Jacobs Levy Equity Management Inc. Purchases Shares of 124,147 Tanger Inc. $SKT

Key Points

• Jacobs Levy Equity Management Inc. acquired 124,147 shares of Tanger Inc. for approximately $4.2 million, marking a new position in the real estate investment trust.
• The company's shares have shown stability, with a 52-week low of $28.69 and a high of $37.57, and an average target price of $36.50 from analysts.
• Tanger Inc. declared a quarterly dividend of $0.2925 per share, amounting to a 3.4% yield, with a payout ratio of 132.95%.

Jacobs Levy Equity Management Inc. bought a new position in shares of Tanger Inc. (NYSE:SKT - Free Report) in the first quarter, according to the company in its most recent filing with the SEC. The institutional investor bought 124,147 shares of the real estate investment trust's stock, valued at approximately $4,195,000. Jacobs Levy Equity Management Inc. owned approximately 0.11% of Tanger at the end of the most recent quarter.

A number of other large investors have also recently added to or reduced their stakes in the company. Hancock Whitney Corp increased its holdings in Tanger by 1.5% during the 1st quarter. Hancock Whitney Corp now owns 82,438 shares of the real estate investment trust's stock worth $2,786,000 after purchasing an additional 1,215 shares in the last quarter. Boothbay Fund Management LLC increased its holdings in Tanger by 20.3% during the 1st quarter. Boothbay Fund Management LLC now owns 201,440 shares of the real estate investment trust's stock worth $6,807,000 after purchasing an additional 34,025 shares in the last quarter. AQR Capital Management LLC increased its holdings in Tanger by 17.8% during the 1st quarter. AQR Capital Management LLC now owns 38,209 shares of the real estate investment trust's stock worth $1,291,000 after purchasing an additional 5,765 shares in the last quarter. Cubist Systematic Strategies LLC increased its holdings in Tanger by 121.2% during the 1st quarter. Cubist Systematic Strategies LLC now owns 193,964 shares of the real estate investment trust's stock worth $6,554,000 after purchasing an additional 106,283 shares in the last quarter. Finally, Royal Bank of Canada increased its holdings in Tanger by 2.8% during the 1st quarter. Royal Bank of Canada now owns 145,184 shares of the real estate investment trust's stock worth $4,905,000 after purchasing an additional 3,995 shares in the last quarter. Institutional investors own 85.23% of the company's stock.

Insider Transactions at Tanger

In related news, EVP Gallardo Leslie Swanson sold 17,500 shares of the firm's stock in a transaction dated Friday, September 5th. The shares were sold at an average price of $34.74, for a total value of $607,950.00. Following the completion of 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 SEC, which is accessible through the SEC website. Company insiders own 5.70% of the company's stock.

Wall Street Analyst Weigh In

SKT has been the subject of a number of research reports. LADENBURG THALM/SH SH began coverage on Tanger in a report on Friday, July 18th. They set a "buy" rating and a $35.00 target price for the company. Barclays increased their price objective on shares of Tanger from $33.00 to $34.00 and gave the stock an "equal weight" rating in a research note on Wednesday, August 27th. Finally, Wall Street Zen upgraded shares of Tanger from a "sell" rating to a "hold" rating in a research note on Saturday, August 9th. Five analysts have rated the stock with a Buy rating and five have given a Hold rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average target price of $36.50.

Tanger Stock Performance

NYSE:SKT traded down $0.38 during mid-day trading on Friday, hitting $34.16. The stock had a trading volume of 574,039 shares, compared to its average volume of 646,274. Tanger Inc. has a twelve month low of $28.69 and a twelve month high of $37.57. The stock has a market cap of $3.87 billion, a price-to-earnings ratio of 38.82, a PEG ratio of 2.20 and a beta of 1.34. The company's 50 day simple moving average is $32.48 and its 200 day simple moving average is $31.71. The company has a debt-to-equity ratio of 2.31, a quick ratio of 0.11 and a current ratio of 0.11.

Tanger (NYSE:SKT - Get Free Report) last issued its earnings results 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. Tanger had a net margin of 18.22% and a return on equity of 15.45%. The business had revenue of $133.44 million during the quarter, compared to the consensus estimate of $132.02 million. During the same period last year, the business posted $0.53 EPS. Tanger's revenue was up 9.2% on a year-over-year basis. Tanger has set its FY 2025 guidance at 2.240-2.310 EPS. On average, equities research analysts forecast that Tanger Inc. will post 2.24 earnings per share for the current year.

Tanger Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, August 15th. Investors of record on Thursday, July 31st were paid a $0.2925 dividend. This represents a $1.17 annualized dividend and a yield of 3.4%. The ex-dividend date was Thursday, July 31st. Tanger's dividend payout ratio (DPR) is 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.