Caxton Associates LLP Makes New Investment in Tanger Inc. $SKT

Key Points

• Caxton Associates LLP acquired a new stake in Tanger Inc., purchasing 10,387 shares valued at approximately $351,000 during the 1st quarter of 2023.
• Insider activity saw EVP Gallardo Leslie Swanson sell 17,500 shares at an average price of $34.74, decreasing their ownership by 15.89%.
• Analysts have a consensus rating of "Moderate Buy" for Tanger, with a target price of $36.50, and shares recently traded at $34.16, down 1.1%.

Caxton Associates LLP purchased a new stake in shares of Tanger Inc. (NYSE:SKT - Free Report) in the 1st quarter, according to its most recent filing with the Securities & Exchange Commission. The firm purchased 10,387 shares of the real estate investment trust's stock, valued at approximately $351,000.

Other institutional investors also recently bought and sold shares of the company. NBC Securities Inc. purchased a new stake in shares of Tanger in the first quarter valued at approximately $30,000. Caitong International Asset Management Co. Ltd increased its position in shares of 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 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 shares of Tanger in the fourth quarter valued at approximately $68,000. Quarry LP increased its position in shares of Tanger by 2,296.1% in the first 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. increased its position in shares of 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 valued at $190,000 after buying an additional 5,129 shares in the last quarter. 85.23% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of analysts have recently commented on SKT shares. 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 price objective for the company. Wall Street Zen upgraded Tanger from a "sell" rating to a "hold" rating in a research report on Saturday, August 9th. Evercore ISI boosted their price objective on Tanger from $33.00 to $35.00 and gave the company an "in-line" rating in a research report on Monday. Finally, Barclays boosted their price objective on Tanger from $33.00 to $34.00 and gave the company an "equal weight" rating in a research report on Wednesday, August 27th. Five investment analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company. According to data from MarketBeat, Tanger currently has an average rating of "Moderate Buy" and an average price target of $36.70.

Tanger Price Performance

Shares of NYSE:SKT traded down $0.08 during trading on Thursday, reaching $33.88. The stock had a trading volume of 889,321 shares, compared to its average volume of 766,853. 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 business has a fifty day moving average price of $32.66 and a 200-day moving average price of $31.72. The stock has a market cap of $3.83 billion, a PE ratio of 38.50, a PEG ratio of 2.19 and a beta of 1.34. Tanger Inc. has a 1-year low of $28.69 and a 1-year high of $37.57.

Tanger (NYSE:SKT - Get Free Report) last issued its quarterly earnings results on Monday, August 4th. The real estate investment trust reported $0.58 earnings per share (EPS) for the quarter, topping analysts' consensus estimates 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 was up 9.2% on a year-over-year basis. During the same period in the previous year, the company posted $0.53 earnings per share. Tanger has set its FY 2025 guidance at 2.240-2.310 EPS. On average, equities analysts forecast that Tanger Inc. will post 2.24 earnings per share for the current fiscal year.

Tanger Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, August 15th. Shareholders of record on Thursday, July 31st were paid a dividend of $0.2925 per share. The ex-dividend date of this dividend was Thursday, July 31st. This represents a $1.17 dividend on an annualized basis and a yield of 3.5%. Tanger's payout ratio is 132.95%.

Insiders Place Their Bets

In other Tanger news, EVP Gallardo Leslie Swanson sold 17,500 shares of the business's stock in a transaction 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 approximately $3,219,182.10. The trade was a 15.89% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Company insiders own 5.70% of the company's stock.

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.