Tanger Inc. $SKT Holdings Lowered by Healthcare of Ontario Pension Plan Trust Fund

Key Points

• Healthcare of Ontario Pension Plan Trust Fund slashed its Tanger stake by 95.4% in the first quarter, selling 189,232 shares and retaining 9,110 shares worth approximately $310,000. Institutional investors collectively own 85.23% of SKT.
• Analyst sentiment remains neutral: seven analysts rate Tanger a Hold, two rate it a Buy, and one rates it a Sell. The average price target is $39.70, below the reported share price of $40.67.
• Tanger’s latest quarterly earnings missed expectations, with adjusted EPS of $0.24 versus a $0.28 estimate, despite revenue rising 11.1% year over year to $150.42 million. The company declared a quarterly dividend of $0.3125 per share, implying a 3.1% yield.

Healthcare of Ontario Pension Plan Trust Fund cut its stake in Tanger Inc. (NYSE:SKT - Free Report) by 95.4% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 9,110 shares of the real estate investment trust's stock after selling 189,232 shares during the period. Healthcare of Ontario Pension Plan Trust Fund's holdings in Tanger were worth $310,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. SHP Wealth Management acquired a new position in shares of Tanger during the 4th quarter valued at $25,000. EverSource Wealth Advisors LLC lifted its holdings in shares of Tanger by 127.3% in the second quarter. EverSource Wealth Advisors LLC now owns 948 shares of the real estate investment trust's stock valued at $29,000 after buying an additional 531 shares during the period. Fifth Third Bancorp lifted its holdings in shares of Tanger by 43.2% in the first quarter. Fifth Third Bancorp now owns 972 shares of the real estate investment trust's stock valued at $33,000 after buying an additional 293 shares during the period. Advisory Services Network LLC bought a new position in Tanger during the third quarter valued at about $33,000. Finally, Laurel Wealth Advisors LLC acquired a new position in Tanger during the fourth quarter worth about $34,000. 85.23% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

Several equities analysts have recently weighed in on the stock. Barclays raised their price objective on shares of Tanger from $38.00 to $41.00 and gave the company an "equal weight" rating in a research report on Tuesday, May 12th. Bank of America reissued an "underperform" rating and set a $38.00 target price on shares of Tanger in a research note on Tuesday, June 16th. BMO Capital Markets lifted their price target on shares of Tanger from $40.00 to $42.00 and gave the stock a "market perform" rating in a research report on Monday, June 15th. UBS Group set a $41.00 price target on Tanger in a report on Thursday, June 18th. Finally, Deutsche Bank Aktiengesellschaft increased their price objective on Tanger from $35.00 to $40.00 and gave the company a "hold" rating in a research report on Wednesday, June 17th. Two investment analysts have rated the stock with a Buy rating, seven have given a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, the stock currently has an average rating of "Hold" and an average price target of $39.70.

Tanger Stock Up 0.0%

Shares of NYSE:SKT opened at $40.67 on Monday. The firm has a 50 day simple moving average of $39.39 and a 200 day simple moving average of $36.60. Tanger Inc. has a 52 week low of $29.24 and a 52 week high of $42.53. The company has a debt-to-equity ratio of 2.67, a quick ratio of 3.36 and a current ratio of 3.36. The company has a market cap of $4.67 billion, a PE ratio of 38.01, a price-to-earnings-growth ratio of 2.08 and a beta of 1.10.

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

Tanger Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, August 14th. Stockholders of record on Friday, July 31st will be issued a dividend of $0.3125 per share. The ex-dividend date is Friday, July 31st. This represents a $1.25 dividend on an annualized basis and a dividend yield of 3.1%. Tanger's payout ratio is currently 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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