Wellington Management Group LLP Sells 375,534 Shares of Tanger Inc. $SKT

Key Points

• Wellington Management Group LLP has reduced its stake in Tanger Inc. (NYSE:SKT) by 13.7%, owning 2,372,933 shares worth approximately $80.18 million after selling 375,534 shares in the first quarter.
• Several analysts have set new price targets for Tanger, with Barclays issuing an "equal weight" rating at a target of $33.00, while others like LADENBURG THALM/SH SH gave a "buy" rating with a target of $35.00.
• Tanger recently announced a quarterly dividend of $0.2925 per share, representing a yield of 3.5% and a payout ratio of 132.95%.

Wellington Management Group LLP decreased its holdings in shares of Tanger Inc. (NYSE:SKT - Free Report) by 13.7% in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 2,372,933 shares of the real estate investment trust's stock after selling 375,534 shares during the quarter. Wellington Management Group LLP owned 2.10% of Tanger worth $80,181,000 at the end of the most recent quarter.

Several other institutional investors have also recently bought and sold shares of SKT. NBC Securities Inc. acquired a new position in Tanger during the first quarter worth about $30,000. Caitong International Asset Management Co. Ltd raised its stake in Tanger by 3,451.2% during the first quarter. Caitong International Asset Management Co. Ltd now owns 1,456 shares of the real estate investment trust's stock worth $49,000 after acquiring an additional 1,415 shares in the last quarter. GF Fund Management CO. LTD. acquired a new position in Tanger during the fourth quarter worth about $68,000. Coppell Advisory Solutions LLC raised its stake in Tanger by 144.4% during the fourth quarter. Coppell Advisory Solutions LLC now owns 2,368 shares of the real estate investment trust's stock worth $80,000 after acquiring an additional 1,399 shares in the last quarter. Finally, Contravisory Investment Management Inc. raised its stake in Tanger by 1,027.9% during the first quarter. Contravisory Investment Management Inc. now owns 5,628 shares of the real estate investment trust's stock worth $190,000 after acquiring an additional 5,129 shares in the last quarter. Institutional investors and hedge funds own 85.23% of the company's stock.

Analysts Set New Price Targets

SKT has been the subject of several research analyst reports. Evercore ISI raised Tanger to a "hold" rating in a research note on Friday, May 2nd. LADENBURG THALM/SH SH initiated coverage on Tanger in a research note on Friday, July 18th. They issued a "buy" rating and a $35.00 price objective for the company. Barclays upped their price objective on Tanger from $33.00 to $34.00 and gave the company an "equal weight" rating in a research note on Wednesday. Finally, Wall Street Zen raised Tanger from a "sell" rating to a "hold" rating in a research note on Saturday, August 9th. Five investment analysts have rated the stock with a Buy rating and five have issued a Hold rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $36.50.

Tanger Trading Down 0.9%

SKT stock traded down $0.32 during trading on Thursday, hitting $33.60. The company had a trading volume of 72,559 shares, compared to its average volume of 938,271. The business has a 50-day moving average of $31.63 and a 200-day moving average of $31.80. Tanger Inc. has a one year low of $28.69 and a one year high of $37.57. The stock has a market cap of $3.80 billion, a PE ratio of 38.17, a PEG ratio of 2.15 and a beta of 1.23. 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 announced its earnings results 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 business had revenue of $133.44 million for the quarter, compared to analysts' expectations of $132.02 million. During the same period in the prior year, the business posted $0.53 earnings per share. The firm's revenue was up 9.2% on a year-over-year basis. Tanger has set its FY 2025 guidance at 2.240-2.310 EPS. Research analysts predict that Tanger Inc. will post 2.24 earnings per share for the current fiscal year.

Tanger Announces Dividend

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