Greenwood Capital Associates LLC Purchases New Holdings in Tanger Inc. $SKT

Key Points

• Greenwood Capital Associates LLC acquired a new stake in Tanger Inc. worth approximately $1,073,000, purchasing 35,083 shares in the 2nd quarter, as reported in a recent SEC filing.
• Multiple large investors, including Farther Finance Advisors LLC and Caitong International Asset Management, have significantly increased their holdings in Tanger, indicating strong institutional interest in the stock.
• Analysts have raised price targets for Tanger Inc., with a consensus rating of "Moderate Buy" and a target price of $36.70, reflecting positive outlook on the company's growth.

Greenwood Capital Associates LLC bought a new stake in shares of Tanger Inc. (NYSE:SKT - Free Report) in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund bought 35,083 shares of the real estate investment trust's stock, valued at approximately $1,073,000.

Several other large investors have also modified their holdings of the business. NBC Securities Inc. bought a new stake in shares of Tanger during the 1st quarter worth approximately $30,000. Caitong International Asset Management Co. Ltd increased its stake in Tanger by 3,451.2% in the first 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 during the period. Quarry LP increased its stake in 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 during the period. Farther Finance Advisors LLC increased its stake in Tanger by 8,500.0% in the second quarter. Farther Finance Advisors LLC now owns 4,300 shares of the real estate investment trust's stock worth $131,000 after purchasing an additional 4,250 shares during the period. Finally, Financiere des Professionnels Fonds d investissement inc. bought a new position in shares of Tanger in the second quarter worth about $166,000. Hedge funds and other institutional investors own 85.23% of the company's stock.

Insider Activity at Tanger

In other news, EVP Gallardo Leslie Swanson sold 17,500 shares of the stock in a transaction on 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 sale, the executive vice president owned 92,665 shares in the company, valued at approximately $3,219,182.10. This represents a 15.89% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Corporate insiders own 5.70% of the company's stock.

Wall Street Analysts Forecast Growth

Several research analysts recently commented on SKT shares. Barclays raised their price target on shares of Tanger from $33.00 to $34.00 and gave the stock an "equal weight" rating in a research note on Wednesday, August 27th. LADENBURG THALM/SH SH assumed coverage on shares of Tanger in a research report on Friday, July 18th. They issued a "buy" rating and a $35.00 price objective for the company. Evercore ISI lifted their price target 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. Weiss Ratings restated a "buy (b)" rating on shares of Tanger in a report on Saturday, September 27th. Finally, Wall Street Zen upgraded Tanger from a "sell" rating to a "hold" rating in a report on Saturday, August 9th. Six analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company. According to MarketBeat.com, Tanger presently has a consensus rating of "Moderate Buy" and a consensus price target of $36.70.

Tanger Stock Performance

Shares of SKT stock opened at $34.07 on Friday. The company has a quick ratio of 0.11, a current ratio of 0.11 and a debt-to-equity ratio of 2.31. The firm has a market cap of $3.86 billion, a price-to-earnings ratio of 38.71, a PEG ratio of 2.18 and a beta of 1.36. The company's 50 day moving average is $33.05 and its 200 day moving average is $31.75. Tanger Inc. has a 52-week low of $28.69 and a 52-week high of $37.57.

Tanger (NYSE:SKT - Get Free Report) last issued its quarterly earnings data 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 during 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%.The firm's quarterly revenue was up 9.2% on a year-over-year basis. During the same period in the prior year, the business posted $0.53 EPS. Tanger has set its FY 2025 guidance at 2.240-2.310 EPS. On average, sell-side analysts anticipate that Tanger Inc. will post 2.24 EPS for the current fiscal year.

Tanger Announces Dividend

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

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