Tanger Inc. $SKT Shares Sold by Pensionfund Sabic

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 the company in 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 quarter. 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 also recently bought and sold shares of the business. Voya Investment Management LLC increased its stake in Tanger by 98.9% in the first quarter. Voya Investment Management LLC now owns 154,079 shares of the real estate investment trust's stock valued at $5,206,000 after purchasing an additional 76,614 shares during the period. Strs Ohio acquired a new position in Tanger in the first quarter valued at $672,000. Intech Investment Management LLC increased its stake in Tanger by 5.7% in the first quarter. Intech Investment Management LLC now owns 93,560 shares of the real estate investment trust's stock valued at $3,161,000 after purchasing an additional 5,011 shares during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its stake in Tanger by 436.9% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 801,200 shares of the real estate investment trust's stock valued at $27,073,000 after purchasing an additional 651,961 shares during the period. Finally, United Services Automobile Association acquired a new position in Tanger in the first quarter valued at $233,000. 85.23% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity

In other Tanger news, EVP Gallardo Leslie Swanson sold 17,500 shares of the company'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 sale, the executive vice president owned 92,665 shares of the company's stock, valued at $3,219,182.10. This represents a 15.89% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. 5.70% of the stock is owned by company insiders.

Analyst Ratings Changes

Several analysts have recently weighed in on SKT shares. LADENBURG THALM/SH SH started coverage on shares of Tanger in a report on Friday, July 18th. They issued a "buy" rating and a $35.00 target price on the stock. Evercore ISI lifted their target price on shares of Tanger from $33.00 to $35.00 and gave the company 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. Finally, Barclays lifted their target price 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. Five equities research analysts have rated the stock with a Buy rating and five have given a Hold rating to the stock. According to MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $36.70.

Tanger Price Performance

SKT stock traded down $0.35 during trading on Friday, reaching $33.47. 400,053 shares of the company were exchanged, compared to its average volume of 936,244. The company has a market cap of $3.79 billion, a P/E ratio of 38.05, a PEG ratio of 2.19 and a beta of 1.34. Tanger Inc. has a 52-week low of $28.69 and a 52-week high of $37.57. The stock's 50 day moving average price is $32.66 and its 200 day moving average price is $31.72. 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 (NYSE:SKT - Get Free Report) last announced its quarterly earnings results on Monday, August 4th. The real estate investment trust reported $0.58 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.56 by $0.02. Tanger had a net margin of 18.22% and a return on equity of 15.45%. The company had revenue of $133.44 million for the quarter, compared to the consensus estimate of $132.02 million. During the same quarter in the prior year, the firm earned $0.53 earnings per share. The company's revenue for the quarter 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, analysts predict that Tanger Inc. will post 2.24 earnings per share for the current fiscal year.

Tanger Dividend Announcement

The firm also recently declared 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 dividend yield of 3.5%. The ex-dividend date of this dividend was Thursday, July 31st. Tanger's dividend payout ratio is 132.95%.

About Tanger

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.