Public Employees Retirement System of Ohio Acquires 5,592 Shares of Tanger Inc. $SKT

Public Employees Retirement System of Ohio raised its holdings in shares of Tanger Inc. (NYSE:SKT) by 3.6% in the 2nd quarter, according to its most recent 13F filing with the SEC. The fund owned 162,274 shares of the real estate investment trust’s stock after acquiring an additional 5,592 shares during the period. Public Employees Retirement System of Ohio owned approximately 0.14% of Tanger worth $4,962,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently made changes to their positions in SKT. Wealth Enhancement Advisory Services LLC bought a new stake in shares of Tanger during the 4th quarter valued at $237,000. GAMMA Investing LLC increased its position in shares of Tanger by 3,414.0% in the 1st quarter. GAMMA Investing LLC now owns 90,591 shares of the real estate investment trust’s stock valued at $3,061,000 after buying an additional 88,013 shares in the last quarter. NBC Securities Inc. bought a new stake in shares of Tanger in the 1st quarter valued at $30,000. Contravisory Investment Management Inc. increased its position in shares of Tanger by 1,027.9% in the 1st quarter. Contravisory Investment Management Inc. now owns 5,628 shares of the real estate investment trust’s stock valued at $190,000 after buying an additional 5,129 shares in the last quarter. Finally, Ibex Wealth Advisors increased its position 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 buying an additional 862 shares in the last quarter. Institutional investors own 85.23% of the company’s stock.

Tanger Trading Down 1.2%

Tanger stock opened at $33.24 on Tuesday. The firm has a 50-day moving average of $32.87 and a 200-day moving average of $31.70. Tanger Inc. has a one year low of $28.69 and a one year high of $37.57. The company has a debt-to-equity ratio of 2.31, a current ratio of 0.11 and a quick ratio of 0.11. The company has a market cap of $3.76 billion, a price-to-earnings ratio of 37.77, a P/E/G ratio of 2.17 and a beta of 1.34.

Tanger (NYSE:SKT) last posted its quarterly earnings data on Monday, August 4th. The real estate investment trust reported $0.58 EPS for the quarter, topping analysts’ consensus estimates 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 the consensus estimate of $132.02 million. During the same period in the prior year, the business posted $0.53 EPS. The company’s quarterly revenue was up 9.2% on a year-over-year basis. Tanger has set its FY 2025 guidance at 2.240-2.310 EPS. On average, equities analysts expect that Tanger Inc. will post 2.24 earnings per share for the current fiscal year.

Tanger Dividend Announcement

The company also recently announced 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 3.5%. The ex-dividend date of this dividend was Thursday, July 31st. Tanger’s dividend payout ratio is presently 132.95%.

Analyst Ratings Changes

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

Insider Activity

In other news, EVP Gallardo Leslie Swanson sold 17,500 shares of the company’s stock in a transaction dated Friday, September 5th. The shares were sold at an average price of $34.74, for a total value of $607,950.00. Following the sale, the executive vice president directly owned 92,665 shares of the company’s stock, valued at approximately $3,219,182.10. This represents a 15.89% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders own 5.70% 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.