Tanger Inc. $SKT Shares Purchased by Voya Investment Management LLC

Key Points

• Voya Investment Management LLC significantly increased its stake in Tanger Inc. by 98.9% in the 1st quarter, now holding 154,079 shares valued at approximately $5.2 million.
• Analyst ratings indicate a consensus of "Moderate Buy" for Tanger, with target prices ranging from $34.00 to $35.00.
• Tanger recently declared a quarterly dividend of $0.2925 per share, leading to an annualized dividend yield of 3.5%.

Voya Investment Management LLC increased its position in shares of Tanger Inc. (NYSE:SKT - Free Report) by 98.9% during the first quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 154,079 shares of the real estate investment trust's stock after buying an additional 76,614 shares during the quarter. Voya Investment Management LLC owned about 0.14% of Tanger worth $5,206,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in SKT. Nissay Asset Management Corp Japan ADV raised its position in Tanger by 2.4% in the 1st quarter. Nissay Asset Management Corp Japan ADV now owns 16,664 shares of the real estate investment trust's stock valued at $563,000 after purchasing an additional 385 shares during the last quarter. Xponance Inc. raised its holdings in shares of Tanger by 6.7% in the first quarter. Xponance Inc. now owns 8,156 shares of the real estate investment trust's stock valued at $276,000 after buying an additional 514 shares during the last quarter. Public Employees Retirement System of Ohio boosted its stake in shares of Tanger by 0.4% during the fourth quarter. Public Employees Retirement System of Ohio now owns 157,814 shares of the real estate investment trust's stock worth $5,386,000 after buying an additional 554 shares during the period. Albert D Mason Inc. grew its holdings in shares of Tanger by 0.9% during the first quarter. Albert D Mason Inc. now owns 66,999 shares of the real estate investment trust's stock worth $2,264,000 after buying an additional 606 shares during the last quarter. Finally, Ibex Wealth Advisors increased its position in Tanger by 4.0% in the 1st quarter. Ibex Wealth Advisors now owns 22,329 shares of the real estate investment trust's stock valued at $754,000 after acquiring an additional 862 shares during the period. Hedge funds and other institutional investors own 85.23% of the company's stock.

Insider Transactions at Tanger

In other Tanger news, EVP Gallardo Leslie Swanson sold 17,500 shares of the stock in a transaction on Friday, September 5th. The stock was sold at an average price of $34.74, for a total transaction of $607,950.00. Following the sale, the executive vice president owned 92,665 shares in the company, valued at approximately $3,219,182.10. This represents a 15.89% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Insiders own 5.70% of the company's stock.

Analyst Ratings Changes

SKT has been the topic of several analyst reports. Evercore ISI lifted 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. LADENBURG THALM/SH SH initiated coverage on shares of Tanger in a research note on Friday, July 18th. They issued a "buy" rating and a $35.00 price objective 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 research note on Wednesday, August 27th. Finally, Wall Street Zen upgraded shares of Tanger from a "sell" rating to a "hold" rating in a research note on Saturday, August 9th. Five research analysts have rated the stock with a Buy rating and five have given a Hold rating to the company's stock. Based on data from MarketBeat, Tanger presently has a consensus rating of "Moderate Buy" and an average target price of $36.70.

Tanger Price Performance

Tanger stock traded down $0.10 during trading hours on Monday, hitting $33.31. The stock had a trading volume of 557,843 shares, compared to its average volume of 871,782. Tanger Inc. has a 1-year low of $28.69 and a 1-year high of $37.57. The stock has a market capitalization of $3.77 billion, a price-to-earnings ratio of 37.85, a PEG ratio of 2.16 and a beta of 1.34. The stock's fifty day moving average is $32.70 and its two-hundred day moving average is $31.66. 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 (NYSE:SKT - Get Free Report) last released 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 during the quarter, compared to the consensus estimate of $132.02 million. Tanger had a return on equity of 15.45% and a net margin of 18.22%.The business's revenue was up 9.2% on a year-over-year basis. During the same quarter in the previous year, the company posted $0.53 EPS. Tanger has set its FY 2025 guidance at 2.240-2.310 EPS. As a group, analysts predict that Tanger Inc. will post 2.24 earnings per share for the current fiscal year.

Tanger Announces Dividend

The business also recently disclosed 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. This represents a $1.17 annualized dividend and a dividend yield of 3.5%. The ex-dividend date was Thursday, July 31st. Tanger's payout ratio is currently 132.95%.

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.