29,166 Shares in Tanger Inc. $SKT Acquired by Novem Group

Key Points

• Novem Group has acquired 29,166 shares of Tanger Inc. (NYSE: SKT), valued at about $892,000, during Q2.
• Analysts have raised price targets for Tanger, with Evercore ISI increasing its target from $33.00 to $35.00, and the stock currently holds a consensus rating of "Moderate Buy".
• Tanger recently reported a 9.2% increase in revenue year-over-year, with earnings per share adjusted to $0.58, above analyst estimates.

Novem Group purchased a new position in Tanger Inc. (NYSE:SKT - Free Report) during the second quarter, according to its most recent Form 13F filing with the SEC. The fund purchased 29,166 shares of the real estate investment trust's stock, valued at approximately $892,000.

Several other hedge funds have also modified their holdings of the company. New York State Common Retirement Fund raised its holdings in Tanger by 20.5% during the 1st quarter. New York State Common Retirement Fund now owns 108,687 shares of the real estate investment trust's stock valued at $3,673,000 after buying an additional 18,486 shares during the period. Citigroup Inc. boosted its position in Tanger by 13.5% during the first quarter. Citigroup Inc. now owns 196,082 shares of the real estate investment trust's stock valued at $6,626,000 after purchasing an additional 23,305 shares in the last quarter. Monument Capital Management purchased a new stake in Tanger in the first quarter valued at about $351,000. New York State Teachers Retirement System raised its stake in Tanger by 6.3% in the first quarter. New York State Teachers Retirement System now owns 173,974 shares of the real estate investment trust's stock valued at $5,879,000 after buying an additional 10,350 shares during the last quarter. Finally, Cbre Investment Management Listed Real Assets LLC raised its stake in Tanger by 2,703.2% in the first quarter. Cbre Investment Management Listed Real Assets LLC now owns 200,151 shares of the real estate investment trust's stock valued at $6,763,000 after buying an additional 193,011 shares during the last quarter. 85.23% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of research firms have commented on SKT. Evercore ISI increased their price target on Tanger from $33.00 to $35.00 and gave the company an "in-line" rating in a research note on Monday, September 15th. Barclays raised their price objective on Tanger from $33.00 to $34.00 and gave the stock an "equal weight" rating in a research note on Wednesday, August 27th. Wall Street Zen upgraded Tanger from a "sell" rating to a "hold" rating in a research note on Saturday, August 9th. Finally, LADENBURG THALM/SH SH assumed coverage on Tanger in a research note on Friday, July 18th. They issued a "buy" rating and a $35.00 price objective for the company. Five analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $36.70.

Insider Buying and Selling

In related news, EVP Gallardo Leslie Swanson sold 17,500 shares of the firm's stock in a transaction dated Friday, September 5th. The stock was sold at an average price of $34.74, for a total transaction of $607,950.00. Following the sale, the executive vice president directly owned 92,665 shares of the company's stock, valued at $3,219,182.10. This trade represents a 15.89% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. 5.70% of the stock is currently owned by company insiders.

Tanger Stock Up 1.7%

Tanger stock opened at $33.61 on Friday. The firm has a market cap of $3.80 billion, a price-to-earnings ratio of 38.20, a price-to-earnings-growth ratio of 2.13 and a beta of 1.34. Tanger Inc. has a 52 week low of $28.69 and a 52 week high of $37.57. The business's 50-day moving average price is $32.84 and its 200 day moving average price is $31.69. The company has a quick ratio of 0.11, a current ratio of 0.11 and a debt-to-equity ratio of 2.31.

Tanger (NYSE:SKT - Get Free Report) last posted its earnings results on Monday, August 4th. The real estate investment trust reported $0.58 EPS for the quarter, topping the consensus estimate of $0.56 by $0.02. The firm had revenue of $133.44 million for the quarter, compared to analyst estimates of $132.02 million. Tanger had a return on equity of 15.45% and a net margin of 18.22%.Tanger's revenue for the quarter was up 9.2% compared to the same quarter last year. During the same period last year, the company earned $0.53 earnings per share. Tanger has set its FY 2025 guidance at 2.240-2.310 EPS. As a group, sell-side analysts anticipate that Tanger Inc. will post 2.24 earnings per share for the current year.

Tanger Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, August 15th. Investors of record on Thursday, July 31st were issued a dividend of $0.2925 per share. This represents a $1.17 annualized dividend and a yield of 3.5%. The ex-dividend date of this dividend was Thursday, July 31st. Tanger's dividend payout ratio (DPR) is 132.95%.

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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