IFM Investors Pty Ltd Sells 3,741 Shares of Tanger Inc. $SKT

IFM Investors Pty Ltd cut its holdings in shares of Tanger Inc. (NYSE:SKT) by 17.3% during the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 17,925 shares of the real estate investment trust’s stock after selling 3,741 shares during the period. IFM Investors Pty Ltd’s holdings in Tanger were worth $548,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of the business. Exchange Traded Concepts LLC boosted its stake in Tanger by 7.4% in the second quarter. Exchange Traded Concepts LLC now owns 30,504 shares of the real estate investment trust’s stock worth $933,000 after purchasing an additional 2,099 shares in the last quarter. Marshall Financial Group LLC bought a new position in shares of Tanger in the second quarter valued at about $775,000. Wealth Enhancement Advisory Services LLC acquired a new position in Tanger during the 2nd quarter worth about $217,000. Sumitomo Mitsui DS Asset Management Company Ltd grew its holdings in Tanger by 18.8% during the 2nd quarter. Sumitomo Mitsui DS Asset Management Company Ltd now owns 24,700 shares of the real estate investment trust’s stock worth $755,000 after acquiring an additional 3,911 shares during the last quarter. Finally, Financiere des Professionnels Fonds d investissement inc. bought a new stake in Tanger during the 2nd quarter worth about $166,000. 85.23% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of equities analysts have weighed in on SKT shares. LADENBURG THALM/SH SH assumed coverage on shares of Tanger in a research note on Friday, July 18th. They issued a “buy” rating and a $35.00 target price for the company. Evercore ISI raised their price target on shares of Tanger from $33.00 to $35.00 and gave the company an “in-line” rating in a report on Monday, September 15th. Barclays upped their price objective on Tanger from $33.00 to $34.00 and gave the stock an “equal weight” rating in a report on Wednesday, August 27th. Finally, Wall Street Zen raised Tanger from a “sell” rating to a “hold” rating in a research note on Saturday, August 9th. Five investment analysts have rated the stock with a Buy rating and five have given a Hold rating to the stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $36.70.

Tanger Price Performance

Shares of SKT stock opened at $33.46 on Wednesday. The firm’s 50 day moving average price is $32.74 and its two-hundred day moving average price is $31.68. 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 Inc. has a 52-week low of $28.69 and a 52-week high of $37.57. The stock has a market cap of $3.79 billion, a PE ratio of 38.02, a PEG ratio of 2.15 and a beta of 1.34.

Tanger (NYSE:SKT) last issued its earnings results on Monday, August 4th. The real estate investment trust reported $0.58 EPS for the quarter, beating the consensus estimate of $0.56 by $0.02. Tanger had a net margin of 18.22% and a return on equity of 15.45%. The company had revenue of $133.44 million during the quarter, compared to analysts’ expectations of $132.02 million. During the same quarter in the previous year, the company posted $0.53 EPS. 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. As a group, analysts forecast that Tanger Inc. will post 2.24 EPS for the current year.

Tanger Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, August 15th. Shareholders of record on Thursday, July 31st were paid a $0.2925 dividend. The ex-dividend date of this dividend was Thursday, July 31st. This represents a $1.17 annualized dividend and a yield of 3.5%. Tanger’s dividend payout ratio is presently 132.95%.

Insider Transactions at Tanger

In other news, EVP Gallardo Leslie Swanson sold 17,500 shares of the business’s stock in a transaction dated Friday, September 5th. The stock was sold at an average price of $34.74, for a total transaction of $607,950.00. Following the completion of the transaction, the executive vice president directly owned 92,665 shares in the company, valued at approximately $3,219,182.10. The trade was a 15.89% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Company insiders own 5.70% of the company’s stock.

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.