22,757 Shares in Tanger Inc. $SKT Acquired by Bayforest Capital Ltd

Key Points

• Bayforest Capital Ltd acquired 22,757 shares of Tanger Inc. for approximately $696,000 in the 2nd quarter.
• Several institutional investors, including the New York State Common Retirement Fund, have significantly increased their positions in Tanger, leading to 85.23% of the stock being owned by hedge funds and other institutional investors.
• A mix of analyst upgrades has resulted in a consensus rating of "Moderate Buy" for Tanger, with an average target price of $36.80.

Bayforest Capital Ltd purchased a new position in shares of Tanger Inc. (NYSE:SKT - Free Report) in the 2nd quarter, according to its most recent filing with the Securities & Exchange Commission. The fund purchased 22,757 shares of the real estate investment trust's stock, valued at approximately $696,000.

Other large investors have also recently made changes to their positions in the company. New York State Common Retirement Fund increased its position in shares of Tanger by 20.5% during the first quarter. New York State Common Retirement Fund now owns 108,687 shares of the real estate investment trust's stock worth $3,673,000 after purchasing an additional 18,486 shares in the last quarter. Citigroup Inc. boosted its stake in Tanger by 13.5% during the first quarter. Citigroup Inc. now owns 196,082 shares of the real estate investment trust's stock worth $6,626,000 after buying an additional 23,305 shares during the last quarter. Monument Capital Management acquired a new position in Tanger during the first quarter worth $351,000. New York State Teachers Retirement System boosted its stake in Tanger by 6.3% during the first quarter. New York State Teachers Retirement System now owns 173,974 shares of the real estate investment trust's stock worth $5,879,000 after buying an additional 10,350 shares during the last quarter. Finally, Cbre Investment Management Listed Real Assets LLC boosted its stake in Tanger by 2,703.2% during the first quarter. Cbre Investment Management Listed Real Assets LLC now owns 200,151 shares of the real estate investment trust's stock worth $6,763,000 after buying an additional 193,011 shares during the last quarter. 85.23% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of equities analysts have weighed in on the company. Evercore ISI boosted their price objective on Tanger from $33.00 to $35.00 and gave the stock an "in-line" rating in a research note on Monday, September 15th. Wall Street Zen raised Tanger from a "sell" rating to a "hold" rating in a research note on Saturday, August 9th. Barclays upped their price target on Tanger from $34.00 to $35.00 and gave the company an "equal weight" rating in a research note on Monday, October 6th. LADENBURG THALM/SH SH started coverage on Tanger in a research note on Friday, July 18th. They issued a "buy" rating and a $35.00 price target on the stock. Finally, Weiss Ratings reissued a "buy (b)" rating on shares of Tanger in a research note on Wednesday, October 8th. Six analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average target price of $36.80.

Tanger Price Performance

Shares of NYSE SKT opened at $32.54 on Tuesday. The stock's 50-day moving average is $33.32 and its two-hundred day moving average is $31.73. The company has a debt-to-equity ratio of 2.31, a current ratio of 0.11 and a quick ratio of 0.11. Tanger Inc. has a 1-year low of $28.69 and a 1-year high of $37.57. The company has a market cap of $3.68 billion, a price-to-earnings ratio of 36.98, a price-to-earnings-growth ratio of 2.05 and a beta of 1.36.

Tanger (NYSE:SKT - Get Free Report) last issued its quarterly earnings results on Monday, August 4th. The real estate investment trust reported $0.58 earnings per share for the quarter, topping 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 company had revenue of $133.44 million for the quarter, compared to the consensus estimate of $132.02 million. During the same quarter in the prior year, the business earned $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. Analysts forecast that Tanger Inc. will post 2.24 EPS for the current fiscal year.

Insider Activity at Tanger

In other news, EVP Gallardo Leslie Swanson sold 17,500 shares of the stock in a transaction dated Friday, September 5th. The stock was sold at an average price of $34.74, for a total value of $607,950.00. Following the transaction, the executive vice president owned 92,665 shares in the company, valued at approximately $3,219,182.10. This represents a 15.89% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Insiders own 5.70% of the company's stock.

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.

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