Tanger Inc. $SKT Shares Bought by NewEdge Advisors LLC

Key Points

• NewEdge Advisors LLC increased its stake in Tanger Inc. by 17.0% during Q1, now holding 104,358 shares worth approximately $3.53 million.
• Tanger Inc. announced a quarterly dividend of $0.2925, yielding 3.4%, with a high payout ratio of 132.95%.
• The company's latest earnings report exceeded expectations, with an EPS of $0.58 and a revenue of $133.44 million, reflecting a 9.2% year-over-year growth.

NewEdge Advisors LLC lifted its stake in shares of Tanger Inc. (NYSE:SKT - Free Report) by 17.0% in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 104,358 shares of the real estate investment trust's stock after buying an additional 15,127 shares during the period. NewEdge Advisors LLC owned approximately 0.09% of Tanger worth $3,526,000 at the end of the most recent quarter.

Several other institutional investors have also recently made changes to their positions in SKT. Mercer Global Advisors Inc. ADV purchased a new position in shares of Tanger during the fourth quarter worth $532,000. BNP Paribas Financial Markets raised its holdings in shares of Tanger by 20.4% during the fourth quarter. BNP Paribas Financial Markets now owns 68,197 shares of the real estate investment trust's stock worth $2,328,000 after purchasing an additional 11,552 shares during the last quarter. Deutsche Bank AG raised its holdings in shares of Tanger by 61.3% during the fourth quarter. Deutsche Bank AG now owns 178,294 shares of the real estate investment trust's stock worth $6,085,000 after purchasing an additional 67,740 shares during the last quarter. Lazard Asset Management LLC raised its holdings in shares of Tanger by 45.1% during the fourth quarter. Lazard Asset Management LLC now owns 38,093 shares of the real estate investment trust's stock worth $1,300,000 after purchasing an additional 11,846 shares during the last quarter. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its holdings in shares of Tanger by 4.0% during the fourth quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 60,620 shares of the real estate investment trust's stock worth $2,069,000 after purchasing an additional 2,354 shares during the last quarter. Hedge funds and other institutional investors own 85.23% of the company's stock.

Tanger Price Performance

Shares of SKT stock traded down $0.30 on Monday, reaching $33.83. 223,660 shares of the company were exchanged, compared to its average volume of 927,020. The company has a market cap of $3.83 billion, a price-to-earnings ratio of 38.44, a P/E/G ratio of 2.20 and a beta of 1.34. The business has a 50-day moving average price of $32.48 and a 200 day moving average price of $31.71. The company has a debt-to-equity ratio of 2.31, a quick ratio of 0.11 and a current ratio of 0.11. 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 released its earnings results 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. Tanger had a net margin of 18.22% and a return on equity of 15.45%. The business had revenue of $133.44 million during the quarter, compared to analysts' expectations of $132.02 million. During the same quarter in the previous year, the company earned $0.53 earnings per share. The company's quarterly revenue was up 9.2% on a year-over-year basis. Tanger has set its FY 2025 guidance at 2.240-2.310 EPS. Equities research analysts forecast that Tanger Inc. will post 2.24 earnings per share for the current fiscal 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. This represents a $1.17 annualized dividend and a yield of 3.5%. The ex-dividend date was Thursday, July 31st. Tanger's payout ratio is presently 132.95%.

Insiders Place Their Bets

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

Wall Street Analyst Weigh In

Several brokerages recently issued reports on SKT. Evercore ISI raised their target price on shares of Tanger from $33.00 to $35.00 and gave the stock an "in-line" rating in a report on Monday. Wall Street Zen raised shares of Tanger from a "sell" rating to a "hold" rating in a report on Saturday, August 9th. Barclays lifted their price objective on shares of Tanger from $33.00 to $34.00 and gave the company an "equal weight" rating in a report on Wednesday, August 27th. Finally, LADENBURG THALM/SH SH began coverage on shares of Tanger in a report on Friday, July 18th. They issued a "buy" rating and a $35.00 price objective for the company. Five research analysts have rated the stock with a Buy rating and five have issued a Hold rating to the stock. According to MarketBeat.com, Tanger presently has a consensus 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.