Caxton Associates LLP Purchases Shares of 10,387 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 Tanger Inc. (NYSE:SKT - Free Report) in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm purchased 10,387 shares of the real estate investment trust's stock, valued at approximately $351,000.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in the business. Vanguard Group Inc. grew its position in Tanger by 1.1% during the first quarter. Vanguard Group Inc. now owns 17,511,443 shares of the real estate investment trust's stock worth $591,712,000 after buying an additional 193,141 shares in the last quarter. Northern Trust Corp grew its position in Tanger by 1.2% during the first quarter. Northern Trust Corp now owns 1,839,022 shares of the real estate investment trust's stock worth $62,141,000 after buying an additional 21,970 shares in the last quarter. Millennium Management LLC grew its position in Tanger by 0.5% during the fourth quarter. Millennium Management LLC now owns 1,748,635 shares of the real estate investment trust's stock worth $59,681,000 after buying an additional 8,590 shares in the last quarter. Nuveen Asset Management LLC increased its stake in Tanger by 78.6% in the fourth quarter. Nuveen Asset Management LLC now owns 1,714,769 shares of the real estate investment trust's stock valued at $58,525,000 after acquiring an additional 754,429 shares during the last quarter. Finally, Nuveen LLC bought a new position in Tanger in the first quarter valued at $57,926,000. 85.23% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity

In other Tanger news, EVP Gallardo Leslie Swanson sold 17,500 shares of the business'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 transaction, the executive vice president owned 92,665 shares in the company, 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 legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders own 5.70% of the company's stock.

Analyst Ratings Changes

A number of research analysts recently commented on SKT shares. Wall Street Zen raised Tanger from a "sell" rating to a "hold" rating in a research note on Saturday, August 9th. LADENBURG THALM/SH SH initiated coverage on Tanger in a research report on Friday, July 18th. They issued a "buy" rating and a $35.00 target price for the company. Finally, Barclays boosted 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. Five analysts have rated the stock with a Buy rating and five have given a Hold rating to the stock. Based on data from MarketBeat, Tanger currently has a consensus rating of "Moderate Buy" and a consensus target price of $36.50.

Tanger Stock Down 1.1%

Shares of NYSE:SKT opened at $34.16 on Friday. The stock's 50-day moving average price is $32.48 and its 200-day moving average price is $31.76. Tanger Inc. has a 12-month low of $28.69 and a 12-month high of $37.57. The stock has a market capitalization of $3.87 billion, a P/E ratio of 38.82, a price-to-earnings-growth ratio of 2.23 and a beta of 1.34. The company has a current ratio of 0.11, a quick ratio of 0.11 and a debt-to-equity ratio of 2.31.

Tanger (NYSE:SKT - Get Free Report) last announced its quarterly earnings data 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 for the quarter, compared to analysts' expectations of $132.02 million. During the same period last year, the firm earned $0.53 earnings per share. The company's revenue for the quarter was up 9.2% compared to the same quarter last year. Tanger has set its FY 2025 guidance at 2.240-2.310 EPS. On average, equities analysts anticipate that Tanger Inc. will post 2.24 earnings per share for the current year.

Tanger Announces Dividend

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

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.

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