Adelante Capital Management LLC Invests $9.50 Million in Tanger Inc. $SKT

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 shares of Tanger Inc. (NYSE:SKT - Free Report) in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (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 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other large investors have also recently bought and sold shares of the company. NBC Securities Inc. acquired a new position in Tanger during the first quarter valued at approximately $30,000. Caitong International Asset Management Co. Ltd increased its stake in shares of Tanger by 3,451.2% during the first quarter. Caitong International Asset Management Co. Ltd now owns 1,456 shares of the real estate investment trust's stock worth $49,000 after purchasing an additional 1,415 shares during the period. GF Fund Management CO. LTD. bought a new position in shares of Tanger during the fourth quarter worth approximately $68,000. Quarry LP increased its stake in shares of Tanger by 2,296.1% during the first quarter. Quarry LP now owns 3,043 shares of the real estate investment trust's stock worth $103,000 after purchasing an additional 2,916 shares during the period. Finally, Contravisory Investment Management Inc. increased its stake in shares of Tanger by 1,027.9% during the first quarter. Contravisory Investment Management Inc. now owns 5,628 shares of the real estate investment trust's stock worth $190,000 after purchasing an additional 5,129 shares during the period. 85.23% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently weighed in on the company. Barclays increased their target price on Tanger from $33.00 to $34.00 and gave the stock an "equal weight" rating in a research note on Wednesday, August 27th. LADENBURG THALM/SH SH assumed coverage on Tanger in a research note on Friday, July 18th. They set a "buy" rating and a $35.00 target price on the stock. Finally, Wall Street Zen upgraded Tanger from a "sell" rating to a "hold" rating in a research note on Saturday, August 9th. Five research analysts have rated the stock with a Buy rating and five have issued a Hold rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus price target of $36.50.

Tanger Price Performance

Shares of SKT stock traded down $0.30 during trading hours on Friday, reaching $34.25. The company's stock had a trading volume of 161,908 shares, compared to its average volume of 928,895. The firm's 50 day simple moving average is $32.43 and its 200-day simple moving average is $31.77. The company has a market capitalization of $3.88 billion, a price-to-earnings ratio of 38.94, a PEG ratio of 2.20 and a beta of 1.34. Tanger Inc. has a fifty-two week low of $28.69 and a fifty-two week high of $37.57. 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 issued its earnings results on Monday, August 4th. The real estate investment trust reported $0.58 earnings per share for the quarter, beating analysts' consensus estimates of $0.56 by $0.02. The firm had revenue of $133.44 million for 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 company's revenue was up 9.2% compared to the same quarter last year. During the same quarter last year, the business posted $0.53 EPS. Tanger has set its FY 2025 guidance at 2.240-2.310 EPS. Sell-side analysts forecast that Tanger Inc. will post 2.24 earnings per share for the current year.

Tanger Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Friday, August 15th. Stockholders of record on Thursday, July 31st were paid a $0.2925 dividend. This represents a $1.17 dividend on an annualized basis and a dividend yield of 3.4%. The ex-dividend date was Thursday, July 31st. Tanger's dividend payout ratio is presently 132.95%.

Insider Activity at Tanger

In other news, EVP Gallardo Leslie Swanson sold 17,500 shares of the stock in a transaction on Friday, September 5th. The stock was sold at an average price of $34.74, for a total value of $607,950.00. Following the completion of the transaction, the executive vice president directly owned 92,665 shares in the company, valued at approximately $3,219,182.10. This represents a 15.89% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 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.