GAMMA Investing LLC Lowers Holdings in Tanger Inc. $SKT

GAMMA Investing LLC trimmed its position in Tanger Inc. (NYSE:SKT) by 11.7% during the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 2,366 shares of the real estate investment trust’s stock after selling 315 shares during the period. GAMMA Investing LLC’s holdings in Tanger were worth $72,000 as of its most recent SEC filing.

Several other institutional investors also recently made changes to their positions in the stock. Vanguard Group Inc. boosted its position in shares of Tanger by 1.1% during the 1st quarter. Vanguard Group Inc. now owns 17,511,443 shares of the real estate investment trust’s stock worth $591,712,000 after purchasing an additional 193,141 shares in the last quarter. Northern Trust Corp boosted its position in shares of Tanger by 1.2% during the 1st quarter. Northern Trust Corp now owns 1,839,022 shares of the real estate investment trust’s stock worth $62,141,000 after purchasing an additional 21,970 shares in the last quarter. Nuveen LLC purchased a new stake in shares of Tanger during the 1st quarter worth $57,926,000. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its position in shares of Tanger by 436.9% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 801,200 shares of the real estate investment trust’s stock worth $27,073,000 after purchasing an additional 651,961 shares in the last quarter. Finally, Principal Financial Group Inc. boosted its position in shares of Tanger by 2.5% during the 1st quarter. Principal Financial Group Inc. now owns 616,192 shares of the real estate investment trust’s stock worth $20,821,000 after purchasing an additional 14,926 shares in the last quarter. 85.23% of the stock is currently owned by hedge funds and other institutional investors.

Tanger Stock Up 1.0%

SKT opened at $34.07 on Friday. 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 stock has a market capitalization of $3.86 billion, a price-to-earnings ratio of 38.71, a price-to-earnings-growth ratio of 2.18 and a beta of 1.36. The business has a 50-day moving average of $33.05 and a two-hundred day moving average of $31.75. Tanger Inc. has a 12 month low of $28.69 and a 12 month high of $37.57.

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

Tanger Announces Dividend

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

Insider Buying and Selling

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 sale, the executive vice president 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 sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 5.70% of the stock is owned by company insiders.

Wall Street Analyst Weigh In

Several brokerages have commented on SKT. Wall Street Zen upgraded shares of Tanger from a “sell” rating to a “hold” rating in a research report on Saturday, August 9th. LADENBURG THALM/SH SH assumed coverage on shares of Tanger in a research report on Friday, July 18th. They set a “buy” rating and a $35.00 target price on the stock. Weiss Ratings reaffirmed a “buy (b)” rating on shares of Tanger in a research note on Saturday, September 27th. Evercore ISI lifted their price target on Tanger from $33.00 to $35.00 and gave the stock an “in-line” rating in a research note on Monday, September 15th. Finally, Barclays lifted their price target on Tanger from $33.00 to $34.00 and gave the stock an “equal weight” rating in a research note on Wednesday, August 27th. Six equities research analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $36.70.

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.