Amundi Has $3.41 Million Position in Tanger Inc. $SKT

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

Other hedge funds and other institutional investors have also modified their holdings of the company. NBC Securities Inc. acquired a new stake in shares of Tanger in the 1st quarter valued at $30,000. Caitong International Asset Management Co. Ltd increased its position in Tanger by 3,451.2% in 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. acquired a new stake in Tanger in the fourth quarter worth about $68,000. Quarry LP increased its position in Tanger by 2,296.1% in 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 position in Tanger by 1,027.9% in 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. Institutional investors and hedge funds own 85.23% of the company's stock.

Analyst Upgrades and Downgrades

Several equities research analysts have recently commented on SKT shares. Wall Street Zen upgraded shares of Tanger from a "sell" rating to a "hold" rating in a research report on Saturday, August 9th. Barclays lifted 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. LADENBURG THALM/SH SH began coverage on shares of Tanger in a report on Friday, July 18th. They set a "buy" rating and a $35.00 target price for the company. Finally, Evercore ISI lifted their price objective on Tanger from $33.00 to $35.00 and gave the stock an "in-line" rating in a research note on Monday. Five analysts have rated the stock with a Buy rating and five have given a Hold rating to the company. According to data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average target price of $36.70.

Tanger Trading Up 0.7%

NYSE:SKT traded up $0.25 on Wednesday, reaching $33.96. The company's stock had a trading volume of 1,593,266 shares, compared to its average volume of 721,707. Tanger Inc. has a 1-year low of $28.69 and a 1-year high of $37.57. 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 firm has a market cap of $3.84 billion, a PE ratio of 38.59, a PEG ratio of 2.17 and a beta of 1.34. The business's 50-day moving average price is $32.62 and its two-hundred day moving average price is $31.73.

Tanger (NYSE:SKT - Get Free Report) last posted 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. Tanger had a return on equity of 15.45% and a net margin of 18.22%.The firm had revenue of $133.44 million during the quarter, compared to analysts' expectations of $132.02 million. During the same period in the previous year, the firm earned $0.53 earnings per share. The company's revenue was up 9.2% on a year-over-year basis. Tanger has set its FY 2025 guidance at 2.240-2.310 EPS. Equities research analysts anticipate that Tanger Inc. will post 2.24 earnings per share for the current fiscal year.

Tanger Announces Dividend

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

Insider Buying and Selling at Tanger

In other news, EVP Gallardo Leslie Swanson sold 17,500 shares of the company's stock in a transaction that occurred on 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 transaction, the executive vice president owned 92,665 shares in the company, valued at $3,219,182.10. This represents a 15.89% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. 5.70% of the stock is owned by company insiders.

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.