Raymond James Financial Inc. Has $4.67 Million Holdings in Tanger Inc. $SKT

Key Points

• Raymond James Financial Inc. has decreased its stake in Tanger Inc. by 5.2% in the first quarter, now holding approximately 0.12% of the company valued at $4.67 million.
• Despite the decrease by Raymond James, several other hedge funds, including Xponance Inc. and the Public Employees Retirement System of Ohio, have raised their holdings in Tanger, indicating a diverse portfolio interest from institutional investors.
• Tanger recently reported a quarterly earnings per share of $0.58, exceeding analyst expectations, and announced a quarterly dividend of $0.2925 which reflects an annualized yield of 3.4%.

Raymond James Financial Inc. trimmed its stake in Tanger Inc. (NYSE:SKT - Free Report) by 5.2% during the first quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 138,072 shares of the real estate investment trust's stock after selling 7,603 shares during the period. Raymond James Financial Inc. owned 0.12% of Tanger worth $4,665,000 at the end of the most recent reporting period.

Other institutional investors have also made changes to their positions in the company. NBC Securities Inc. bought a new position in shares of Tanger in the 1st quarter valued at approximately $30,000. Caitong International Asset Management Co. Ltd raised its stake in shares of Tanger by 3,451.2% in the 1st quarter. Caitong International Asset Management Co. Ltd now owns 1,456 shares of the real estate investment trust's stock valued at $49,000 after acquiring an additional 1,415 shares in the last quarter. GF Fund Management CO. LTD. bought a new position in shares of Tanger in the 4th quarter valued at approximately $68,000. Contravisory Investment Management Inc. raised its stake in shares of Tanger by 1,027.9% in the 1st quarter. Contravisory Investment Management Inc. now owns 5,628 shares of the real estate investment trust's stock valued at $190,000 after acquiring an additional 5,129 shares in the last quarter. Finally, Bailard Inc. bought a new position in shares of Tanger in the 1st quarter valued at approximately $203,000. 85.23% of the stock is owned by institutional investors.

Insider Buying and Selling at Tanger

In other news, EVP Gallardo Leslie Swanson sold 17,500 shares of Tanger stock in a transaction that occurred on Friday, September 5th. The stock was sold at an average price of $34.74, for a total transaction of $607,950.00. Following the sale, the executive vice president owned 92,665 shares of the company's stock, valued at approximately $3,219,182.10. This trade represents a 15.89% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders own 5.70% of the company's stock.

Wall Street Analyst Weigh In

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

Tanger Stock Performance

NYSE SKT traded up $0.46 during trading on Thursday, hitting $34.59. The company's stock had a trading volume of 617,293 shares, compared to its average volume of 667,630. 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 firm has a 50 day moving average price of $32.43 and a 200 day moving average price of $31.77. The firm has a market cap of $3.91 billion, a P/E ratio of 39.31, a price-to-earnings-growth ratio of 2.20 and a beta of 1.34. Tanger Inc. has a 52 week low of $28.69 and a 52 week high of $37.57.

Tanger (NYSE:SKT - Get Free Report) last announced its quarterly earnings data on Monday, August 4th. The real estate investment trust reported $0.58 earnings per share 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 company had revenue of $133.44 million for the quarter, compared to analyst estimates of $132.02 million. During the same quarter last year, the firm earned $0.53 EPS. Tanger'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. Equities research analysts forecast that Tanger Inc. will post 2.24 earnings per share for the current fiscal year.

Tanger Announces Dividend

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