Tanger Inc. $SKT Shares Bought by Sumitomo Mitsui Trust Group Inc.

Sumitomo Mitsui Trust Group Inc. increased its holdings in Tanger Inc. (NYSE:SKT) by 1.8% in the second quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 210,098 shares of the real estate investment trust’s stock after purchasing an additional 3,653 shares during the quarter. Sumitomo Mitsui Trust Group Inc. owned 0.19% of Tanger worth $6,425,000 at the end of the most recent reporting period.

A number of other large investors also recently bought and sold shares of SKT. Nuveen LLC acquired a new position in Tanger in the 1st quarter worth about $57,926,000. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its holdings in Tanger by 436.9% in 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 during the period. Janney Montgomery Scott LLC acquired a new position in Tanger in the 2nd quarter worth about $9,227,000. Adelante Capital Management LLC acquired a new position in Tanger in the 1st quarter worth about $9,498,000. Finally, Vanguard Group Inc. raised its holdings in Tanger by 1.1% in 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 during the period. Institutional investors and hedge funds own 85.23% of the company’s stock.

Analysts Set New Price Targets

A number of equities analysts have commented on the company. Weiss Ratings reissued a “buy (b)” rating on shares of Tanger in a report on Wednesday, October 8th. LADENBURG THALM/SH SH assumed coverage on Tanger in a report on Friday, July 18th. They set a “buy” rating and a $35.00 target price for the company. 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 company an “equal weight” rating in a report on Monday, October 6th. Finally, Evercore ISI increased their target price on Tanger from $35.00 to $36.00 and gave the company an “in-line” rating in a report on Friday, October 17th. Five analysts have rated the stock with a Buy rating and five have issued a Hold rating to the stock. According to MarketBeat.com, Tanger has a consensus rating of “Moderate Buy” and a consensus price target of $37.00.

Insiders Place Their Bets

In related news, EVP Gallardo Leslie Swanson sold 17,500 shares of the 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 completion of the transaction, the executive vice president directly owned 92,665 shares in the company, valued at approximately $3,219,182.10. This represents a 15.89% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Insiders own 5.70% of the company’s stock.

Tanger Price Performance

NYSE:SKT opened at $32.92 on Thursday. 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 quick ratio of 0.11 and a current ratio of 0.11. The stock has a market cap of $3.73 billion, a PE ratio of 37.41, a P/E/G ratio of 2.14 and a beta of 1.36. The stock has a 50 day moving average price of $33.46 and a 200 day moving average price of $31.83.

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

Tanger Announces Dividend

The firm also recently disclosed 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 3.6%. The ex-dividend date is Friday, October 31st. Tanger’s dividend payout ratio 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.