Dimensional Fund Advisors LP Boosts Stock Holdings in Tanger Inc. $SKT

Key Points

• Dimensional Fund Advisors increased its Tanger stake by 2.5% in the first quarter, adding 42,114 shares to own 1.69 million shares valued at approximately $57.6 million. Institutional investors collectively hold 85.23% of SKT’s outstanding stock.
• Tanger’s quarterly revenue rose 11.1% year over year to $150.42 million, exceeding estimates, but earnings per share of $0.24 fell short of the $0.28 consensus forecast.
• Tanger declared a quarterly dividend of $0.3125 per share, representing a $1.25 annualized payout and a 3.1% yield. Analysts maintain a consensus “Hold” rating with an average price target of $39.70, below the reported $40.67 share price.

Dimensional Fund Advisors LP boosted its stake in Tanger Inc. (NYSE:SKT - Free Report) by 2.5% during the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 1,694,607 shares of the real estate investment trust's stock after purchasing an additional 42,114 shares during the quarter. Dimensional Fund Advisors LP owned about 1.48% of Tanger worth $57,584,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also made changes to their positions in SKT. SHP Wealth Management bought a new stake in shares of Tanger in the fourth quarter worth about $25,000. EverSource Wealth Advisors LLC boosted its stake in Tanger by 127.3% during the second quarter. EverSource Wealth Advisors LLC now owns 948 shares of the real estate investment trust's stock valued at $29,000 after buying an additional 531 shares during the last quarter. Fifth Third Bancorp grew its holdings in Tanger by 43.2% during the 1st quarter. Fifth Third Bancorp now owns 972 shares of the real estate investment trust's stock valued at $33,000 after buying an additional 293 shares in the last quarter. Advisory Services Network LLC purchased a new position in Tanger during the 3rd quarter valued at approximately $33,000. Finally, Laurel Wealth Advisors LLC purchased a new position in Tanger during the 4th quarter valued at approximately $34,000. Institutional investors own 85.23% of the company's stock.

Tanger Trading Down 0.8%

Shares of SKT stock opened at $40.67 on Friday. Tanger Inc. has a 1 year low of $29.24 and a 1 year high of $42.53. The company has a debt-to-equity ratio of 2.67, a current ratio of 3.36 and a quick ratio of 3.36. The stock's 50 day simple moving average is $39.39 and its two-hundred day simple moving average is $36.58. The company has a market cap of $4.67 billion, a PE ratio of 38.01, a price-to-earnings-growth ratio of 2.08 and a beta of 1.09.

Tanger (NYSE:SKT - Get Free Report) last posted its quarterly earnings data on Thursday, April 30th. The real estate investment trust reported $0.24 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.28 by ($0.04). The company had revenue of $150.42 million during the quarter, compared to the consensus estimate of $142.94 million. Tanger had a net margin of 20.76% and a return on equity of 17.53%. Tanger's revenue for the quarter was up 11.1% on a year-over-year basis. During the same period in the previous year, the business earned $0.53 earnings per share. Research analysts predict that Tanger Inc. will post 2.48 earnings per share for the current year.

Tanger Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, August 14th. Investors of record on Friday, July 31st will be issued a dividend of $0.3125 per share. This represents a $1.25 annualized dividend and a yield of 3.1%. The ex-dividend date is Friday, July 31st. Tanger's dividend payout ratio is presently 116.82%.

Analyst Ratings Changes

Several analysts have recently issued reports on the company. Evercore set a $39.00 price objective on Tanger in a report on Tuesday, July 7th. Weiss Ratings reissued a "buy (b)" rating on shares of Tanger in a report on Friday, July 17th. Scotiabank boosted their price target on shares of Tanger from $37.00 to $41.00 and gave the stock a "sector perform" rating in a research report on Thursday, June 18th. LADENBURG THALM/SH SH boosted their price target on shares of Tanger from $40.00 to $42.00 and gave the stock a "buy" rating in a research report on Wednesday, June 10th. Finally, BMO Capital Markets upped their price target on shares of Tanger from $40.00 to $42.00 and gave the company a "market perform" rating in a research note on Monday, June 15th. Two analysts have rated the stock with a Buy rating, seven have issued a Hold rating and one has assigned a Sell rating to the company's stock. Based on data from MarketBeat, Tanger currently has an average rating of "Hold" and a consensus target price of $39.70.

Tanger Profile

Tanger Factory Outlet Centers, Inc NYSE: SKT is a real estate investment trust specializing in the ownership, development and management of outlet shopping centers. The company's portfolio comprises more than 40 outlet properties anchored by leading fashion and lifestyle brands. Tanger's centers are designed to offer off-price retail experiences in open-air, community-oriented settings, providing value-focused shoppers with access to premium brands at reduced prices.

Founded in 1981 by Stanley K.

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