Marshall Financial Group LLC acquired a new position in shares of Tanger Inc. (NYSE:SKT - Free Report) in the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund acquired 24,778 shares of the real estate investment trust's stock, valued at approximately $775,000.
Other institutional investors also recently made changes to their positions in the company. NBC Securities Inc. bought a new stake in shares of Tanger during the first quarter worth approximately $30,000. Caitong International Asset Management Co. Ltd boosted its stake in shares of 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 valued at $49,000 after buying an additional 1,415 shares during the period. GF Fund Management CO. LTD. bought a new stake in shares of Tanger in the fourth quarter valued at approximately $68,000. Quarry LP boosted its stake in shares of Tanger by 2,296.1% in 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, Financiere des Professionnels Fonds d investissement inc. bought a new stake in shares of Tanger in the second quarter valued at approximately $166,000. Institutional investors own 85.23% of the company's stock.
Wall Street Analyst Weigh In
SKT has been the subject of several recent research reports. LADENBURG THALM/SH SH initiated coverage on Tanger in a research note on Friday, July 18th. They issued a "buy" rating and a $35.00 price target for the company. Wall Street Zen upgraded Tanger from a "sell" rating to a "hold" rating in a research note on Saturday, August 9th. Barclays upped their target price on Tanger from $33.00 to $34.00 and gave the stock an "equal weight" rating in a research note on Wednesday, August 27th. Finally, Evercore ISI increased their price target on Tanger from $33.00 to $35.00 and gave the company an "in-line" rating in a research note on Monday, September 15th. Five equities research analysts have rated the stock with a Buy rating and five have given a Hold rating to the company. Based on data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average target price of $36.70.
Read Our Latest Analysis on SKT
Tanger Stock Down 0.3%
Shares of SKT traded down $0.10 during trading hours on Monday, hitting $33.31. The stock had a trading volume of 557,843 shares, compared to its average volume of 871,782. The company has a debt-to-equity ratio of 2.31, a current ratio of 0.11 and a quick ratio of 0.11. The firm has a 50 day simple moving average of $32.70 and a 200-day simple moving average of $31.66. The firm has a market capitalization of $3.77 billion, a P/E ratio of 37.85, a price-to-earnings-growth ratio of 2.16 and a beta of 1.34. Tanger Inc. has a 1-year low of $28.69 and a 1-year high of $37.57.
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, beating the consensus estimate 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 return on equity of 15.45% and a net margin of 18.22%.The firm's revenue for the quarter was up 9.2% compared to the same quarter last year. During the same period last year, the business posted $0.53 EPS. Tanger has set its FY 2025 guidance at 2.240-2.310 EPS. Sell-side analysts predict that Tanger Inc. will post 2.24 EPS for the current fiscal year.
Tanger Announces Dividend
The company also recently announced a quarterly dividend, which was paid on Friday, August 15th. Stockholders of record on Thursday, July 31st were paid a $0.2925 dividend. The ex-dividend date was Thursday, July 31st. This represents a $1.17 annualized dividend and a dividend yield of 3.5%. Tanger's dividend payout ratio (DPR) is currently 132.95%.
Insider Activity at Tanger
In other news, EVP Gallardo Leslie Swanson sold 17,500 shares of the firm's stock in a transaction dated Friday, September 5th. The stock was 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 position. The sale was disclosed in a filing with the SEC, which is available at this link. 5.70% of the stock is currently owned by corporate insiders.
About Tanger
(
Free Report)
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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