Intech Investment Management LLC Grows Stake in Tanger Inc. $SKT

Intech Investment Management LLC raised its position in shares of Tanger Inc. (NYSE:SKT) by 5.7% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 93,560 shares of the real estate investment trust’s stock after acquiring an additional 5,011 shares during the quarter. Intech Investment Management LLC owned approximately 0.08% of Tanger worth $3,161,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently bought and sold shares of SKT. NBC Securities Inc. acquired a new position in shares of Tanger during the 1st quarter worth approximately $30,000. Caitong International Asset Management Co. Ltd raised its holdings in Tanger by 3,451.2% in the 1st quarter. Caitong International Asset Management Co. Ltd now owns 1,456 shares of the real estate investment trust’s stock valued at $49,000 after buying an additional 1,415 shares during the period. GF Fund Management CO. LTD. acquired a new position in shares of Tanger in the 4th quarter worth approximately $68,000. Quarry LP lifted its stake in Tanger by 2,296.1% during the first quarter. Quarry LP now owns 3,043 shares of the real estate investment trust’s stock worth $103,000 after purchasing an additional 2,916 shares in the last quarter. Finally, Contravisory Investment Management Inc. increased its stake in Tanger by 1,027.9% during the first quarter. Contravisory Investment Management Inc. now owns 5,628 shares of the real estate investment trust’s stock worth $190,000 after purchasing an additional 5,129 shares during the period. 85.23% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

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

Insider Buying and Selling at Tanger

In other news, EVP Gallardo Leslie Swanson sold 17,500 shares of the firm’s stock in a transaction on Friday, September 5th. The stock was sold at an average price of $34.74, for a total transaction of $607,950.00. Following the sale, the executive vice president owned 92,665 shares in the company, valued at $3,219,182.10. This trade represents a 15.89% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. 5.70% of the stock is currently owned by corporate insiders.

Tanger Trading Down 1.1%

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

Tanger (NYSE:SKT) last issued its quarterly earnings data 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. The business had revenue of $133.44 million during the quarter, compared to analysts’ expectations of $132.02 million. Tanger had a net margin of 18.22% and a return on equity of 15.45%. The company’s revenue was up 9.2% on a year-over-year basis. During the same period last year, the company posted $0.53 EPS. Tanger has set its FY 2025 guidance at 2.240-2.310 EPS. On average, analysts forecast that Tanger Inc. will post 2.24 earnings per share for the current fiscal year.

Tanger Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, August 15th. Stockholders of record on Thursday, July 31st were given 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 currently 132.95%.

About Tanger

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.