AlphaQuest LLC Boosts Stock Holdings in Tanger Inc. $SKT

Key Points

• AlphaQuest LLC increased its stake in Tanger Inc. by 50.6%, acquiring an additional 14,070 shares, bringing its total holdings to 41,853 shares valued at $1.28 million.
• Institutional investors dominate Tanger Inc., with 85.23% of its stock owned by hedge funds and other institutional investors, including significant stakes from Nuveen LLC and UBS AM.
• Tanger recently announced a quarterly dividend of $0.2925 per share, distributed on November 14th, representing an annual yield of 3.5%, despite a high dividend payout ratio of 132.95%.

AlphaQuest LLC grew its stake in shares of Tanger Inc. (NYSE:SKT - Free Report) by 50.6% in the 2nd quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 41,853 shares of the real estate investment trust's stock after buying an additional 14,070 shares during the period. AlphaQuest LLC's holdings in Tanger were worth $1,280,000 as of its most recent SEC filing.

Several other large investors have also made changes to their positions in the company. Nuveen LLC purchased a new stake in Tanger during the first quarter valued at about $57,926,000. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its holdings in shares of Tanger by 436.9% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 801,200 shares of the real estate investment trust's stock worth $27,073,000 after purchasing an additional 651,961 shares during the period. Janney Montgomery Scott LLC purchased a new stake in shares of Tanger during the 2nd quarter worth about $9,227,000. Adelante Capital Management LLC acquired a new stake in Tanger during the 1st quarter worth approximately $9,498,000. Finally, Vanguard Group Inc. raised its holdings in Tanger by 1.1% in the first quarter. Vanguard Group Inc. now owns 17,511,443 shares of the real estate investment trust's stock valued at $591,712,000 after buying an additional 193,141 shares during the period. 85.23% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

SKT has been the subject of several recent research reports. Barclays increased their price objective on shares of Tanger from $34.00 to $35.00 and gave the stock an "equal weight" rating in a research report on Monday, October 6th. LADENBURG THALM/SH SH started coverage on Tanger in a report on Friday, July 18th. They issued a "buy" rating and a $35.00 price target for the company. Weiss Ratings restated a "buy (b)" rating on shares of Tanger in a research note on Friday. Evercore ISI upped their target price on Tanger from $35.00 to $36.00 and gave the stock an "in-line" rating in a research report on Friday, October 17th. Finally, Wall Street Zen upgraded Tanger from a "sell" rating to a "hold" rating in a report on Saturday, August 9th. Five analysts have rated the stock with a Buy rating and five have given a Hold rating to the stock. According to MarketBeat.com, Tanger presently has an average rating of "Moderate Buy" and an average price target of $37.00.

Insiders Place Their Bets

In other Tanger news, EVP Gallardo Leslie Swanson sold 17,500 shares of the stock in a transaction that occurred on Friday, September 5th. The stock was 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 of the company's stock, valued at $3,219,182.10. This trade represents a 15.89% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. 5.70% of the stock is currently owned by corporate insiders.

Tanger Trading Up 0.2%

Shares of SKT opened at $33.30 on Friday. Tanger Inc. has a one year low of $28.69 and a one year high of $37.57. The stock has a 50-day moving average price of $33.43 and a 200 day moving average price of $31.79. The company has a debt-to-equity ratio of 2.31, a quick ratio of 0.11 and a current ratio of 0.11. The company has a market capitalization of $3.77 billion, a P/E ratio of 37.84, a P/E/G ratio of 2.15 and a beta of 1.36.

Tanger (NYSE:SKT - Get Free Report) last announced its earnings results on Monday, August 4th. The real estate investment trust reported $0.58 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.56 by $0.02. The company 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 quarterly revenue was up 9.2% on a year-over-year basis. During the same period in the prior year, the company 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 EPS for the current fiscal year.

Tanger Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, November 14th. Shareholders of record on Friday, October 31st will be paid a dividend of $0.2925 per share. This represents a $1.17 dividend on an annualized basis and a yield of 3.5%. The ex-dividend date is Friday, October 31st. Tanger's dividend payout ratio is 132.95%.

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.

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