Truist Financial Corp Sells 54,259 Shares of Tanger Inc. $SKT

Key Points

• Truist Financial sharply reduced its stake in Tanger Inc. by 88.2% in the fourth quarter, selling 54,259 shares and leaving it with 7,274 shares worth about $243,000.
• Tanger reported mixed quarterly results, with earnings of $0.24 per share missing estimates but revenue of $150.42 million topping expectations and rising 11.1% year over year.
• The company recently raised its quarterly dividend to $0.3125 per share, while analysts currently rate the stock a consensus Hold with an average price target of $37.43.

Truist Financial Corp cut its stake in shares of Tanger Inc. (NYSE:SKT - Free Report) by 88.2% in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 7,274 shares of the real estate investment trust's stock after selling 54,259 shares during the quarter. Truist Financial Corp's holdings in Tanger were worth $243,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds have also bought and sold shares of SKT. Schonfeld Strategic Advisors LLC lifted its position in Tanger by 2,190.0% during the third quarter. Schonfeld Strategic Advisors LLC now owns 832,777 shares of the real estate investment trust's stock valued at $28,181,000 after purchasing an additional 796,411 shares during the last quarter. Vanguard Group Inc. lifted its holdings in shares of Tanger by 4.6% in the 4th quarter. Vanguard Group Inc. now owns 17,949,640 shares of the real estate investment trust's stock worth $598,979,000 after acquiring an additional 789,935 shares during the last quarter. American Century Companies Inc. lifted its holdings in shares of Tanger by 1,459.4% in the 3rd quarter. American Century Companies Inc. now owns 787,880 shares of the real estate investment trust's stock worth $26,662,000 after acquiring an additional 737,354 shares during the last quarter. Cbre Investment Management Listed Real Assets LLC lifted its holdings in shares of Tanger by 6,186.3% in the 3rd quarter. Cbre Investment Management Listed Real Assets LLC now owns 721,599 shares of the real estate investment trust's stock worth $24,419,000 after acquiring an additional 710,120 shares during the last quarter. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its holdings in shares of Tanger by 436.9% in the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 801,200 shares of the real estate investment trust's stock worth $27,073,000 after acquiring an additional 651,961 shares during the last quarter. 85.23% of the stock is currently owned by institutional investors.

Tanger Trading Down 0.9%

Shares of SKT opened at $35.47 on Friday. The company has a debt-to-equity ratio of 2.67, a quick ratio of 3.36 and a current ratio of 3.36. Tanger Inc. has a fifty-two week low of $28.69 and a fifty-two week high of $37.95. The firm has a 50 day moving average price of $35.65 and a 200-day moving average price of $34.55. The firm has a market cap of $4.07 billion, a price-to-earnings ratio of 33.15, a PEG ratio of 1.70 and a beta of 1.14.

Tanger (NYSE:SKT - Get Free Report) last issued its earnings results on Thursday, April 30th. The real estate investment trust reported $0.24 EPS for the quarter, missing the consensus estimate of $0.28 by ($0.04). Tanger had a return on equity of 17.53% and a net margin of 20.76%.The firm had revenue of $150.42 million during the quarter, compared to analysts' expectations of $142.94 million. During the same period in the previous year, the firm earned $0.53 earnings per share. The firm's quarterly revenue was up 11.1% compared to the same quarter last year. Tanger has set its FY 2026 guidance at 2.420-2.500 EPS. As a group, equities research analysts forecast that Tanger Inc. will post 2.46 earnings per share for the current year.

Tanger Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, May 15th. Investors of record on Thursday, April 30th were paid a $0.3125 dividend. The ex-dividend date of this dividend was Thursday, April 30th. This is a positive change from Tanger's previous quarterly dividend of $0.29. This represents a $1.25 annualized dividend and a dividend yield of 3.5%. Tanger's payout ratio is presently 116.82%.

Analyst Ratings Changes

SKT has been the subject of a number of recent research reports. Weiss Ratings restated a "buy (b)" rating on shares of Tanger in a report on Monday, April 20th. Barclays boosted their price objective on shares of Tanger from $38.00 to $41.00 and gave the stock an "equal weight" rating in a report on Tuesday, May 12th. Compass Point lowered shares of Tanger from a "buy" rating to a "neutral" rating and set a $38.00 price objective for the company. in a report on Thursday, February 26th. Bank of America restated a "neutral" rating and issued a $39.00 price objective on shares of Tanger in a report on Friday, March 6th. Finally, Scotiabank boosted their price objective on shares of Tanger from $36.00 to $37.00 and gave the stock a "sector perform" rating in a report on Tuesday. One equities research analyst has rated the stock with a Strong Buy rating, one has issued a Buy rating and six have assigned a Hold rating to the company. According to data from MarketBeat, the stock has an average rating of "Hold" and an average price target of $37.43.

Tanger Profile

Tanger Factory Outlet Centers, Inc NYSE: SKT is a real estate investment trust specializing in the ownership, development and management of outlet shopping centers. The company's portfolio comprises more than 40 outlet properties anchored by leading fashion and lifestyle brands. Tanger's centers are designed to offer off-price retail experiences in open-air, community-oriented settings, providing value-focused shoppers with access to premium brands at reduced prices.

Founded in 1981 by Stanley K.

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