Tanger Inc. $SKT Shares Sold by Allianz Asset Management GmbH

Allianz Asset Management GmbH reduced its holdings in Tanger Inc. (NYSE:SKT) by 0.9% in the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 65,115 shares of the real estate investment trust’s stock after selling 568 shares during the quarter. Allianz Asset Management GmbH owned approximately 0.06% of Tanger worth $1,991,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors have also recently added to or reduced their stakes in the company. Nissay Asset Management Corp Japan ADV boosted its position in shares of Tanger by 2.4% in the first quarter. Nissay Asset Management Corp Japan ADV now owns 16,664 shares of the real estate investment trust’s stock worth $563,000 after buying an additional 385 shares during the period. Xponance Inc. boosted its holdings in Tanger by 6.7% in the first quarter. Xponance Inc. now owns 8,156 shares of the real estate investment trust’s stock valued at $276,000 after purchasing an additional 514 shares during the last quarter. Louisiana State Employees Retirement System boosted its holdings in Tanger by 1.5% in the second quarter. Louisiana State Employees Retirement System now owns 52,900 shares of the real estate investment trust’s stock valued at $1,618,000 after purchasing an additional 800 shares during the last quarter. Maryland State Retirement & Pension System boosted its holdings in Tanger by 2.9% in the second quarter. Maryland State Retirement & Pension System now owns 33,260 shares of the real estate investment trust’s stock valued at $1,017,000 after purchasing an additional 938 shares during the last quarter. Finally, Cetera Investment Advisers boosted its holdings in Tanger by 4.4% in the first quarter. Cetera Investment Advisers now owns 22,807 shares of the real estate investment trust’s stock valued at $771,000 after purchasing an additional 966 shares during the last quarter. 85.23% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling

In related news, EVP Gallardo Leslie Swanson sold 17,500 shares of the firm’s stock in a transaction that occurred on Friday, September 5th. The stock was 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 $3,219,182.10. This trade represents a 15.89% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. 5.70% of the stock is currently owned by corporate insiders.

Tanger Stock Up 0.2%

SKT opened at $33.30 on Friday. Tanger Inc. has a 12 month low of $28.69 and a 12 month 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 stock has a market cap of $3.77 billion, a P/E ratio of 37.84, a P/E/G ratio of 2.15 and a beta of 1.36. The stock’s 50 day moving average price is $33.43 and its 200 day moving average price is $31.79.

Tanger (NYSE:SKT) last posted 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 return on equity of 15.45% and a net margin of 18.22%.The firm had revenue of $133.44 million for the quarter, compared to analysts’ expectations of $132.02 million. During the same period last year, the firm earned $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. As a group, research analysts predict that Tanger Inc. will post 2.24 earnings per share for the current year.

Tanger Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, November 14th. Investors of record on Friday, October 31st will be given a $0.2925 dividend. This represents a $1.17 annualized dividend and a yield of 3.5%. The ex-dividend date is Friday, October 31st. Tanger’s dividend payout ratio (DPR) is currently 132.95%.

Analyst Ratings Changes

SKT has been the subject of a number of analyst reports. LADENBURG THALM/SH SH initiated coverage on Tanger in a report on Friday, July 18th. They issued a “buy” rating and a $35.00 price target for the company. Evercore ISI increased their target price on Tanger from $35.00 to $36.00 and gave the stock an “in-line” rating in a report on Friday, October 17th. Wall Street Zen raised Tanger from a “sell” rating to a “hold” rating in a report on Saturday, August 9th. Barclays increased their target price on Tanger from $34.00 to $35.00 and gave the stock an “equal weight” rating in a report on Monday, October 6th. Finally, Weiss Ratings reaffirmed a “buy (b)” rating on shares of Tanger in a report on Friday. Five research analysts have rated the stock with a Buy rating and five have issued a Hold rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $37.00.

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.