8,585 Shares in Tanger Inc. (NYSE:SKT) Acquired by XTX Topco Ltd

Key Points

• XTX Topco Ltd has acquired 8,585 shares of Tanger Inc. (NYSE:SKT), valued at approximately $290,000, marking a new investment in the real estate investment trust.
• Tanger Inc. reported a 9.2% year-over-year increase in revenue, with earnings per share of $0.58 for the quarter, surpassing analyst expectations.
• The company announced a quarterly dividend of $0.2925, yielding 3.7%, scheduled for payment on August 15th, with a notably high dividend payout ratio of 132.95%.

XTX Topco Ltd purchased a new position in shares of Tanger Inc. (NYSE:SKT - Free Report) during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm purchased 8,585 shares of the real estate investment trust's stock, valued at approximately $290,000.

A number of other hedge funds also recently modified their holdings of the business. Northern Trust Corp raised its position in shares of Tanger by 56.4% during the fourth quarter. Northern Trust Corp now owns 1,817,052 shares of the real estate investment trust's stock worth $62,016,000 after purchasing an additional 655,237 shares during the period. Millennium Management LLC raised its position in shares of Tanger by 0.5% during the fourth quarter. Millennium Management LLC now owns 1,748,635 shares of the real estate investment trust's stock worth $59,681,000 after purchasing an additional 8,590 shares during the period. Nuveen Asset Management LLC raised its position in shares of Tanger by 78.6% during the fourth quarter. Nuveen Asset Management LLC now owns 1,714,769 shares of the real estate investment trust's stock worth $58,525,000 after purchasing an additional 754,429 shares during the period. Invesco Ltd. raised its position in shares of Tanger by 9.5% during the fourth quarter. Invesco Ltd. now owns 895,466 shares of the real estate investment trust's stock worth $30,562,000 after purchasing an additional 78,014 shares during the period. Finally, Principal Financial Group Inc. raised its position in shares of Tanger by 2.5% during the first quarter. Principal Financial Group Inc. now owns 616,192 shares of the real estate investment trust's stock worth $20,821,000 after purchasing an additional 14,926 shares during the period. Institutional investors and hedge funds own 85.23% of the company's stock.

Wall Street Analysts Forecast Growth

SKT has been the topic of a number of recent research reports. Wall Street Zen raised Tanger from a "sell" rating to a "hold" rating in a research report on Saturday, August 9th. Scotiabank dropped their target price on Tanger from $38.00 to $33.00 and set a "sector perform" rating on the stock in a research report on Wednesday, April 23rd. LADENBURG THALM/SH SH initiated coverage on Tanger in a research report on Friday, July 18th. They issued a "buy" rating and a $35.00 target price on the stock. Evercore ISI raised Tanger to a "hold" rating in a research report on Friday, May 2nd. Finally, Barclays initiated coverage on Tanger in a research report on Wednesday, July 2nd. They issued an "equal weight" rating and a $33.00 target price on the stock. Six research analysts have rated the stock with a hold rating and five have issued a buy rating to the company's stock. Based on data from MarketBeat.com, Tanger currently has an average rating of "Hold" and an average price target of $36.40.

Tanger Stock Down 0.7%

Shares of NYSE:SKT traded down $0.24 during trading on Friday, hitting $32.23. 121,138 shares of the company were exchanged, compared to its average volume of 957,607. The stock has a market cap of $3.65 billion, a price-to-earnings ratio of 36.64, a P/E/G ratio of 2.16 and a beta of 1.23. Tanger Inc. has a fifty-two week low of $27.84 and a fifty-two week high of $37.57. The firm has a fifty day moving average price of $31.11 and a two-hundred day moving average price of $31.82. 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 posted its quarterly earnings results on Monday, August 4th. The real estate investment trust reported $0.58 earnings per share for the quarter, topping the consensus estimate of $0.56 by $0.02. The firm had revenue of $133.44 million for the quarter, compared to analyst estimates of $132.02 million. Tanger had a return on equity of 15.45% and a net margin of 18.22%. The business's quarterly revenue was up 9.2% on a year-over-year basis. During the same quarter in the previous year, the firm earned $0.53 EPS. As a group, research analysts anticipate that Tanger Inc. will post 2.24 earnings per share for the current fiscal year.

Tanger Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, August 15th. Shareholders of record on Thursday, July 31st will be given a dividend of $0.2925 per share. The ex-dividend date of this dividend is Thursday, July 31st. This represents a $1.17 annualized dividend and a dividend yield of 3.6%. Tanger's 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.