Tanger Inc. $SKT Shares Sold by Amundi

Key Points

• Amundi has reduced its stake in Tanger Inc. by 6.4%, now holding 107,752 shares valued at approximately $3.41 million.
• Tanger recently reported a quarterly earnings per share (EPS) of $0.58, exceeding analysts' expectations, and has forecasted FY 2025 EPS guidance between $2.24 and $2.31.
• The company has declared a quarterly dividend of $0.2925, resulting in an annualized dividend yield of 3.4%, although its payout ratio stands at 132.95%.

Amundi cut its position in shares of Tanger Inc. (NYSE:SKT - Free Report) by 6.4% during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 107,752 shares of the real estate investment trust's stock after selling 7,315 shares during the quarter. Amundi owned 0.10% of Tanger worth $3,414,000 at the end of the most recent reporting period.

Other large investors have also recently added to or reduced their stakes in the company. New York State Common Retirement Fund lifted its stake in 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 during the last quarter. Citigroup Inc. increased its position in Tanger by 13.5% in 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 period. Monument Capital Management acquired a new stake in Tanger in the first quarter worth $351,000. New York State Teachers Retirement System increased its position 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 worth $5,879,000 after buying an additional 10,350 shares during the period. Finally, Deutsche Bank AG increased its position in Tanger by 61.3% in the fourth quarter. Deutsche Bank AG now owns 178,294 shares of the real estate investment trust's stock worth $6,085,000 after buying an additional 67,740 shares during the period. 85.23% of the stock is currently owned by institutional investors.

Tanger Stock Performance

Shares of SKT traded down $0.38 during trading hours on Friday, reaching $34.16. 574,039 shares of the company's stock traded hands, compared to its average volume of 657,664. The firm has a market capitalization of $3.87 billion, a price-to-earnings ratio of 38.82, a P/E/G ratio of 2.23 and a beta of 1.34. 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 twelve month low of $28.69 and a twelve month high of $37.57. The business's fifty day simple moving average is $32.48 and its two-hundred day simple moving average is $31.74.

Tanger (NYSE:SKT - Get Free Report) last issued its quarterly earnings results on Monday, August 4th. The real estate investment trust reported $0.58 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%.The company's quarterly revenue 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. Analysts predict that Tanger Inc. will post 2.24 earnings per share for the current year.

Tanger Announces Dividend

The company 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 dividend on an annualized basis and a yield of 3.4%. The ex-dividend date of this dividend was Thursday, July 31st. Tanger's payout ratio is presently 132.95%.

Insider Buying and Selling

In other Tanger news, EVP Gallardo Leslie Swanson sold 17,500 shares of the company's stock in a transaction dated Friday, September 5th. The shares were sold at an average price of $34.74, for a total value of $607,950.00. Following the completion of the sale, the executive vice president directly owned 92,665 shares of the company's stock, 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 can be accessed through this hyperlink. Company insiders own 5.70% of the company's stock.

Wall Street Analyst Weigh In

Several equities research analysts have weighed in on SKT shares. Barclays increased their target price on Tanger from $33.00 to $34.00 and gave the stock an "equal weight" rating in a research report on Wednesday, August 27th. LADENBURG THALM/SH SH started coverage on Tanger in a research report on Friday, July 18th. They issued a "buy" rating and a $35.00 target price on the stock. Finally, Wall Street Zen raised Tanger from a "sell" rating to a "hold" rating in a research report on Saturday, August 9th. Five research 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 company has an average rating of "Moderate Buy" and an average target price of $36.50.

Tanger 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.