Raymond James Financial Inc. Lowers Stock Position 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. cut its holdings in shares of Tanger Inc. (NYSE:SKT - Free Report) by 5.2% during the 1st quarter, according to its most recent Form 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 quarter. Raymond James Financial Inc. owned 0.12% of Tanger worth $4,665,000 at the end of the most recent quarter.

Several other large investors have also added to or reduced their stakes in SKT. NBC Securities Inc. purchased a new position in shares of Tanger in the 1st quarter worth about $30,000. Caitong International Asset Management Co. Ltd increased 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 period. GF Fund Management CO. LTD. bought a new stake in shares of Tanger in the 4th quarter valued at about $68,000. Contravisory Investment Management Inc. grew its stake in Tanger by 1,027.9% in the first quarter. Contravisory Investment Management Inc. now owns 5,628 shares of the real estate investment trust's stock valued at $190,000 after purchasing an additional 5,129 shares during the last quarter. Finally, Bailard Inc. purchased a new stake in Tanger in the first quarter valued at approximately $203,000. Institutional investors own 85.23% of the company's stock.

Insider Transactions at Tanger

In other 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 transaction of $607,950.00. Following the completion of the transaction, the executive vice president directly owned 92,665 shares of the company's stock, valued at approximately $3,219,182.10. This represents a 15.89% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Company insiders own 5.70% of the company's stock.

Tanger Price Performance

Shares of Tanger stock traded down $0.36 during midday trading on Wednesday, hitting $34.14. 308,333 shares of the company were exchanged, compared to its average volume of 932,237. The firm has a 50 day simple moving average of $32.31 and a 200-day simple moving average of $31.77. The firm has a market cap of $3.86 billion, a P/E ratio of 38.81, a PEG ratio of 2.24 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 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 released 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. 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 analyst estimates of $132.02 million. During the same quarter in the prior year, the company posted $0.53 earnings per share. Tanger's revenue was up 9.2% on a year-over-year basis. Tanger has set its FY 2025 guidance at 2.240-2.310 EPS. Research analysts forecast that Tanger Inc. will post 2.24 earnings per share for the current year.

Tanger Announces Dividend

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

Wall Street Analyst Weigh In

A number of equities research analysts have recently commented on SKT shares. LADENBURG THALM/SH SH assumed coverage on shares of Tanger in a research report on Friday, July 18th. They issued a "buy" rating and a $35.00 target price for the company. Barclays upped their price target on 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 upgraded Tanger from a "sell" rating to a "hold" rating in a research report on Saturday, August 9th. Five investment analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company's stock. According to data from MarketBeat.com, the company has an average rating of "Moderate Buy" and an average price target of $36.50.

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.