Cubist Systematic Strategies LLC Grows Position in 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 lifted its stake in Tanger Inc. (NYSE:SKT - Free Report) by 121.2% in the first quarter, according to its most recent Form 13F 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 quarter. Cubist Systematic Strategies LLC owned 0.17% of Tanger worth $6,554,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other large investors have also recently made changes to their positions in SKT. Price T Rowe Associates Inc. MD grew its stake in shares of Tanger by 11.1% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 75,661 shares of the real estate investment trust's stock worth $2,583,000 after acquiring an additional 7,581 shares during the period. Northern Trust Corp grew its position in Tanger by 56.4% during the fourth quarter. Northern Trust Corp now owns 1,817,052 shares of the real estate investment trust's stock valued at $62,016,000 after buying an additional 655,237 shares during the period. Schonfeld Strategic Advisors LLC grew its position in Tanger by 518.1% during the fourth quarter. Schonfeld Strategic Advisors LLC now owns 49,450 shares of the real estate investment trust's stock valued at $1,688,000 after buying an additional 41,450 shares during the period. Mercer Global Advisors Inc. ADV bought a new stake in Tanger during the fourth quarter valued at approximately $532,000. Finally, BNP Paribas Financial Markets grew its position in Tanger by 20.4% during the fourth quarter. BNP Paribas Financial Markets now owns 68,197 shares of the real estate investment trust's stock valued at $2,328,000 after buying an additional 11,552 shares during the period. 85.23% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

SKT has been the topic of several analyst reports. Barclays lifted their price target 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. Wall Street Zen raised shares of Tanger from a "sell" rating to a "hold" rating in a report on Saturday, August 9th. Finally, LADENBURG THALM/SH SH initiated coverage on shares of Tanger in a report on Friday, July 18th. They set a "buy" rating and a $35.00 price target on the stock. Five research analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $36.50.

Tanger Price Performance

Shares of SKT stock traded up $0.36 during mid-day trading on Friday, hitting $34.70. The company had a trading volume of 810,223 shares, compared to its average volume of 680,035. Tanger Inc. has a 52-week low of $28.69 and a 52-week high of $37.57. The stock's 50 day moving average price is $32.16 and its 200-day moving average price is $31.78. 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 capitalization of $3.93 billion, a P/E ratio of 39.43, a P/E/G ratio of 2.24 and a beta of 1.34.

Tanger (NYSE:SKT - Get Free Report) last released its earnings results on Monday, August 4th. The real estate investment trust reported $0.58 EPS for the quarter, topping the consensus estimate of $0.56 by $0.02. Tanger had a net margin of 18.22% and a return on equity of 15.45%. The firm had revenue of $133.44 million for the quarter, compared to the consensus estimate of $132.02 million. During the same quarter in the previous year, the firm earned $0.53 earnings per share. The company's quarterly revenue was up 9.2% compared to the same quarter last year. Tanger has set its FY 2025 guidance at 2.240-2.310 EPS. 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 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 3.4%. Tanger's dividend payout ratio is presently 132.95%.

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.