Truvestments Capital LLC Buys 89,903 Shares of Tanger Inc. $SKT

Key Points

• Truvestments Capital LLC significantly increased its holdings in Tanger Inc. by 1,862.9%, owning a total of 94,729 shares valued at $3.20 million as of the latest SEC filing.
• Wall Street analysts have a consensus rating of "Moderate Buy" for Tanger, with price targets ranging from $34.00 to $36.50.
• Tanger recently announced a quarterly dividend of $0.2925 per share, reflecting a dividend yield of 3.5%, although its dividend payout ratio stands at 132.95%.

Truvestments Capital LLC lifted its stake in shares of Tanger Inc. (NYSE:SKT - Free Report) by 1,862.9% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 94,729 shares of the real estate investment trust's stock after acquiring an additional 89,903 shares during the quarter. Truvestments Capital LLC owned approximately 0.08% of Tanger worth $3,201,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds also recently made changes to their positions in SKT. First Trust Advisors LP raised its position in shares of Tanger by 36.6% during the fourth quarter. First Trust Advisors LP now owns 95,224 shares of the real estate investment trust's stock worth $3,250,000 after acquiring an additional 25,533 shares during the last quarter. Hsbc Holdings PLC raised its position in shares of Tanger by 9.8% during the fourth quarter. Hsbc Holdings PLC now owns 111,354 shares of the real estate investment trust's stock worth $3,798,000 after acquiring an additional 9,902 shares during the last quarter. Price T Rowe Associates Inc. MD raised its position in shares of Tanger by 11.1% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 75,661 shares of the real estate investment trust's stock worth $2,583,000 after acquiring an additional 7,581 shares during the last quarter. Susquehanna Fundamental Investments LLC bought a new stake in Tanger in the fourth quarter worth approximately $2,176,000. Finally, Tudor Investment Corp ET AL bought a new stake in Tanger in the fourth quarter worth approximately $2,666,000. 85.23% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

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

Tanger Stock Up 0.6%

Shares of NYSE SKT traded up $0.20 during midday trading on Friday, hitting $34.20. 811,919 shares of the stock traded hands, compared to its average volume of 864,957. The company has a market cap of $3.87 billion, a PE ratio of 38.86, a P/E/G ratio of 2.20 and a beta of 1.23. Tanger Inc. has a one year low of $28.69 and a one year high of $37.57. The business has a 50 day moving average price of $31.79 and a two-hundred day moving average price of $31.80. The company has a debt-to-equity ratio of 2.31, a quick ratio of 0.11 and a current ratio of 0.11.

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. The firm had revenue of $133.44 million during the quarter, compared to the consensus estimate of $132.02 million. Tanger had a return on equity of 15.45% and a net margin of 18.22%.The company's quarterly revenue was up 9.2% on a year-over-year basis. During the same quarter in the previous year, the company posted $0.53 earnings per share. Tanger has set its FY 2025 guidance at 2.240-2.310 EPS. On average, equities analysts predict that Tanger Inc. will post 2.24 EPS for the current year.

Tanger Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, August 15th. Investors of record on Thursday, July 31st were issued a dividend of $0.2925 per share. The ex-dividend date was Thursday, July 31st. This represents a $1.17 annualized dividend and a 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.