Tanger Inc. $SKT Shares Acquired 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 boosted its stake in shares of Tanger Inc. (NYSE:SKT - Free Report) by 98.9% during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 154,079 shares of the real estate investment trust's stock after acquiring 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 have also recently modified their holdings of the stock. NBC Securities Inc. bought a new position in shares of Tanger during the 1st quarter valued at approximately $30,000. Caitong International Asset Management Co. Ltd raised its stake in shares of Tanger by 3,451.2% in the first quarter. Caitong International Asset Management Co. Ltd now owns 1,456 shares of the real estate investment trust's stock valued at $49,000 after acquiring an additional 1,415 shares during the period. GF Fund Management CO. LTD. bought a new stake in shares of Tanger in the 4th quarter worth about $68,000. Quarry LP grew its holdings in Tanger by 2,296.1% during the 1st quarter. Quarry LP now owns 3,043 shares of the real estate investment trust's stock valued at $103,000 after purchasing an additional 2,916 shares during the last quarter. Finally, Contravisory Investment Management Inc. raised its position in Tanger by 1,027.9% in the 1st quarter. Contravisory Investment Management Inc. now owns 5,628 shares of the real estate investment trust's stock worth $190,000 after purchasing an additional 5,129 shares during the period. Hedge funds and other institutional investors own 85.23% of the company's stock.

Analyst Ratings Changes

Several brokerages have issued reports on SKT. Barclays boosted their target price on Tanger from $33.00 to $34.00 and gave the company an "equal weight" rating in a research report on Wednesday, August 27th. Wall Street Zen raised shares of Tanger from a "sell" rating to a "hold" rating in a research note on Saturday, August 9th. Evercore ISI raised their target price on shares of Tanger from $33.00 to $35.00 and gave the company an "in-line" rating in a research report on Monday. 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 equities research analysts have rated the stock with a Buy rating and five have given a Hold rating to the company. Based on data from MarketBeat.com, Tanger has a consensus rating of "Moderate Buy" and an average price target of $36.70.

Insider Activity at Tanger

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

Tanger Stock Performance

Shares of NYSE SKT traded down $0.41 during trading on Friday, reaching $33.40. 2,453,977 shares of the company traded hands, compared to its average volume of 786,849. The stock has a market cap of $3.78 billion, a P/E ratio of 37.95, a PEG ratio of 2.18 and a beta of 1.34. The firm's fifty day simple moving average is $32.69 and its 200 day simple moving average is $31.71. The company has a current ratio of 0.11, a quick ratio of 0.11 and a debt-to-equity ratio of 2.31. 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 results on Monday, August 4th. The real estate investment trust reported $0.58 earnings per share for the quarter, beating the consensus estimate of $0.56 by $0.02. The company had revenue of $133.44 million during the quarter, compared to analysts' expectations of $132.02 million. Tanger had a return on equity of 15.45% and a net margin of 18.22%.Tanger's quarterly revenue was up 9.2% on a year-over-year basis. During the same period last year, the business earned $0.53 earnings per share. Tanger has set its FY 2025 guidance at 2.240-2.310 EPS. As a group, research analysts anticipate that Tanger Inc. will post 2.24 earnings per share for the current fiscal year.

Tanger Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, August 15th. Investors of record on Thursday, July 31st were paid a $0.2925 dividend. 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%.

About Tanger

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.