Cbre Investment Management Listed Real Assets LLC Purchases 193,011 Shares of Tanger Inc. $SKT

Key Points

• Cbre Investment Management Listed Real Assets LLC dramatically increased its stake in Tanger Inc. by 2,703.2% during the first quarter, acquiring an additional 193,011 shares. This brings their total holdings to 200,151 shares, valued at approximately $6.77 million.
• Tanger Inc. reported earnings per share of $0.58 for the last quarter, which exceeded analysts' expectations by $0.02, marking a 9.2% increase in revenue compared to the same period last year.
• The company recently declared a quarterly dividend of $0.2925 per share, resulting in an annualized dividend yield of 3.5%, despite a payout ratio currently at 132.95%.

Cbre Investment Management Listed Real Assets LLC lifted its holdings in Tanger Inc. (NYSE:SKT - Free Report) by 2,703.2% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 200,151 shares of the real estate investment trust's stock after buying an additional 193,011 shares during the quarter. Cbre Investment Management Listed Real Assets LLC owned approximately 0.18% of Tanger worth $6,763,000 as of its most recent SEC filing.

Several other institutional investors also recently modified their holdings of SKT. Xponance Inc. boosted its stake in Tanger by 6.7% during the first quarter. Xponance Inc. now owns 8,156 shares of the real estate investment trust's stock worth $276,000 after acquiring an additional 514 shares in the last quarter. Public Employees Retirement System of Ohio increased its stake in shares of Tanger by 0.4% during the fourth quarter. Public Employees Retirement System of Ohio now owns 157,814 shares of the real estate investment trust's stock valued at $5,386,000 after purchasing an additional 554 shares in the last quarter. Albert D Mason Inc. lifted its holdings in shares of Tanger by 0.9% during the first quarter. Albert D Mason Inc. now owns 66,999 shares of the real estate investment trust's stock valued at $2,264,000 after purchasing an additional 606 shares during the last quarter. Nissay Asset Management Corp Japan ADV lifted its holdings in shares of Tanger by 4.0% during the fourth quarter. Nissay Asset Management Corp Japan ADV now owns 16,279 shares of the real estate investment trust's stock valued at $554,000 after purchasing an additional 624 shares during the last quarter. Finally, Ibex Wealth Advisors boosted its position in shares of Tanger by 4.0% in the 1st quarter. Ibex Wealth Advisors now owns 22,329 shares of the real estate investment trust's stock worth $754,000 after purchasing an additional 862 shares in the last quarter. 85.23% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

A number of research firms recently weighed in on SKT. LADENBURG THALM/SH SH assumed coverage on Tanger in a research report on Friday, July 18th. They set 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 report on Saturday, August 9th. Barclays began coverage on Tanger in a research report on Wednesday, July 2nd. They issued an "equal weight" rating and a $33.00 price target for the company. Finally, Evercore ISI raised shares of Tanger to a "hold" rating in a research report on Friday, May 2nd. Five research analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company. According to data from MarketBeat, Tanger presently has a consensus rating of "Moderate Buy" and an average price target of $36.40.

Tanger Stock Performance

NYSE SKT traded down $0.2710 during trading hours on Monday, hitting $33.2290. The company's stock had a trading volume of 444,184 shares, compared to its average volume of 920,626. Tanger Inc. has a 12 month low of $28.69 and a 12 month high of $37.57. The company's 50 day simple moving average is $31.47 and its two-hundred day simple moving average is $31.77. The company has a debt-to-equity ratio of 2.31, a current ratio of 0.11 and a quick ratio of 0.11. The company has a market cap of $3.76 billion, a P/E ratio of 37.76, a price-to-earnings-growth ratio of 2.16 and a beta of 1.23.

Tanger (NYSE:SKT - Get Free Report) last announced its quarterly 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. The firm had revenue of $133.44 million for the quarter, compared to the consensus estimate of $132.02 million. Tanger had a net margin of 18.22% and a return on equity of 15.45%. The business's quarterly revenue was up 9.2% compared to the same quarter last year. During the same quarter last year, the firm posted $0.53 EPS. Tanger has set its FY 2025 guidance at 2.240-2.310 EPS. As a group, sell-side analysts expect that Tanger Inc. will post 2.24 EPS for the current fiscal year.

Tanger Announces Dividend

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