Wellington Management Group LLP Has $80.18 Million Stock Position in 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 lowered its stake in Tanger Inc. (NYSE:SKT - Free Report) by 13.7% in the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm 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 about 2.10% of Tanger worth $80,181,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the stock. NBC Securities Inc. bought a new stake in Tanger in the first quarter worth about $30,000. Caitong International Asset Management Co. Ltd grew its position 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 worth $49,000 after buying an additional 1,415 shares during the last quarter. GF Fund Management CO. LTD. acquired a new stake in shares of Tanger during the 4th quarter valued at $68,000. Coppell Advisory Solutions LLC boosted its stake in shares of Tanger by 144.4% during the 4th 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 position in shares of 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 purchasing an additional 5,129 shares during the period. 85.23% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

Several brokerages recently commented on SKT. Evercore ISI upgraded shares of Tanger to a "hold" rating in a research report on Friday, May 2nd. Barclays started coverage on Tanger in a report on Wednesday, July 2nd. They set an "equal weight" rating and a $33.00 price target on the stock. LADENBURG THALM/SH SH began 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. Finally, Wall Street Zen upgraded Tanger from a "sell" rating to a "hold" rating in a report on Saturday, August 9th. Five research analysts have rated the stock with a Buy rating and five have given a Hold rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $36.40.

Tanger Stock Down 0.8%

Shares of NYSE SKT traded down $0.2710 during mid-day trading on Monday, reaching $33.2290. 444,184 shares of the company traded hands, compared to its average volume of 920,626. The company's fifty day moving average is $31.47 and its two-hundred day moving average is $31.77. 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 Inc. has a fifty-two week low of $28.69 and a fifty-two week high of $37.57. The stock has a market cap of $3.76 billion, a PE ratio of 37.76, a price-to-earnings-growth ratio of 2.16 and a beta of 1.23.

Tanger (NYSE:SKT - Get Free Report) last released its earnings results 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. Tanger had a net margin of 18.22% and a return on equity of 15.45%. The firm had revenue of $133.44 million during the quarter, compared to analyst estimates of $132.02 million. During the same quarter in the previous year, the business earned $0.53 EPS. The business'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. On average, analysts expect that Tanger Inc. will post 2.24 earnings per share for the current year.

Tanger Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, August 15th. Stockholders of record on Thursday, July 31st were paid 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 3.5%. Tanger's dividend payout ratio is currently 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.