Cubist Systematic Strategies LLC Acquires 106,283 Shares of Tanger Inc. $SKT

Key Points

• Cubist Systematic Strategies LLC increased its stake in Tanger Inc. by 121.2%, acquiring a total of 193,964 shares worth approximately $6.55 million at the end of the last quarter.
• The company recently declared a quarterly dividend of $0.2925, which translates to an annualized yield of 3.4%, despite a high dividend payout ratio of 132.95%.
• Analysts have a consensus rating of "Moderate Buy" for Tanger's stock, with an average price target of $36.50, indicating positive sentiment from the investment community.

Cubist Systematic Strategies LLC grew its stake in shares of Tanger Inc. (NYSE:SKT - Free Report) by 121.2% in the first quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 193,964 shares of the real estate investment trust's stock after acquiring an additional 106,283 shares during the period. Cubist Systematic Strategies LLC owned about 0.17% of Tanger worth $6,554,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently bought and sold shares of the company. NBC Securities Inc. purchased a new position in Tanger in the 1st quarter worth $30,000. Caitong International Asset Management Co. Ltd increased its stake in shares of Tanger by 3,451.2% in the 1st 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 in the last quarter. GF Fund Management CO. LTD. purchased a new stake in shares of Tanger in the fourth quarter worth $68,000. Quarry LP increased its stake 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 worth $103,000 after purchasing an additional 2,916 shares in the last quarter. Finally, Contravisory Investment Management Inc. lifted its position in Tanger by 1,027.9% during 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 purchasing an additional 5,129 shares during the last quarter. 85.23% of the stock is owned by institutional investors.

Insider Buying and Selling

In other news, EVP Gallardo Leslie Swanson sold 17,500 shares of the business's stock in a transaction dated Friday, September 5th. The stock was sold at an average price of $34.74, for a total transaction of $607,950.00. Following the completion of the transaction, the executive vice president directly owned 92,665 shares in the company, valued at approximately $3,219,182.10. The trade was a 15.89% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. 5.70% of the stock is currently owned by insiders.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently weighed in on the stock. Barclays lifted their price objective on shares of Tanger from $33.00 to $34.00 and gave the company an "equal weight" rating in a report on Wednesday, August 27th. LADENBURG THALM/SH SH assumed 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, Wall Street Zen raised shares of Tanger from a "sell" rating to a "hold" rating in a research report on Saturday, August 9th. Five equities research analysts have rated the stock with a Buy rating and five have issued a Hold rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $36.50.

Tanger Stock Performance

Shares of NYSE SKT traded down $0.36 during mid-day trading on Tuesday, hitting $34.39. The company had a trading volume of 147,066 shares, compared to its average volume of 931,851. The stock has a market cap of $3.89 billion, a price-to-earnings ratio of 39.01, a PEG 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 firm's 50 day simple moving average is $32.24 and its two-hundred day simple moving average is $31.75.

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 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 analysts' expectations of $132.02 million. Tanger had a return on equity of 15.45% and a net margin of 18.22%.Tanger's revenue was up 9.2% on a year-over-year basis. During the same quarter last year, the business posted $0.53 EPS. Tanger has set its FY 2025 guidance at 2.240-2.310 EPS. As a group, equities research analysts forecast that Tanger Inc. will post 2.24 earnings per share for the current year.

Tanger Announces Dividend

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

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.