Tanger Inc. $SKT Shares Sold by Exchange Traded Concepts LLC

Exchange Traded Concepts LLC decreased its stake in shares of Tanger Inc. (NYSE:SKT) by 93.3% in the 3rd quarter, according to its most recent Form 13F filing with the SEC. The fund owned 2,029 shares of the real estate investment trust’s stock after selling 28,475 shares during the period. Exchange Traded Concepts LLC’s holdings in Tanger were worth $69,000 at the end of the most recent reporting period.

A number of other large investors also recently modified their holdings of SKT. EverSource Wealth Advisors LLC raised its holdings in Tanger by 127.3% in the second quarter. EverSource Wealth Advisors LLC now owns 948 shares of the real estate investment trust’s stock valued at $29,000 after buying an additional 531 shares during the period. Neo Ivy Capital Management grew its stake in Tanger by 346.3% during the 2nd quarter. Neo Ivy Capital Management now owns 1,312 shares of the real estate investment trust’s stock valued at $40,000 after purchasing an additional 1,018 shares in the last quarter. Atlantic Union Bankshares Corp acquired a new stake in Tanger in the second quarter valued at $47,000. Elevation Point Wealth Partners LLC bought a new position in shares of Tanger during the second quarter worth about $64,000. Finally, Quarry LP increased its holdings in shares of Tanger by 2,296.1% in the 1st quarter. Quarry LP now owns 3,043 shares of the real estate investment trust’s stock valued at $103,000 after acquiring an additional 2,916 shares during the last quarter. 85.23% of the stock is currently owned by hedge funds and other institutional investors.

Tanger Trading Down 2.0%

Tanger stock opened at $33.39 on Friday. Tanger Inc. has a 52-week low of $28.69 and a 52-week high of $36.76. The company has a quick ratio of 0.51, a current ratio of 0.51 and a debt-to-equity ratio of 2.20. The firm has a market capitalization of $3.84 billion, a price-to-earnings ratio of 35.52, a PEG ratio of 2.00 and a beta of 1.06. The firm has a 50-day moving average price of $33.50 and a two-hundred day moving average price of $32.77.

Tanger (NYSE:SKT) last announced its quarterly earnings results on Tuesday, November 4th. The real estate investment trust reported $0.60 EPS for the quarter, beating the consensus estimate of $0.58 by $0.02. The company had revenue of $145.21 million for the quarter, compared to analyst estimates of $139.30 million. Tanger had a net margin of 19.15% and a return on equity of 15.75%. Tanger’s revenue was up 9.2% compared to the same quarter last year. During the same quarter last year, the business earned $0.54 earnings per share. Tanger has set its FY 2025 guidance at 2.280-2.320 EPS. Sell-side 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, November 14th. Shareholders of record on Friday, October 31st were given a dividend of $0.2925 per share. This represents a $1.17 dividend on an annualized basis and a yield of 3.5%. The ex-dividend date was Friday, October 31st. Tanger’s payout ratio is 124.47%.

Wall Street Analyst Weigh In

SKT has been the subject of several recent research reports. Weiss Ratings reiterated a “buy (b)” rating on shares of Tanger in a research note 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 research report on Friday, October 17th. Citigroup reaffirmed a “neutral” rating and set a $35.00 price objective (down previously from $38.00) on shares of Tanger in a research report on Wednesday, November 19th. LADENBURG THALM/SH SH upgraded shares of Tanger to a “strong-buy” rating in a research note on Thursday, November 20th. Finally, Barclays lifted their target price on Tanger from $35.00 to $37.00 and gave the company an “equal weight” rating in a research note on Tuesday, November 18th. One analyst has rated the stock with a Strong Buy rating, two have given a Buy rating and five have given a Hold rating to the company’s stock. According to MarketBeat, Tanger currently has an average rating of “Moderate Buy” and a consensus target price of $36.00.

About Tanger

Tanger Factory Outlet Centers, Inc (NYSE: SKT) is a real estate investment trust specializing in the ownership, development and management of outlet shopping centers. The company’s portfolio comprises more than 40 outlet properties anchored by leading fashion and lifestyle brands. Tanger’s centers are designed to offer off-price retail experiences in open-air, community-oriented settings, providing value-focused shoppers with access to premium brands at reduced prices.

Founded in 1981 by Stanley K.