Russell Investments Group Ltd. Has $995,000 Holdings in Tanger Inc. $SKT

Key Points

• Russell Investments Group Ltd. increased its stake in Tanger Inc. by 91.6% in the first quarter, bringing its total holdings to 29,434 shares valued at approximately $995,000.
• Several hedge funds including Nuveen LLC and Northern Trust Corp have also significantly increased their positions in Tanger, reflecting strong institutional interest as they control about 85.23% of the company's stock.
• Tanger Inc. recently reported earnings per share of $0.58 for the quarter, beating estimates, and also announced a quarterly dividend of $0.2925 per share, with a dividend yield of 3.4%.

Russell Investments Group Ltd. lifted its position in shares of Tanger Inc. (NYSE:SKT - Free Report) by 91.6% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 29,434 shares of the real estate investment trust's stock after purchasing an additional 14,069 shares during the period. Russell Investments Group Ltd.'s holdings in Tanger were worth $995,000 at the end of the most recent quarter.

Several other large investors have also recently bought and sold shares of the stock. Nuveen LLC acquired a new stake in Tanger during the first quarter worth approximately $57,926,000. Nuveen Asset Management LLC lifted its position in Tanger by 78.6% during the fourth quarter. Nuveen Asset Management LLC now owns 1,714,769 shares of the real estate investment trust's stock worth $58,525,000 after acquiring an additional 754,429 shares during the last quarter. Northern Trust Corp lifted its position in Tanger by 56.4% during the fourth quarter. Northern Trust Corp now owns 1,817,052 shares of the real estate investment trust's stock worth $62,016,000 after acquiring an additional 655,237 shares during the last quarter. Vanguard Group Inc. lifted its position in Tanger by 1.1% during the first quarter. Vanguard Group Inc. now owns 17,511,443 shares of the real estate investment trust's stock worth $591,712,000 after acquiring an additional 193,141 shares during the last quarter. Finally, Jefferies Financial Group Inc. acquired a new stake in Tanger during the first quarter worth approximately $6,296,000. 85.23% of the stock is owned by institutional investors.

Tanger Price Performance

NYSE:SKT traded up $0.49 during mid-day trading on Wednesday, reaching $33.96. The stock had a trading volume of 616,500 shares, compared to its average volume of 771,592. The stock has a 50-day simple moving average of $32.00 and a two-hundred day simple moving average of $31.80. The stock has a market capitalization of $3.84 billion, a PE ratio of 38.59, a P/E/G ratio of 2.20 and a beta of 1.34. The company has a debt-to-equity ratio of 2.31, a current ratio of 0.11 and a quick ratio of 0.11. Tanger Inc. has a 12 month low of $28.69 and a 12 month high of $37.57.

Tanger (NYSE:SKT - Get Free Report) last announced its quarterly earnings data on Monday, August 4th. The real estate investment trust reported $0.58 earnings per share (EPS) 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 business had revenue of $133.44 million for the quarter, compared to analysts' expectations of $132.02 million. During the same period last year, the firm posted $0.53 earnings per share. The firm's quarterly revenue was up 9.2% compared to the same quarter last year. Tanger has set its FY 2025 guidance at 2.240-2.310 EPS. On average, equities analysts anticipate that Tanger Inc. will post 2.24 earnings per share for the current year.

Tanger Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, August 15th. Shareholders of record on Thursday, July 31st were given a $0.2925 dividend. The ex-dividend date was Thursday, July 31st. This represents a $1.17 dividend on an annualized basis and a yield of 3.4%. Tanger's dividend payout ratio (DPR) is currently 132.95%.

Analyst Ratings Changes

Several brokerages have recently commented on SKT. LADENBURG THALM/SH SH began coverage on shares of Tanger in a report on Friday, July 18th. They set a "buy" rating and a $35.00 target price on the stock. Barclays raised their target price on shares of Tanger from $33.00 to $34.00 and gave the stock an "equal weight" rating in a report on Wednesday, August 27th. Finally, Wall Street Zen raised shares of Tanger from a "sell" rating to a "hold" rating in a report on Saturday, August 9th. Five research analysts have rated the stock with a Buy rating and five have issued a Hold rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average price target of $36.50.

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.