Tanger Inc. $SKT Shares Sold by Allspring Global Investments Holdings LLC

Allspring Global Investments Holdings LLC decreased its holdings in Tanger Inc. (NYSE:SKT) by 39.5% in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 142,536 shares of the real estate investment trust’s stock after selling 92,890 shares during the period. Allspring Global Investments Holdings LLC owned approximately 0.13% of Tanger worth $4,413,000 at the end of the most recent quarter.

A number of other hedge funds also recently bought and sold shares of SKT. 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 acquiring an additional 1,415 shares during the last quarter. Quarry LP increased its holdings in shares of 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 buying an additional 2,916 shares during the last quarter. Farther Finance Advisors LLC increased its holdings in shares of 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 buying an additional 4,250 shares during the last quarter. Financiere des Professionnels Fonds d investissement inc. acquired a new stake in shares of Tanger during the 2nd quarter worth approximately $166,000. Finally, Bailard Inc. acquired a new stake in shares of Tanger during the 1st quarter worth approximately $203,000. Institutional investors and hedge funds own 85.23% of the company’s stock.

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 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 in the company, valued at approximately $3,219,182.10. This trade 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 this link. Insiders own 5.70% of the company’s stock.

Wall Street Analysts Forecast Growth

SKT has been the subject of a number of recent analyst reports. Weiss Ratings restated a “buy (b)” rating on shares of Tanger in a report on Wednesday, October 8th. Evercore ISI raised their price target on shares of Tanger from $35.00 to $36.00 and gave the stock an “in-line” rating in a report on Friday. Wall Street Zen upgraded shares of Tanger from a “sell” rating to a “hold” rating in a report on Saturday, August 9th. Barclays raised their price target on shares of Tanger from $34.00 to $35.00 and gave the stock an “equal weight” rating in a report on Monday, October 6th. Finally, LADENBURG THALM/SH SH initiated coverage on shares of Tanger in a report on Friday, July 18th. They set a “buy” rating and a $35.00 price target for the company. Six investment analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $36.90.

Tanger Stock Performance

Shares of SKT stock opened at $32.58 on Tuesday. The company has a quick ratio of 0.11, a current ratio of 0.11 and a debt-to-equity ratio of 2.31. Tanger Inc. has a 52 week low of $28.69 and a 52 week high of $37.57. The stock has a market capitalization of $3.69 billion, a PE ratio of 37.02, a P/E/G ratio of 2.11 and a beta of 1.36. The firm has a 50 day moving average of $33.38 and a two-hundred day moving average of $31.72.

Tanger (NYSE:SKT) last issued 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. 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 last year, the company posted $0.53 EPS. The firm’s revenue was up 9.2% compared to the same quarter last year. Tanger has set its FY 2025 guidance at 2.240-2.310 EPS. On average, research analysts predict that Tanger Inc. will post 2.24 EPS for the current fiscal year.

Tanger Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, November 14th. Stockholders of record on Friday, October 31st will be issued a $0.2925 dividend. This represents a $1.17 dividend on an annualized basis and a dividend yield of 3.6%. The ex-dividend date is Friday, October 31st. Tanger’s dividend payout ratio (DPR) is presently 132.95%.

Tanger 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.