Xcel Wealth Management LLC Takes $2.39 Million Position in Tanger Inc. $SKT

Key Points

• Xcel Wealth Management LLC has taken a new position in Tanger Inc., acquiring 78,286 shares worth approximately $2.39 million during the 2nd quarter, representing 0.07% ownership of the company.
• Tanger Inc. reported $0.58 EPS for the last quarter, exceeding analysts' expectations, and its quarterly revenue grew by 9.2% year-over-year, reaching $133.44 million.
• The company has a current dividend yield of 3.5%, with a recently disclosed quarterly dividend of $0.2925 per share, reflecting a high dividend payout ratio of 132.95%.

Xcel Wealth Management LLC acquired a new position in shares of Tanger Inc. (NYSE:SKT - Free Report) in the 2nd quarter, according to its most recent filing with the Securities & Exchange Commission. The fund acquired 78,286 shares of the real estate investment trust's stock, valued at approximately $2,394,000. Xcel Wealth Management LLC owned 0.07% of Tanger at the end of the most recent quarter.

Several other large investors have also recently added to or reduced their stakes in SKT. Nuveen LLC acquired a new position in Tanger during the 1st quarter worth $57,926,000. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its holdings in Tanger by 436.9% in the first 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 purchasing an additional 651,961 shares during the period. Adelante Capital Management LLC bought a new position in Tanger in the 1st quarter valued at about $9,498,000. Vanguard Group Inc. grew its position in Tanger by 1.1% in the 1st quarter. Vanguard Group Inc. now owns 17,511,443 shares of the real estate investment trust's stock valued at $591,712,000 after buying an additional 193,141 shares in the last quarter. Finally, Cbre Investment Management Listed Real Assets LLC raised its position in shares of Tanger by 2,703.2% during the 1st quarter. Cbre Investment Management Listed Real Assets LLC now owns 200,151 shares of the real estate investment trust's stock worth $6,763,000 after buying an additional 193,011 shares in the last quarter. 85.23% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity at Tanger

In other news, EVP Gallardo Leslie Swanson sold 17,500 shares of Tanger stock in a transaction that occurred on Friday, September 5th. The shares were sold at an average price of $34.74, for a total value of $607,950.00. Following the transaction, the executive vice president directly owned 92,665 shares of the company's stock, valued at $3,219,182.10. This trade represents a 15.89% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. 5.70% of the stock is currently owned by insiders.

Tanger Price Performance

Shares of NYSE:SKT opened at $33.20 on Thursday. Tanger Inc. has a one year low of $28.69 and a one year high of $37.57. The stock has a fifty day moving average of $32.77 and a 200-day moving average of $31.69. The company has a market capitalization of $3.76 billion, a PE ratio of 37.73, a price-to-earnings-growth ratio of 2.16 and a beta of 1.34. 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 issued its earnings results on Monday, August 4th. The real estate investment trust reported $0.58 earnings per share (EPS) for the quarter, topping analysts' consensus estimates 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 previous year, the firm posted $0.53 EPS. The company's quarterly revenue was up 9.2% on a year-over-year basis. Tanger has set its FY 2025 guidance at 2.240-2.310 EPS. As a group, equities analysts anticipate that Tanger Inc. will post 2.24 EPS for the current fiscal year.

Tanger Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, August 15th. Shareholders of record on Thursday, July 31st were paid a dividend of $0.2925 per share. The ex-dividend date of this dividend was Thursday, July 31st. This represents a $1.17 dividend on an annualized basis and a yield of 3.5%. Tanger's dividend payout ratio is currently 132.95%.

Wall Street Analyst Weigh In

Several research firms have recently issued reports on SKT. Evercore ISI increased their price objective on shares of Tanger from $33.00 to $35.00 and gave the company an "in-line" rating in a report on Monday, September 15th. Barclays lifted their price target on Tanger from $33.00 to $34.00 and gave the company an "equal weight" rating in a research 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 started coverage on Tanger in a research note on Friday, July 18th. They set a "buy" rating and a $35.00 target price for the company. Five analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company. According to data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $36.70.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.