Boothbay Fund Management LLC Boosts Stock Position in Tanger Inc. $SKT

Key Points

• Boothbay Fund Management LLC increased its stake in Tanger Inc. by 20.3% during the first quarter, owning a total of 201,440 shares valued at approximately $6.8 million.
• Tanger Inc. reported earnings per share of $0.58 for the last quarter, exceeding analysts' expectations, with revenue rising by 9.2% year-over-year.
• The company declared a quarterly dividend of $0.2925 per share, yielding 3.4%, with a payout ratio of 132.95%.

Boothbay Fund Management LLC increased its position in Tanger Inc. (NYSE:SKT - Free Report) by 20.3% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 201,440 shares of the real estate investment trust's stock after acquiring an additional 34,025 shares during the quarter. Boothbay Fund Management LLC owned about 0.18% of Tanger worth $6,807,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. NBC Securities Inc. purchased a new stake in Tanger in the 1st quarter worth approximately $30,000. Caitong International Asset Management Co. Ltd grew its holdings in Tanger by 3,451.2% during the 1st quarter. Caitong International Asset Management Co. Ltd now owns 1,456 shares of the real estate investment trust's stock valued at $49,000 after buying an additional 1,415 shares in the last quarter. GF Fund Management CO. LTD. purchased a new stake in Tanger during the 4th quarter valued at approximately $68,000. Quarry LP grew its holdings in Tanger by 2,296.1% during the 1st quarter. Quarry LP now owns 3,043 shares of the real estate investment trust's stock valued at $103,000 after buying an additional 2,916 shares in the last quarter. Finally, Contravisory Investment Management Inc. grew its holdings in Tanger by 1,027.9% during the 1st quarter. Contravisory Investment Management Inc. now owns 5,628 shares of the real estate investment trust's stock valued at $190,000 after buying an additional 5,129 shares in the last quarter. 85.23% of the stock is owned by hedge funds and other institutional investors.

Tanger Trading Up 1.0%

Shares of NYSE:SKT traded up $0.36 on Friday, hitting $34.70. 810,223 shares of the company's stock were exchanged, compared to its average volume of 680,035. The stock has a market capitalization of $3.93 billion, a price-to-earnings ratio of 39.43, a price-to-earnings-growth ratio of 2.24 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 12 month low of $28.69 and a 12 month high of $37.57. The business's 50 day simple moving average is $32.16 and its two-hundred day simple moving average is $31.78.

Tanger (NYSE:SKT - Get Free Report) last announced its quarterly earnings results on Monday, August 4th. The real estate investment trust reported $0.58 EPS for the quarter, beating the consensus estimate of $0.56 by $0.02. The firm 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 business's revenue for the quarter was up 9.2% on a year-over-year basis. During the same quarter last year, the firm posted $0.53 earnings per share. Tanger has set its FY 2025 guidance at 2.240-2.310 EPS. Analysts anticipate that Tanger Inc. will post 2.24 EPS for the current fiscal year.

Tanger Dividend Announcement

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

Analysts Set New Price Targets

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

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.