Northern Trust Corp Purchases 21,970 Shares of Tanger Inc. $SKT

Key Points

• Northern Trust Corp increased its stake in Tanger Inc. by 1.2%, owning 1,839,022 shares worth approximately $62.14 million after acquiring an additional 21,970 shares in the first quarter.
• Several analysts have set new price targets for Tanger, with a consensus rating of "Moderate Buy" and an average target price of $36.40, indicating positive market sentiment.
• Tanger recently reported a quarterly earnings per share of $0.58, surpassing analysts' expectations and reflecting a year-over-year revenue growth of 9.2%.

Northern Trust Corp boosted its holdings in Tanger Inc. (NYSE:SKT - Free Report) by 1.2% in the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 1,839,022 shares of the real estate investment trust's stock after purchasing an additional 21,970 shares during the period. Northern Trust Corp owned approximately 1.62% of Tanger worth $62,141,000 at the end of the most recent reporting period.

Several other hedge funds have also added to or reduced their stakes in the business. American Century Companies Inc. lifted its stake in Tanger by 6.1% in the first quarter. American Century Companies Inc. now owns 39,223 shares of the real estate investment trust's stock worth $1,325,000 after purchasing an additional 2,256 shares during the last quarter. Aberdeen Group plc lifted its stake in Tanger by 6.0% in the first quarter. Aberdeen Group plc now owns 37,613 shares of the real estate investment trust's stock worth $1,271,000 after purchasing an additional 2,121 shares during the last quarter. Caitong International Asset Management Co. Ltd lifted its stake 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 worth $49,000 after purchasing an additional 1,415 shares during the last quarter. Russell Investments Group Ltd. lifted its stake in Tanger by 91.6% in the first quarter. Russell Investments Group Ltd. now owns 29,434 shares of the real estate investment trust's stock worth $995,000 after purchasing an additional 14,069 shares during the last quarter. Finally, Resona Asset Management Co. Ltd. lifted its stake in Tanger by 8.9% in the first quarter. Resona Asset Management Co. Ltd. now owns 48,065 shares of the real estate investment trust's stock worth $1,586,000 after purchasing an additional 3,941 shares during the last quarter. 85.23% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

Several research firms have weighed in on SKT. 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 price target for the company. Barclays boosted their price target on shares of Tanger from $33.00 to $34.00 and gave the stock an "equal weight" rating in a research note on Wednesday, August 27th. Finally, Wall Street Zen raised shares of Tanger from a "sell" rating to a "hold" rating in a research note on Saturday, August 9th. Five analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company's stock. According to MarketBeat, Tanger currently has a consensus rating of "Moderate Buy" and an average price target of $36.50.

Tanger Trading Up 0.6%

Shares of NYSE:SKT traded up $0.20 during midday trading on Monday, hitting $34.20. 811,919 shares of the stock traded hands, compared to its average volume of 836,239. The business's 50 day moving average is $31.79 and its two-hundred day moving average is $31.78. Tanger Inc. has a one year low of $28.69 and a one year high of $37.57. 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 stock has a market capitalization of $3.87 billion, a PE ratio of 38.86, a P/E/G ratio of 2.20 and a beta of 1.34.

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 for the quarter, topping analysts' consensus estimates of $0.56 by $0.02. The firm had revenue of $133.44 million for 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%. The business's quarterly revenue was up 9.2% on a year-over-year basis. During the same period in the previous year, the firm posted $0.53 EPS. Tanger has set its FY 2025 guidance at 2.240-2.310 EPS. As a group, research analysts forecast that Tanger Inc. will post 2.24 earnings per share for the current year.

Tanger Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Friday, August 15th. Investors of record on Thursday, July 31st were issued a dividend of $0.2925 per share. This represents a $1.17 annualized dividend and a yield of 3.4%. The ex-dividend date was Thursday, July 31st. Tanger's dividend payout ratio is presently 132.95%.

Tanger 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.