Citigroup Inc. Has $6.63 Million Stock Position in Tanger Inc. $SKT

Key Points

• Citigroup Inc. increased its holdings in Tanger Inc. by 13.5% in the first quarter, now owning approximately $6.63 million worth of shares.
• Tanger reported earnings of $0.58 per share, beating analysts' expectations, and its revenue increased by 9.2% year-over-year.
• The company announced a quarterly dividend of $0.2925 per share, reflecting a yield of 3.6% despite a high dividend payout ratio.

Citigroup Inc. boosted its position in Tanger Inc. (NYSE:SKT - Free Report) by 13.5% in the 1st quarter, according to its most recent filing with the SEC. The fund owned 196,082 shares of the real estate investment trust's stock after purchasing an additional 23,305 shares during the period. Citigroup Inc. owned about 0.17% of Tanger worth $6,626,000 as of its most recent filing with the SEC.

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

Tanger Stock Performance

Shares of SKT traded up $0.8470 during mid-day trading on Friday, hitting $33.5570. 74,375 shares of the company's stock were exchanged, compared to its average volume of 947,095. Tanger Inc. has a 52 week low of $28.69 and a 52 week high of $37.57. The stock's 50-day simple moving average is $31.33 and its 200-day simple moving average is $31.80. The firm has a market cap of $3.80 billion, a price-to-earnings ratio of 38.17, a price-to-earnings-growth ratio of 2.13 and a beta of 1.23. The company has a quick ratio of 0.11, a current ratio of 0.11 and a debt-to-equity ratio of 2.31.

Tanger (NYSE:SKT - Get Free Report) last posted its quarterly 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. The business had revenue of $133.44 million for the quarter, compared to analyst estimates of $132.02 million. Tanger had a net margin of 18.22% and a return on equity of 15.45%. The firm's revenue for the quarter was up 9.2% on a year-over-year basis. During the same quarter last year, the business posted $0.53 EPS. Tanger has set its FY 2025 guidance at 2.240-2.310 EPS. On average, equities research analysts expect that Tanger Inc. will post 2.24 EPS for the current year.

Tanger Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Friday, August 15th. Investors of record on Thursday, July 31st were given a dividend of $0.2925 per share. The ex-dividend date 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 currently 132.95%.

Wall Street Analysts Forecast Growth

Several equities research analysts recently issued reports on SKT shares. Evercore ISI upgraded shares of Tanger to a "hold" rating in a research note on Friday, May 2nd. Barclays started coverage on shares of Tanger in a report on Wednesday, July 2nd. They issued an "equal weight" rating and a $33.00 price target on the stock. Wall Street Zen raised shares of Tanger from a "sell" rating to a "hold" rating in a report on Saturday, August 9th. Finally, LADENBURG THALM/SH SH started coverage on shares of Tanger in a report on Friday, July 18th. They issued a "buy" rating and a $35.00 price target on the stock. Five research analysts have rated the stock with a Buy rating and five have issued a Hold rating to the stock. According to MarketBeat, Tanger presently has an average rating of "Moderate Buy" and an average target price of $36.40.

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.