Tanger Inc. $SKT Shares Acquired by LPL Financial LLC

Key Points

• LPL Financial LLC increased its stake in Tanger Inc. by 13.1%, now owning approximately 0.07% of the company, valued at $2.614 million.
• Tanger Inc. reported $0.58 earnings per share for the last quarter, surpassing expectations, and its revenue increased by 9.2% year-over-year.
• The company recently announced a quarterly dividend of $0.2925, yielding 3.6%, with a payout ratio of 132.95%.

LPL Financial LLC lifted its stake in shares of Tanger Inc. (NYSE:SKT - Free Report) by 13.1% in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 77,372 shares of the real estate investment trust's stock after buying an additional 8,972 shares during the period. LPL Financial LLC owned approximately 0.07% of Tanger worth $2,614,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also made changes to their positions in SKT. Bank of Montreal Can lifted its stake in shares of Tanger by 12.1% during the fourth quarter. Bank of Montreal Can now owns 16,351 shares of the real estate investment trust's stock worth $558,000 after buying an additional 1,764 shares during the period. Raymond James Financial Inc. acquired a new stake in shares of Tanger during the fourth quarter worth $4,972,000. Summit Investment Advisors Inc. lifted its stake in shares of Tanger by 5.2% during the fourth quarter. Summit Investment Advisors Inc. now owns 11,139 shares of the real estate investment trust's stock worth $380,000 after buying an additional 553 shares during the period. Barclays PLC lifted its stake in shares of Tanger by 36.5% during the fourth quarter. Barclays PLC now owns 328,099 shares of the real estate investment trust's stock worth $11,198,000 after buying an additional 87,818 shares during the period. Finally, NewEdge Advisors LLC lifted its stake in shares of Tanger by 7.2% during the fourth quarter. NewEdge Advisors LLC now owns 89,231 shares of the real estate investment trust's stock worth $3,045,000 after buying an additional 6,000 shares during the period. 85.23% of the stock is currently owned by institutional investors and hedge funds.

Tanger Stock Down 0.6%

SKT opened at $32.29 on Monday. Tanger Inc. has a fifty-two week low of $27.84 and a fifty-two week high of $37.57. The company has a debt-to-equity ratio of 2.31, a quick ratio of 0.11 and a current ratio of 0.11. The company has a fifty day moving average of $31.15 and a two-hundred day moving average of $31.79. The stock has a market capitalization of $3.65 billion, a price-to-earnings ratio of 36.69, a PEG ratio of 2.12 and a beta of 1.23.

Tanger (NYSE:SKT - Get Free Report) last released its quarterly earnings data on Monday, August 4th. The real estate investment trust reported $0.58 earnings per share for the quarter, beating analysts' consensus estimates of $0.56 by $0.02. Tanger had a net margin of 18.22% and a return on equity of 15.45%. The company had revenue of $133.44 million during the quarter, compared to analysts' expectations of $132.02 million. During the same quarter in the previous year, the company earned $0.53 earnings per share. The firm's revenue for the quarter was up 9.2% on a year-over-year basis. On average, research analysts expect that Tanger Inc. will post 2.24 earnings per share for the current year.

Tanger Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, August 15th. Shareholders of record on Thursday, July 31st were issued a $0.2925 dividend. The ex-dividend date of this dividend was Thursday, July 31st. This represents a $1.17 dividend on an annualized basis and a yield of 3.6%. Tanger's payout ratio is presently 132.95%.

Analysts Set New Price Targets

Several equities research analysts have recently commented on SKT shares. Barclays started coverage on shares of Tanger in a research note on Wednesday, July 2nd. They set an "equal weight" rating and a $33.00 price objective for the company. LADENBURG THALM/SH SH started coverage on shares of Tanger in a report on Friday, July 18th. They set a "buy" rating and a $35.00 target price for the company. Evercore ISI raised shares of Tanger to a "hold" rating in a report on Friday, May 2nd. Scotiabank reduced their target price on shares of Tanger from $38.00 to $33.00 and set a "sector perform" rating for the company in a report on Wednesday, April 23rd. Finally, Wall Street Zen raised shares of Tanger from a "sell" rating to a "hold" rating in a report on Saturday, August 9th. Six research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company's stock. According to data from MarketBeat, the stock has a consensus rating of "Hold" and an average price target of $36.40.

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.

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