Janney Montgomery Scott LLC Makes New Investment in Tanger Inc. $SKT

Key Points

• Janney Montgomery Scott LLC has acquired a new position in Tanger Inc. (NYSE: SKT), purchasing 301,739 shares valued at approximately $9.23 million.
• Tanger reported an earnings per share (EPS) of $0.58 for the last quarter, exceeding analyst expectations, and experienced a 9.2% increase in revenue year-over-year.
• The company recently declared a quarterly dividend of $0.2925 per share, resulting in an annualized dividend of $1.17 and a yield of 3.4%.

Janney Montgomery Scott LLC acquired a new position in Tanger Inc. (NYSE:SKT - Free Report) in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm acquired 301,739 shares of the real estate investment trust's stock, valued at approximately $9,227,000. Janney Montgomery Scott LLC owned about 0.27% of Tanger at the end of the most recent reporting period.

Other institutional investors have also added to or reduced their stakes in the company. NBC Securities Inc. bought a new stake in Tanger in the first quarter worth about $30,000. Caitong International Asset Management Co. Ltd lifted 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 last quarter. Quarry LP lifted 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 last quarter. Farther Finance Advisors LLC lifted 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 last quarter. Finally, Financiere des Professionnels Fonds d investissement inc. bought a new stake in Tanger in the second quarter worth about $166,000. Institutional investors own 85.23% of the company's stock.

Tanger Stock Performance

Shares of NYSE:SKT opened at $34.07 on Friday. The company has a market capitalization of $3.86 billion, a price-to-earnings ratio of 38.71, a price-to-earnings-growth ratio of 2.19 and a beta of 1.36. Tanger Inc. has a 52 week low of $28.69 and a 52 week high of $37.57. 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 50 day moving average of $33.05 and a 200 day moving average of $31.74.

Tanger (NYSE:SKT - Get Free Report) last issued its quarterly earnings data 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. The company had revenue of $133.44 million during the quarter, compared to the consensus estimate of $132.02 million. Tanger had a net margin of 18.22% and a return on equity of 15.45%. Tanger's revenue for the quarter was up 9.2% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $0.53 earnings per share. Tanger has set its FY 2025 guidance at 2.240-2.310 EPS. On average, sell-side analysts predict that Tanger Inc. will post 2.24 earnings per share for the current fiscal year.

Tanger Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, August 15th. Investors of record on Thursday, July 31st were paid a $0.2925 dividend. 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 payout ratio is 132.95%.

Insider Buying and Selling

In other Tanger news, EVP Gallardo Leslie Swanson sold 17,500 shares of Tanger stock in a transaction 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 transaction, the executive vice president directly owned 92,665 shares of the company's stock, valued at approximately $3,219,182.10. The trade was a 15.89% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. 5.70% of the stock is owned by company insiders.

Analyst Upgrades and Downgrades

Several analysts have issued reports on the stock. Evercore ISI raised their price objective on shares of Tanger from $33.00 to $35.00 and gave the stock an "in-line" rating in a research note on Monday, September 15th. Wall Street Zen raised shares of Tanger from a "sell" rating to a "hold" rating in a research note on Saturday, August 9th. 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 research note on Wednesday, August 27th. LADENBURG THALM/SH SH began coverage on shares of Tanger in a research note on Friday, July 18th. They set a "buy" rating and a $35.00 price target for the company. Finally, Weiss Ratings reaffirmed a "buy (b)" rating on shares of Tanger in a research note on Saturday, September 27th. Six equities research analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $36.70.

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.

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