Tanger Inc. $SKT Shares Purchased by KLP Kapitalforvaltning AS

KLP Kapitalforvaltning AS boosted its stake in Tanger Inc. (NYSE:SKT) by 8.1% during the second quarter, according to its most recent 13F filing with the SEC. The firm owned 23,900 shares of the real estate investment trust’s stock after acquiring an additional 1,800 shares during the quarter. KLP Kapitalforvaltning AS’s holdings in Tanger were worth $731,000 as of its most recent filing with the SEC.

A number of other institutional investors have also recently added to or reduced their stakes in the stock. Caitong International Asset Management Co. Ltd boosted its stake in Tanger by 3,451.2% during the 1st quarter. Caitong International Asset Management Co. Ltd now owns 1,456 shares of the real estate investment trust’s stock worth $49,000 after purchasing an additional 1,415 shares during the last quarter. Quarry LP boosted its stake in Tanger by 2,296.1% during the 1st 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 during the last quarter. Farther Finance Advisors LLC boosted its stake in Tanger by 8,500.0% during the 2nd quarter. Farther Finance Advisors LLC now owns 4,300 shares of the real estate investment trust’s stock worth $131,000 after purchasing an additional 4,250 shares during the last quarter. Financiere des Professionnels Fonds d investissement inc. acquired a new stake in Tanger during the 2nd quarter worth $166,000. Finally, Bailard Inc. acquired a new stake in Tanger during the 1st quarter worth $203,000. Institutional investors and hedge funds own 85.23% of the company’s stock.

Insider Activity 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 of the company’s stock, valued at approximately $3,219,182.10. The trade was a 15.89% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Corporate insiders own 5.70% of the company’s stock.

Wall Street Analyst Weigh In

Several equities research analysts have issued reports on the stock. Wall Street Zen raised shares of Tanger from a “sell” rating to a “hold” rating in a research note on Saturday, August 9th. LADENBURG THALM/SH SH assumed coverage on shares of Tanger in a research note on Friday, July 18th. They set a “buy” rating and a $35.00 target price on the stock. Evercore ISI lifted their target price on shares of Tanger from $33.00 to $35.00 and gave the stock an “in-line” rating in a research note on Monday, September 15th. Weiss Ratings reiterated a “buy (b)” rating on shares of Tanger in a report on Wednesday, October 8th. Finally, Barclays lifted their price target on Tanger from $34.00 to $35.00 and gave the stock an “equal weight” rating in a report on Monday, October 6th. Six equities 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.com, Tanger currently has an average rating of “Moderate Buy” and a consensus price target of $36.80.

Tanger Stock Down 1.0%

Shares of SKT opened at $32.31 on Friday. The firm has a market cap of $3.66 billion, a P/E ratio of 36.72, a price-to-earnings-growth ratio of 2.10 and a beta of 1.36. Tanger Inc. has a 12-month low of $28.69 and a 12-month high of $37.57. The company’s 50-day moving average price is $33.34 and its 200 day moving average price is $31.74. The company has a current ratio of 0.11, a quick ratio of 0.11 and a debt-to-equity ratio of 2.31.

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

Tanger Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, November 14th. Shareholders of record on Friday, October 31st will be paid a dividend of $0.2925 per share. The ex-dividend date is Friday, October 31st. This represents a $1.17 dividend on an annualized basis and a yield of 3.6%. Tanger’s dividend 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.