281,084 Shares in Tanger Inc. $SKT Acquired by Adelante Capital Management LLC

Key Points

• Adelante Capital Management LLC acquired a new stake in Tanger Inc., purchasing 281,084 shares worth approximately $9.5 million, which represents about 0.25% ownership of the company.
• Tanger Inc. reported a quarterly EPS of $0.58, surpassing analysts' expectations of $0.56, with a revenue growth of 9.2% year-over-year, reaching $133.44 million.
• The company has announced a quarterly dividend of $0.2925 per share, yielding 3.4%, albeit with a high payout ratio of 132.95%.

Adelante Capital Management LLC purchased a new stake in Tanger Inc. (NYSE:SKT - Free Report) in the first quarter, according to its most recent Form 13F filing with the SEC. The institutional investor purchased 281,084 shares of the real estate investment trust's stock, valued at approximately $9,498,000. Adelante Capital Management LLC owned about 0.25% of Tanger at the end of the most recent quarter.

Other large investors also recently made changes to their positions in the company. PharVision Advisers LLC bought a new stake in Tanger during the first quarter worth approximately $312,000. Nissay Asset Management Corp Japan ADV lifted its position in shares of Tanger by 2.4% during the 1st quarter. Nissay Asset Management Corp Japan ADV now owns 16,664 shares of the real estate investment trust's stock valued at $563,000 after acquiring an additional 385 shares during the last quarter. NewEdge Advisors LLC boosted its stake in shares of Tanger by 17.0% during the 1st quarter. NewEdge Advisors LLC now owns 104,358 shares of the real estate investment trust's stock worth $3,526,000 after acquiring an additional 15,127 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its holdings in shares of Tanger by 6.0% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 64,251 shares of the real estate investment trust's stock worth $2,171,000 after acquiring an additional 3,631 shares during the last quarter. Finally, Jacobs Levy Equity Management Inc. acquired a new position in shares of Tanger in the 1st quarter worth $4,195,000. Institutional investors own 85.23% of the company's stock.

Tanger Stock Down 1.1%

NYSE SKT traded down $0.37 on Wednesday, reaching $34.13. The stock had a trading volume of 790,212 shares, compared to its average volume of 681,557. The company has a current ratio of 0.11, a quick ratio of 0.11 and a debt-to-equity ratio of 2.31. Tanger Inc. has a 1 year low of $28.69 and a 1 year high of $37.57. The business has a 50 day moving average price of $32.37 and a 200 day moving average price of $31.78. The company has a market capitalization of $3.86 billion, a price-to-earnings ratio of 15.75, a P/E/G ratio of 2.23 and a beta of 1.34.

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

Tanger Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, August 15th. Shareholders of record on Thursday, July 31st were given a $0.2925 dividend. This represents a $1.17 annualized dividend and a yield of 3.4%. The ex-dividend date of this dividend was Thursday, July 31st. Tanger's payout ratio is currently 132.95%.

Analyst Ratings Changes

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

Insider Activity at Tanger

In other news, EVP Gallardo Leslie Swanson sold 17,500 shares of the firm's stock in a transaction on Friday, September 5th. The shares were sold at an average price of $34.74, for a total transaction 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 trade represents a 15.89% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 5.70% of the stock is currently owned by company insiders.

Tanger Company 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.