1,714,305 Shares in Tanger Inc. $SKT Purchased by Nuveen LLC

Key Points

• Nuveen LLC acquired 1,714,305 shares of Tanger Inc. valued at approximately $57.93 million, which represents about 1.51% of the company as of the latest quarter.
• The company's most recent quarterly earnings reported a revenue increase of 9.2% from the previous year, with earnings per share of $0.58, surpassing estimates by $0.02.
• Tanger Inc. announced a quarterly dividend of $0.2925 per share, with an annualized yield of 3.6%, although its payout ratio stands at 132.95%.

Nuveen LLC acquired a new position in shares of Tanger Inc. (NYSE:SKT - Free Report) in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund acquired 1,714,305 shares of the real estate investment trust's stock, valued at approximately $57,926,000. Nuveen LLC owned approximately 1.51% of Tanger as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Citigroup Inc. grew its holdings in shares of Tanger by 13.5% in the first quarter. Citigroup Inc. now owns 196,082 shares of the real estate investment trust's stock valued at $6,626,000 after acquiring an additional 23,305 shares in the last quarter. Mitsubishi UFJ Asset Management Co. Ltd. grew its holdings in shares of Tanger by 4.2% in the first quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 76,051 shares of the real estate investment trust's stock valued at $2,570,000 after acquiring an additional 3,047 shares in the last quarter. Vanguard Group Inc. grew its holdings in shares of Tanger by 1.1% in the first quarter. Vanguard Group Inc. now owns 17,511,443 shares of the real estate investment trust's stock valued at $591,712,000 after acquiring an additional 193,141 shares in the last quarter. Intrust Bank NA grew its holdings in shares of Tanger by 12.0% in the first quarter. Intrust Bank NA now owns 15,581 shares of the real estate investment trust's stock valued at $526,000 after acquiring an additional 1,666 shares in the last quarter. Finally, New Age Alpha Advisors LLC grew its holdings in shares of Tanger by 168.3% in the first quarter. New Age Alpha Advisors LLC now owns 129,316 shares of the real estate investment trust's stock valued at $4,370,000 after acquiring an additional 81,111 shares in the last quarter. 85.23% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

Several equities analysts have recently issued reports on the company. Evercore ISI raised Tanger to a "hold" rating in a report on Friday, May 2nd. Wall Street Zen raised Tanger from a "sell" rating to a "hold" rating in a report on Saturday, August 9th. LADENBURG THALM/SH SH initiated coverage on Tanger in a report on Friday, July 18th. They issued a "buy" rating and a $35.00 target price for the company. Barclays initiated coverage on Tanger in a report on Wednesday, July 2nd. They set an "equal weight" rating and a $33.00 price objective for the company. Finally, Scotiabank reduced their price objective on Tanger from $38.00 to $33.00 and set a "sector perform" rating for the company in a report on Wednesday, April 23rd. Five equities research analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company's stock. According to MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $36.40.

Tanger Stock Performance

Shares of NYSE:SKT traded up $0.5820 during trading on Tuesday, hitting $32.7920. 78,015 shares of the company were exchanged, compared to its average volume of 953,540. The company has a market cap of $3.71 billion, a PE ratio of 37.26, a P/E/G ratio of 2.12 and a beta of 1.23. The stock has a 50 day moving average of $31.18 and a 200 day moving average of $31.79. Tanger Inc. has a 52-week low of $28.13 and a 52-week high of $37.57. The company has a debt-to-equity ratio of 2.31, a current ratio of 0.11 and a quick ratio of 0.11.

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

Tanger Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Friday, August 15th. Stockholders 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 dividend yield of 3.6%. Tanger's dividend payout ratio is presently 132.95%.

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.