Algert Global LLC Decreases Stake in Tanger Inc. $SKT

Key Points

• Algert Global LLC has decreased its holdings in Tanger Inc. (NYSE:SKT) by 10.8%, reducing its stake to 245,473 shares valued at approximately $8.3 million.
• Wall Street analysts express mixed sentiment, with a consensus rating of "Hold" and an average price target of $36.40, although some firms have adjusted their targets downward.
• Tanger Inc. recently announced a quarterly dividend of $0.2925, yielding 3.6%, with a payout ratio currently at 132.95%.

Algert Global LLC trimmed its position in Tanger Inc. (NYSE:SKT - Free Report) by 10.8% during the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 245,473 shares of the real estate investment trust's stock after selling 29,672 shares during the period. Algert Global LLC owned approximately 0.22% of Tanger worth $8,295,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of SKT. NBC Securities Inc. purchased a new position in Tanger in the 1st quarter valued at $30,000. Caitong International Asset Management Co. Ltd grew its position in Tanger by 3,451.2% in the 1st 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 buying an additional 1,415 shares during the last quarter. GF Fund Management CO. LTD. purchased a new position in Tanger in the 4th quarter valued at $68,000. Coppell Advisory Solutions LLC grew its position in Tanger by 144.4% in the 4th quarter. Coppell Advisory Solutions LLC now owns 2,368 shares of the real estate investment trust's stock valued at $80,000 after buying an additional 1,399 shares during the last quarter. Finally, Contravisory Investment Management Inc. grew 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 valued at $190,000 after buying an additional 5,129 shares during the last quarter. 85.23% of the stock is currently owned by hedge funds and other institutional investors.

Tanger Price Performance

Shares of Tanger stock traded up $0.7840 on Friday, hitting $33.4940. The company's stock had a trading volume of 755,317 shares, compared to its average volume of 944,182. Tanger Inc. has a 52-week low of $28.69 and a 52-week high of $37.57. The company has a quick ratio of 0.11, a current ratio of 0.11 and a debt-to-equity ratio of 2.31. The firm has a fifty day moving average price of $31.41 and a 200-day moving average price of $31.80. The company has a market capitalization of $3.79 billion, a P/E ratio of 38.06, a price-to-earnings-growth ratio of 2.11 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 EPS for the quarter, topping the consensus estimate 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 analyst estimates of $132.02 million. During the same period in the previous year, the firm earned $0.53 EPS. The business's revenue for the quarter 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 research analysts expect that Tanger Inc. will post 2.24 earnings per share for the current fiscal year.

Tanger Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, August 15th. Stockholders of record on Thursday, July 31st were paid a dividend of $0.2925 per share. The ex-dividend date of this dividend was Thursday, July 31st. This represents a $1.17 dividend on an annualized basis and a dividend yield of 3.5%. Tanger's dividend payout ratio is currently 132.95%.

Analysts Set New Price Targets

SKT has been the topic of several research analyst reports. Wall Street Zen upgraded shares of Tanger from a "sell" rating to a "hold" rating in a research report on Saturday, August 9th. Barclays initiated coverage on shares of Tanger in a research report on Wednesday, July 2nd. They set an "equal weight" rating and a $33.00 target price on the stock. Evercore ISI upgraded shares of Tanger to a "hold" rating in a research report on Friday, May 2nd. Finally, LADENBURG THALM/SH SH initiated coverage on shares of Tanger in a research report on Friday, July 18th. They set a "buy" rating and a $35.00 target price on the stock. Five equities research analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company's stock. According to data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average target price 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.