Meritage Portfolio Management Purchases Shares of 16,045 Tanger Inc. $SKT

Key Points

• Meritage Portfolio Management acquired a new stake in Tanger Inc. by purchasing 16,045 shares valued at approximately $491,000 during the second quarter.
• Multiple institutional investors have significantly increased their stakes in Tanger, with Caitong International Asset Management raising its position by over 3,451% in the first quarter.
• Tanger's stock currently has an average rating of "Moderate Buy" among analysts, with target prices ranging from $34.00 to $36.80 per share.

Meritage Portfolio Management purchased a new stake in Tanger Inc. (NYSE:SKT - Free Report) during the second quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund purchased 16,045 shares of the real estate investment trust's stock, valued at approximately $491,000.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Caitong International Asset Management Co. Ltd boosted its position 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 valued at $49,000 after buying an additional 1,415 shares in the last quarter. Quarry LP boosted its position 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 valued at $103,000 after buying an additional 2,916 shares in the last quarter. Farther Finance Advisors LLC boosted its position 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 valued at $131,000 after buying an additional 4,250 shares in the last quarter. Financiere des Professionnels Fonds d investissement inc. bought a new position in shares of Tanger in the second quarter worth about $166,000. Finally, Bailard Inc. bought a new position in shares of Tanger in the first quarter worth about $203,000. 85.23% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of brokerages have weighed in on SKT. Barclays boosted their target price on shares of Tanger from $34.00 to $35.00 and gave the stock an "equal weight" rating in a research note on Monday, October 6th. Weiss Ratings reaffirmed a "buy (b)" rating on shares of Tanger in a research note on Wednesday, October 8th. Wall Street Zen raised shares of Tanger from a "sell" rating to a "hold" rating in a research note on Saturday, August 9th. Evercore ISI boosted their target price 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. Finally, LADENBURG THALM/SH SH began coverage on shares of Tanger in a research note on Friday, July 18th. They issued a "buy" rating and a $35.00 target price for the company. Six investment analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company's stock. According to data from MarketBeat, Tanger presently has an average rating of "Moderate Buy" and an average target price of $36.80.

Tanger Trading Down 2.7%

SKT opened at $31.82 on Monday. 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 company has a market cap of $3.60 billion, a price-to-earnings ratio of 36.16, a price-to-earnings-growth ratio of 2.05 and a beta of 1.36. The firm has a 50 day simple moving average of $33.28 and a 200 day simple moving average of $31.74. Tanger Inc. has a fifty-two week low of $28.69 and a fifty-two week high of $37.57.

Tanger (NYSE:SKT - Get Free Report) last posted its quarterly earnings results 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 business 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 period 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 anticipate that Tanger Inc. will post 2.24 earnings per share for the current year.

Tanger Announces Dividend

The firm also recently declared 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 3.7%. The ex-dividend date of this dividend was Thursday, July 31st. Tanger's payout ratio is 132.95%.

Insider Transactions at Tanger

In related news, EVP Gallardo Leslie Swanson sold 17,500 shares of the business's stock in a transaction that occurred on Friday, September 5th. The shares were sold at an average price of $34.74, for a total transaction of $607,950.00. Following the completion of the transaction, the executive vice president owned 92,665 shares in the company, 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 document filed with the Securities & Exchange Commission, which can be accessed through this link. Corporate insiders own 5.70% of the company's stock.

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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