Vident Advisory LLC Reduces Position in Tanger Inc. $SKT

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

Other hedge funds have also made changes to their positions in the company. NBC Securities Inc. acquired a new stake in shares of Tanger during the first quarter worth $30,000. Caitong International Asset Management Co. Ltd boosted its holdings in 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 last quarter. GF Fund Management CO. LTD. acquired a new position in Tanger in the fourth quarter valued at $68,000. Contravisory Investment Management Inc. boosted its holdings in Tanger by 1,027.9% in the first quarter. Contravisory Investment Management Inc. now owns 5,628 shares of the real estate investment trust's stock valued at $190,000 after acquiring an additional 5,129 shares during the last quarter. Finally, Bailard Inc. acquired a new position in Tanger in the first quarter valued at $203,000. Institutional investors and hedge funds own 85.23% of the company's stock.

Insider Buying and Selling

In other news, EVP Gallardo Leslie Swanson sold 17,500 shares of Tanger stock in a transaction dated 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 directly owned 92,665 shares of the company's stock, valued at approximately $3,219,182.10. The trade was a 15.89% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 5.70% of the stock is owned by company insiders.

Analyst Ratings Changes

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

Tanger Stock Down 0.9%

NYSE:SKT traded down $0.31 during mid-day trading on Wednesday, hitting $34.20. The company had a trading volume of 331,268 shares, compared to its average volume of 932,437. The business has a fifty day simple moving average of $32.31 and a 200-day simple moving average of $31.77. 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 1 year low of $28.69 and a 1 year high of $37.57. The firm has a market capitalization of $3.87 billion, a price-to-earnings ratio of 38.84, a PEG ratio of 2.24 and a beta of 1.34.

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, beating the consensus estimate of $0.56 by $0.02. Tanger had a return on equity of 15.45% and a net margin of 18.22%.The company had revenue of $133.44 million for the quarter, compared to analyst estimates of $132.02 million. During the same period last year, the company posted $0.53 earnings per share. The firm's 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. Equities analysts forecast 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. Shareholders of record on Thursday, July 31st were given a $0.2925 dividend. The ex-dividend date of this dividend was Thursday, July 31st. This represents a $1.17 annualized dividend and a yield of 3.4%. Tanger's dividend payout ratio (DPR) is 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.