7,666 Shares in Tanger Inc. $SKT Bought by Gallacher Capital Management LLC

Key Points

• Gallacher Capital Management LLC purchased a new stake in Tanger Inc., acquiring 7,666 shares valued at approximately $234,000 during the 2nd quarter.
• Insiders are actively trading, with EVP Gallardo Leslie Swanson selling 17,500 shares for about $607,950, a 15.89% decrease in their holdings.
• Analysts have set an average target price of $36.70 for Tanger stock, with ratings ranging from "Buy" to "Hold" from various research firms.

Gallacher Capital Management LLC acquired a new stake in shares of Tanger Inc. (NYSE:SKT - Free Report) in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 7,666 shares of the real estate investment trust's stock, valued at approximately $234,000.

Other large investors have also recently made changes to their positions in the company. NBC Securities Inc. bought a new position in shares of Tanger in the first quarter worth $30,000. Caitong International Asset Management Co. Ltd boosted its stake in Tanger by 3,451.2% during the first quarter. Caitong International Asset Management Co. Ltd now owns 1,456 shares of the real estate investment trust's stock valued at $49,000 after buying an additional 1,415 shares during the period. GF Fund Management CO. LTD. bought a new stake in Tanger during the fourth quarter valued at $68,000. Quarry LP boosted its stake in Tanger by 2,296.1% during the first quarter. Quarry LP now owns 3,043 shares of the real estate investment trust's stock valued at $103,000 after buying an additional 2,916 shares during the period. Finally, Contravisory Investment Management Inc. boosted its stake 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 buying an additional 5,129 shares during the period. 85.23% of the stock is owned by institutional investors.

Insiders Place Their Bets

In other Tanger news, EVP Gallardo Leslie Swanson sold 17,500 shares of the firm's stock in a transaction that occurred on Friday, September 5th. The shares were sold at an average price of $34.74, for a total value of $607,950.00. Following the completion of the sale, the executive vice president directly owned 92,665 shares in the company, valued at $3,219,182.10. This trade represents a 15.89% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 5.70% of the stock is currently owned by company insiders.

Tanger Trading Down 1.2%

Shares of NYSE:SKT traded down $0.41 during trading on Friday, reaching $33.40. 2,453,977 shares of the company were exchanged, compared to its average volume of 786,849. The firm has a market capitalization of $3.78 billion, a PE ratio of 37.95, a P/E/G ratio of 2.18 and a beta of 1.34. The business's fifty day simple moving average is $32.69 and its 200-day simple moving average is $31.71. Tanger Inc. has a 12-month low of $28.69 and a 12-month high of $37.57. 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 (NYSE:SKT - Get Free Report) last issued its earnings results on Monday, August 4th. The real estate investment trust reported $0.58 EPS for the quarter, topping analysts' consensus estimates of $0.56 by $0.02. Tanger had a net margin of 18.22% and a return on equity of 15.45%. The business had revenue of $133.44 million for the quarter, compared to analyst estimates of $132.02 million. During the same period last year, the company posted $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. On average, research analysts anticipate that Tanger Inc. will post 2.24 EPS for the current year.

Tanger Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, August 15th. Shareholders of record on Thursday, July 31st were paid a $0.2925 dividend. This represents a $1.17 annualized dividend and a yield of 3.5%. The ex-dividend date was Thursday, July 31st. Tanger's dividend payout ratio (DPR) is 132.95%.

Wall Street Analyst Weigh In

Several equities research analysts recently issued reports on the company. LADENBURG THALM/SH SH started coverage on Tanger in a research note on Friday, July 18th. They set a "buy" rating and a $35.00 price objective for the company. Wall Street Zen raised Tanger from a "sell" rating to a "hold" rating in a research report on Saturday, August 9th. Barclays boosted their target price on Tanger from $33.00 to $34.00 and gave the stock an "equal weight" rating in a report on Wednesday, August 27th. Finally, Evercore ISI boosted their target price on shares of Tanger from $33.00 to $35.00 and gave the company an "in-line" rating in a research note on Monday, September 15th. Five investment analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average price target of $36.70.

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.