Marshall Financial Group LLC Buys Shares of 24,778 Tanger Inc. $SKT

Key Points

• Marshall Financial Group LLC purchased 24,778 shares of Tanger Inc. during Q2, valued at approximately $775,000, contributing to a growing interest from institutional investors with 85.23% of shares now owned by funds.
• Tanger Inc. reported quarterly earnings of $0.58 EPS, exceeding expectations, and forecasted a FY 2025 EPS guidance of 2.240-2.310.
• The company declared a quarterly dividend of $0.2925 per share, representing an annual yield of 3.5%, although its payout ratio stands at 132.95%.

Marshall Financial Group LLC bought a new stake in Tanger Inc. (NYSE:SKT - Free Report) in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund bought 24,778 shares of the real estate investment trust's stock, valued at approximately $775,000.

Other institutional investors have also recently bought and sold shares of the company. New York State Common Retirement Fund raised its position in Tanger by 20.5% in the 1st quarter. New York State Common Retirement Fund now owns 108,687 shares of the real estate investment trust's stock worth $3,673,000 after purchasing an additional 18,486 shares during the last quarter. Citigroup Inc. grew its holdings in Tanger by 13.5% during the 1st quarter. Citigroup Inc. now owns 196,082 shares of the real estate investment trust's stock worth $6,626,000 after acquiring an additional 23,305 shares during the period. Monument Capital Management acquired a new stake in Tanger during the 1st quarter worth $351,000. New York State Teachers Retirement System grew its holdings in Tanger by 6.3% during the 1st quarter. New York State Teachers Retirement System now owns 173,974 shares of the real estate investment trust's stock worth $5,879,000 after acquiring an additional 10,350 shares during the period. Finally, Cbre Investment Management Listed Real Assets LLC grew its holdings in Tanger by 2,703.2% during the 1st quarter. Cbre Investment Management Listed Real Assets LLC now owns 200,151 shares of the real estate investment trust's stock worth $6,763,000 after acquiring an additional 193,011 shares during the period. Institutional investors own 85.23% of the company's stock.

Tanger Price Performance

NYSE SKT traded down $0.20 on Monday, hitting $33.21. The stock had a trading volume of 113,793 shares, compared to its average volume of 943,143. Tanger Inc. has a 52-week low of $28.69 and a 52-week high of $37.57. The company has a debt-to-equity ratio of 2.31, a quick ratio of 0.11 and a current ratio of 0.11. The company has a market capitalization of $3.76 billion, a price-to-earnings ratio of 37.75, a price-to-earnings-growth ratio of 2.16 and a beta of 1.34. The firm has a 50-day moving average of $32.69 and a 200-day moving average of $31.67.

Tanger (NYSE:SKT - Get Free Report) last posted its earnings results on Monday, August 4th. The real estate investment trust reported $0.58 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.56 by $0.02. The business had revenue of $133.44 million for the quarter, compared to analysts' expectations of $132.02 million. Tanger had a net margin of 18.22% and a return on equity of 15.45%. The business's revenue for the quarter was up 9.2% compared to the same quarter last year. During the same period in the prior year, the company posted $0.53 EPS. Tanger has set its FY 2025 guidance at 2.240-2.310 EPS. Equities analysts expect that Tanger Inc. will post 2.24 EPS for the current year.

Tanger Dividend Announcement

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

Insider Transactions at Tanger

In other Tanger news, EVP Gallardo Leslie Swanson sold 17,500 shares of Tanger stock in a transaction dated 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 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 sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Company insiders own 5.70% of the company's stock.

Analysts Set New Price Targets

SKT has been the subject of several research analyst reports. Evercore ISI boosted their price target on shares of Tanger from $33.00 to $35.00 and gave the company an "in-line" rating in a report on Monday, September 15th. Barclays raised their target price 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. Wall Street Zen raised shares of Tanger from a "sell" rating to a "hold" rating in a report on Saturday, August 9th. Finally, LADENBURG THALM/SH SH began coverage on shares of Tanger in a report on Friday, July 18th. They set a "buy" rating and a $35.00 target price on the stock. Five analysts have rated the stock with a Buy rating and five have given a Hold rating to the company. According to data from MarketBeat.com, Tanger presently has an average rating of "Moderate Buy" and a consensus 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.