Knights of Columbus Asset Advisors LLC Trims Stock Position in Tanger Inc. $SKT

Key Points

• Knights of Columbus Asset Advisors LLC reduced its stake in Tanger Inc. (NYSE:SKT) by 18.6%, now owning approximately 0.11% of the company valued at $3.86 million.
• Analyst ratings for Tanger include a "buy" from LADENBURG THALM/SH SH with a target price of $35.00, while the stock holds a consensus rating of "Moderate Buy" with an average target price of $36.70.
• Tanger has reported a quarterly earnings increase with EPS of $0.58, beating estimates, and has declared a quarterly dividend of $0.2925 per share, representing an annual yield of 3.4%.

Knights of Columbus Asset Advisors LLC lowered its position in shares of Tanger Inc. (NYSE:SKT - Free Report) by 18.6% in the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 126,230 shares of the real estate investment trust's stock after selling 28,759 shares during the period. Knights of Columbus Asset Advisors LLC owned approximately 0.11% of Tanger worth $3,860,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other large investors have also recently added to or reduced their stakes in SKT. NBC Securities Inc. purchased a new position in Tanger in the first quarter worth approximately $30,000. Caitong International Asset Management Co. Ltd lifted its stake in shares of Tanger by 3,451.2% in the 1st 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 purchasing an additional 1,415 shares during the last quarter. Quarry LP grew its holdings in shares of Tanger by 2,296.1% during the 1st 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 position in shares of Tanger by 8,500.0% during the 2nd 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. purchased a new stake in Tanger in the 2nd quarter valued at about $166,000. 85.23% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several brokerages have weighed in on SKT. LADENBURG THALM/SH SH initiated coverage on shares of Tanger in a research note on Friday, July 18th. They set a "buy" rating and a $35.00 target price for the company. Evercore ISI increased their price objective on shares of Tanger from $33.00 to $35.00 and gave the stock an "in-line" rating in a research report on Monday, September 15th. Barclays boosted their target price on Tanger from $33.00 to $34.00 and gave the company an "equal weight" rating in a research report on Wednesday, August 27th. Wall Street Zen upgraded Tanger from a "sell" rating to a "hold" rating in a research report on Saturday, August 9th. Finally, Weiss Ratings reiterated a "buy (b)" rating on shares of Tanger in a report on Saturday, September 27th. Six equities research analysts have rated the stock with a Buy rating and five have given a Hold rating to the company. According to MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus price target of $36.70.

Insiders Place Their Bets

In related news, EVP Gallardo Leslie Swanson sold 17,500 shares of Tanger 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 transaction, the executive vice president owned 92,665 shares in the company, valued at $3,219,182.10. The trade was 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 through this hyperlink. 5.70% of the stock is currently owned by company insiders.

Tanger Stock Performance

NYSE:SKT opened at $34.07 on Monday. Tanger Inc. has a 52 week low of $28.69 and a 52 week high of $37.57. The company has a fifty day simple moving average of $33.05 and a two-hundred day simple moving average of $31.74. 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 company has a market cap 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 (NYSE:SKT - Get Free Report) last announced its quarterly earnings data on Monday, August 4th. The real estate investment trust reported $0.58 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.56 by $0.02. Tanger had a return on equity of 15.45% and a net margin of 18.22%.The business had revenue of $133.44 million for the quarter, compared to analysts' expectations of $132.02 million. During the same period last year, the firm earned $0.53 earnings per share. The company's revenue for the quarter was up 9.2% compared to the same quarter last year. Tanger has set its FY 2025 guidance at 2.240-2.310 EPS. As a group, equities analysts anticipate that Tanger Inc. will post 2.24 earnings per share for the current fiscal year.

Tanger Announces Dividend

The company also recently announced 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. This represents a $1.17 dividend on an annualized basis and a dividend yield of 3.4%. The ex-dividend date was Thursday, July 31st. 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.

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