Tanger Inc. $SKT Shares Sold by Vident Advisory LLC

Key Points

• Vident Advisory LLC reduced its stake in Tanger Inc. by 39.3%, owning 21,275 shares after selling 13,779 shares in the first quarter.
• Tanger reported earnings of $0.58 per share for its last quarter, exceeding analyst expectations, with a 9.2% increase in revenue year over year.
• The company announced a quarterly dividend of $0.2925, reflecting an annual yield of 3.4%, despite a high dividend payout ratio of 132.95%.

Vident Advisory LLC reduced its stake in shares of Tanger Inc. (NYSE:SKT - Free Report) by 39.3% in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 21,275 shares of the real estate investment trust's stock after selling 13,779 shares during the period. Vident Advisory LLC's holdings in Tanger were worth $719,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also made changes to their positions in the stock. Vanguard Group Inc. lifted its stake in shares of 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 buying an additional 193,141 shares during the period. Northern Trust Corp lifted its stake in shares of Tanger by 1.2% during the first quarter. Northern Trust Corp now owns 1,839,022 shares of the real estate investment trust's stock worth $62,141,000 after buying an additional 21,970 shares during the period. Millennium Management LLC lifted its stake in shares of Tanger by 0.5% during the fourth quarter. Millennium Management LLC now owns 1,748,635 shares of the real estate investment trust's stock worth $59,681,000 after buying an additional 8,590 shares during the period. Nuveen Asset Management LLC raised its holdings in shares of 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 purchasing an additional 754,429 shares during the last quarter. Finally, Nuveen LLC purchased a new position in shares of Tanger during the first quarter worth $57,926,000. 85.23% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of research analysts recently issued reports on the stock. LADENBURG THALM/SH SH assumed coverage on shares of Tanger in a research report on Friday, July 18th. They set a "buy" rating and a $35.00 target price for the company. Barclays boosted their target price on shares of Tanger from $33.00 to $34.00 and gave the company an "equal weight" rating in a research report on Wednesday, August 27th. Finally, Wall Street Zen upgraded shares of Tanger from a "sell" rating to a "hold" rating in a research report on Saturday, August 9th. Five equities research analysts have rated the stock with a Buy rating and five have given a Hold rating to the stock. According to MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $36.50.

Insider Buying and Selling at Tanger

In other Tanger news, EVP Gallardo Leslie Swanson sold 17,500 shares of the company's stock in a transaction dated Friday, September 5th. The shares were sold at an average price of $34.74, for a total value of $607,950.00. Following the completion of the transaction, 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 ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Company insiders own 5.70% of the company's stock.

Tanger Price Performance

Shares of Tanger stock traded up $0.46 during trading hours on Thursday, reaching $34.59. The stock had a trading volume of 617,293 shares, compared to its average volume of 667,630. The stock's 50 day moving average is $32.43 and its 200 day moving average is $31.77. The firm has a market capitalization of $3.91 billion, a PE ratio of 39.31, a PEG ratio of 2.20 and a beta of 1.34. Tanger Inc. has a twelve month low of $28.69 and a twelve month high of $37.57. 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 (NYSE:SKT - Get Free Report) last issued its quarterly earnings data on Monday, August 4th. The real estate investment trust reported $0.58 earnings per share for the quarter, topping analysts' consensus estimates 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 net margin of 18.22% and a return on equity of 15.45%. The company's revenue was up 9.2% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.53 earnings per share. Tanger has set its FY 2025 guidance at 2.240-2.310 EPS. Equities analysts expect that Tanger Inc. will post 2.24 earnings per share for the current fiscal year.

Tanger Dividend Announcement

The company also recently disclosed 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 dividend yield of 3.4%. Tanger's dividend payout ratio is 132.95%.

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.