $0.56 by $0.02. Tanger had a return on equity of 15.45% and a net margin of 18.22%.The company had revenue of $133.44 million during the quarter, compared to analysts’ expectations of $132.02 million. During the same period in the previous year, the firm posted $0.53 earnings per share. The business’s revenue for the quarter was up 9.2% compared to the same quarter last year. Tanger has set its FY 2025 guidance at 2.240-2.310 EPS. Sell-side analysts forecast that Tanger Inc. will post 2.24 earnings per share for the current fiscal year.

Tanger Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, August 15th. Stockholders of record on Thursday, July 31st were issued a $0.2925 dividend. This represents a $1.17 dividend on an annualized basis and a dividend yield of 3.4%. The ex-dividend date of this dividend was Thursday, July 31st. Tanger’s payout ratio is 132.95%.

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.