Renaissance Technologies LLC Sells 64,800 Shares of Tanger Inc. $SKT

Key Points

• Renaissance Technologies reduced its Tanger stake by 18.8% in the first quarter, selling 64,800 shares and retaining 280,372 shares worth approximately $9.5 million. Institutional investors collectively own 85.23% of Tanger.
• Analysts maintain a generally cautious outlook, with two Buy, seven Hold, and one Sell rating. The consensus price target is $39.70, below Tanger’s reported share price of $40.67.
• Tanger declared a quarterly dividend of $0.3125, equivalent to $1.25 annually and a 3.1% yield. Its latest quarterly revenue rose 11.1% year over year to $150.42 million, though earnings per share fell short of estimates.

Renaissance Technologies LLC reduced its position in shares of Tanger Inc. (NYSE:SKT - Free Report) by 18.8% during the first quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 280,372 shares of the real estate investment trust's stock after selling 64,800 shares during the quarter. Renaissance Technologies LLC owned about 0.24% of Tanger worth $9,527,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also added to or reduced their stakes in the company. SHP Wealth Management bought a new stake in shares of Tanger during the fourth quarter valued at approximately $25,000. EverSource Wealth Advisors LLC lifted its holdings in shares of Tanger by 127.3% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 948 shares of the real estate investment trust's stock worth $29,000 after purchasing an additional 531 shares in the last quarter. Fifth Third Bancorp lifted its holdings in shares of Tanger by 43.2% in the 1st quarter. Fifth Third Bancorp now owns 972 shares of the real estate investment trust's stock worth $33,000 after purchasing an additional 293 shares in the last quarter. Advisory Services Network LLC acquired a new stake in Tanger in the 3rd quarter valued at $33,000. Finally, Laurel Wealth Advisors LLC acquired a new stake in Tanger in the 4th quarter valued at $34,000. Institutional investors own 85.23% of the company's stock.

Wall Street Analyst Weigh In

Several research analysts have weighed in on SKT shares. Weiss Ratings restated a "buy (b)" rating on shares of Tanger in a report on Friday, July 17th. LADENBURG THALM/SH SH lifted their price objective on shares of Tanger from $40.00 to $42.00 and gave the company a "buy" rating in a report on Wednesday, June 10th. Scotiabank boosted their target price on shares of Tanger from $37.00 to $41.00 and gave the stock a "sector perform" rating in a research report on Thursday, June 18th. BMO Capital Markets upped their target price on shares of Tanger from $40.00 to $42.00 and gave the stock a "market perform" rating in a report on Monday, June 15th. Finally, Evercore set a $39.00 price target on shares of Tanger in a research report on Tuesday, July 7th. Two research analysts have rated the stock with a Buy rating, seven have issued a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, Tanger presently has an average rating of "Hold" and a consensus price target of $39.70.

Tanger Stock Performance

NYSE SKT opened at $40.67 on Monday. The company has a fifty day moving average price of $39.39 and a 200-day moving average price of $36.60. The firm has a market cap of $4.67 billion, a price-to-earnings ratio of 38.01, a PEG ratio of 2.08 and a beta of 1.10. The company has a debt-to-equity ratio of 2.67, a current ratio of 3.36 and a quick ratio of 3.36. Tanger Inc. has a 1 year low of $29.24 and a 1 year high of $42.53.

Tanger (NYSE:SKT - Get Free Report) last released its quarterly earnings results on Thursday, April 30th. The real estate investment trust reported $0.24 earnings per share for the quarter, missing analysts' consensus estimates of $0.28 by ($0.04). Tanger had a net margin of 20.76% and a return on equity of 17.53%. The firm had revenue of $150.42 million for the quarter, compared to the consensus estimate of $142.94 million. During the same period in the previous year, the business earned $0.53 earnings per share. The firm's revenue for the quarter was up 11.1% on a year-over-year basis. As a group, equities research analysts predict that Tanger Inc. will post 2.48 EPS for the current fiscal year.

Tanger Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, August 14th. Shareholders of record on Friday, July 31st will be paid a $0.3125 dividend. The ex-dividend date is Friday, July 31st. This represents a $1.25 annualized dividend and a yield of 3.1%. Tanger's dividend payout ratio (DPR) is 116.82%.

Tanger Company Profile

Tanger Factory Outlet Centers, Inc NYSE: SKT is a real estate investment trust specializing in the ownership, development and management of outlet shopping centers. The company's portfolio comprises more than 40 outlet properties anchored by leading fashion and lifestyle brands. Tanger's centers are designed to offer off-price retail experiences in open-air, community-oriented settings, providing value-focused shoppers with access to premium brands at reduced prices.

Founded in 1981 by Stanley K.

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