State of Alaska Department of Revenue Boosts Position in Tanger Inc. $SKT

Key Points

• The State of Alaska Department of Revenue increased its holdings in Tanger Inc. by 7.0% during the second quarter, now owning 121,677 shares valued at approximately $3.7 million.
• Tanger Inc. reported $0.58 EPS for the last quarter, exceeding expectations, with revenues increasing by 9.2% year-over-year.
• The company declared a quarterly dividend of $0.2925 per share, yielding 3.5%, with a high dividend payout ratio of 132.95%.

State of Alaska Department of Revenue grew its holdings in shares of Tanger Inc. (NYSE:SKT - Free Report) by 7.0% during the 2nd quarter, according to its most recent Form 13F filing with the SEC. The firm owned 121,677 shares of the real estate investment trust's stock after buying an additional 7,991 shares during the period. State of Alaska Department of Revenue owned 0.11% of Tanger worth $3,719,000 as of its most recent SEC filing.

Several other hedge funds have also recently made changes to their positions in SKT. Wealth Enhancement Advisory Services LLC purchased a new position in shares of Tanger during the fourth quarter valued at approximately $237,000. GAMMA Investing LLC increased its stake in shares of Tanger by 3,414.0% during the first quarter. GAMMA Investing LLC now owns 90,591 shares of the real estate investment trust's stock valued at $3,061,000 after buying an additional 88,013 shares during the period. NBC Securities Inc. purchased a new position in shares of Tanger during the first quarter valued at approximately $30,000. Contravisory Investment Management Inc. increased its stake in shares of Tanger by 1,027.9% during 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 buying an additional 5,129 shares during the period. Finally, Ibex Wealth Advisors increased its stake in shares of Tanger by 4.0% during the first quarter. Ibex Wealth Advisors now owns 22,329 shares of the real estate investment trust's stock valued at $754,000 after buying an additional 862 shares during the period. 85.23% of the stock is owned by hedge funds and other institutional investors.

Tanger Trading Up 1.8%

Tanger stock opened at $33.88 on Wednesday. The company has a current ratio of 0.11, a quick ratio of 0.11 and a debt-to-equity ratio of 2.31. The business's fifty day simple moving average is $32.91 and its two-hundred day simple moving average is $31.71. Tanger Inc. has a 12 month low of $28.69 and a 12 month high of $37.57. The company has a market capitalization of $3.83 billion, a price-to-earnings ratio of 38.50, a price-to-earnings-growth ratio of 2.15 and a beta of 1.34.

Tanger (NYSE:SKT - Get Free Report) last released 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 company posted $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, equities analysts predict that Tanger Inc. will post 2.24 earnings per share for the current fiscal year.

Tanger Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, August 15th. Stockholders of record on Thursday, July 31st were paid a $0.2925 dividend. The ex-dividend date of this dividend was Thursday, July 31st. This represents a $1.17 annualized dividend and a dividend yield of 3.5%. Tanger's dividend payout ratio (DPR) is 132.95%.

Insider Activity at Tanger

In other news, EVP Gallardo Leslie Swanson sold 17,500 shares of the firm's stock in a transaction dated Friday, September 5th. The stock was sold at an average price of $34.74, for a total value of $607,950.00. Following the transaction, the executive vice president owned 92,665 shares of the company's stock, valued at $3,219,182.10. This trade represents a 15.89% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. 5.70% of the stock is owned by company insiders.

Analyst Ratings Changes

Several research firms have recently issued reports on SKT. Evercore ISI boosted their target price on Tanger from $33.00 to $35.00 and gave the company an "in-line" rating in a research note on Monday, September 15th. Wall Street Zen upgraded Tanger from a "sell" rating to a "hold" rating in a research report on Saturday, August 9th. LADENBURG THALM/SH SH initiated coverage on Tanger in a research report on Friday, July 18th. They set 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 company an "equal weight" rating in a research report on Wednesday, August 27th. Five research analysts have rated the stock with a Buy rating and five have given a Hold rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $36.70.

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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