Pensionfund Sabic Sells 8,000 Shares of Tanger Inc. $SKT

Key Points

• Pensionfund Sabic significantly reduced its stake in Tanger Inc. by 57.1%, now holding only 6,000 shares worth approximately $203,000.
• Major institutional investors, including Nissay Asset Management Corp Japan and Xponance Inc., have increased their positions in Tanger, highlighting continued interest in the company's stock.
• Following its recent earnings report, Tanger Inc. has received a Moderate Buy consensus rating, with a target price set at $36.50 by analysts, indicating positive market outlook.

Pensionfund Sabic cut its holdings in Tanger Inc. (NYSE:SKT - Free Report) by 57.1% during the first quarter, according to its most recent Form 13F filing with the SEC. The firm owned 6,000 shares of the real estate investment trust's stock after selling 8,000 shares during the period. Pensionfund Sabic's holdings in Tanger were worth $203,000 as of its most recent filing with the SEC.

A number of other institutional investors have also made changes to their positions in the business. Nissay Asset Management Corp Japan ADV increased its stake in shares of Tanger by 2.4% in the first quarter. Nissay Asset Management Corp Japan ADV now owns 16,664 shares of the real estate investment trust's stock worth $563,000 after purchasing an additional 385 shares during the period. Xponance Inc. grew its position in Tanger by 6.7% during the first quarter. Xponance Inc. now owns 8,156 shares of the real estate investment trust's stock worth $276,000 after buying an additional 514 shares in the last quarter. Public Employees Retirement System of Ohio grew its position in Tanger by 0.4% during the fourth quarter. Public Employees Retirement System of Ohio now owns 157,814 shares of the real estate investment trust's stock worth $5,386,000 after buying an additional 554 shares in the last quarter. Albert D Mason Inc. grew its position in Tanger by 0.9% during the first quarter. Albert D Mason Inc. now owns 66,999 shares of the real estate investment trust's stock worth $2,264,000 after buying an additional 606 shares in the last quarter. Finally, Ibex Wealth Advisors grew its position in Tanger by 4.0% during the first quarter. Ibex Wealth Advisors now owns 22,329 shares of the real estate investment trust's stock worth $754,000 after buying an additional 862 shares in the last quarter. 85.23% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

A number of equities research analysts recently weighed in on the company. Wall Street Zen raised Tanger from a "sell" rating to a "hold" rating in a research report on Saturday, August 9th. Barclays lifted their target price on Tanger from $33.00 to $34.00 and gave the stock an "equal weight" rating in a research report on Wednesday, August 27th. Finally, LADENBURG THALM/SH SH assumed coverage on Tanger in a research report on Friday, July 18th. They set a "buy" rating and a $35.00 target price on the stock. Five 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.com, Tanger has a consensus rating of "Moderate Buy" and a consensus target price of $36.50.

Tanger Stock Down 1.1%

Shares of SKT opened at $34.16 on Friday. The company has a market capitalization of $3.87 billion, a P/E ratio of 38.82, a PEG ratio of 2.23 and a beta of 1.34. 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 Inc. has a one year low of $28.69 and a one year high of $37.57. The business's 50 day simple moving average is $32.48 and its 200-day simple moving average is $31.74.

Tanger (NYSE:SKT - Get Free Report) last announced its earnings results on Monday, August 4th. The real estate investment trust reported $0.58 EPS for the quarter, topping the consensus estimate of $0.56 by $0.02. Tanger had a return on equity of 15.45% and a net margin of 18.22%.The business had revenue of $133.44 million for the quarter, compared to the consensus estimate of $132.02 million. During the same period in the previous year, the business earned $0.53 EPS. Tanger's revenue was up 9.2% compared to the same quarter last year. Tanger has set its FY 2025 guidance at 2.240-2.310 EPS. As a group, sell-side analysts predict that Tanger Inc. will post 2.24 EPS for the current fiscal year.

Tanger Dividend Announcement

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

Insider Activity at Tanger

In other Tanger news, EVP Gallardo Leslie Swanson sold 17,500 shares of the company's stock in a transaction 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 sale, 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 position. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. 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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