XTX Topco Ltd Buys Shares of 8,585 Tanger Inc. (NYSE:SKT)

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 Tanger Inc. (NYSE:SKT - Free Report) in the 1st quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor purchased 8,585 shares of the real estate investment trust's stock, valued at approximately $290,000.

Other large investors also recently modified their holdings of the company. New York State Common Retirement Fund increased its holdings in shares of Tanger by 20.5% in the first quarter. New York State Common Retirement Fund now owns 108,687 shares of the real estate investment trust's stock worth $3,673,000 after acquiring an additional 18,486 shares in the last quarter. Monument Capital Management bought a new stake in shares of Tanger in the first quarter worth about $351,000. New York State Teachers Retirement System increased its holdings in shares of Tanger by 6.3% in the first quarter. New York State Teachers Retirement System now owns 173,974 shares of the real estate investment trust's stock worth $5,879,000 after acquiring an additional 10,350 shares in the last quarter. Raymond James Financial Inc. bought a new stake in shares of Tanger in the fourth quarter worth about $4,972,000. Finally, Deutsche Bank AG increased its holdings in shares of Tanger by 61.3% in the fourth quarter. Deutsche Bank AG now owns 178,294 shares of the real estate investment trust's stock worth $6,085,000 after acquiring an additional 67,740 shares in the last quarter. 85.23% of the stock is currently owned by institutional investors.

Tanger Stock Down 1.0%

SKT stock opened at $31.63 on Monday. The company has a quick ratio of 0.11, a current ratio of 0.11 and a debt-to-equity ratio of 2.31. The business has a 50 day moving average price of $30.87 and a two-hundred day moving average price of $31.82. The company has a market cap of $3.58 billion, a price-to-earnings ratio of 35.94, a P/E/G ratio of 2.09 and a beta of 1.23. Tanger Inc. has a twelve month low of $27.14 and a twelve month high of $37.57.

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, beating analysts' consensus estimates 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 business's revenue was up 9.2% compared to the same quarter last year. During the same period last year, the company earned $0.53 earnings per share. Analysts anticipate that Tanger Inc. will post 2.24 EPS 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 paid a $0.2925 dividend. This represents a $1.17 dividend on an annualized basis and a yield of 3.7%. The ex-dividend date is Thursday, July 31st. Tanger's dividend payout ratio (DPR) is currently 132.95%.

Analysts Set New Price Targets

Several equities research analysts recently commented on SKT shares. Scotiabank cut their price objective on shares of Tanger from $38.00 to $33.00 and set a "sector perform" rating on the stock in a research report on Wednesday, April 23rd. Wall Street Zen upgraded Tanger from a "sell" rating to a "hold" rating in a report on Saturday. Barclays assumed coverage on Tanger in a report on Wednesday, July 2nd. They set an "equal weight" rating and a $33.00 price objective for the company. LADENBURG THALM/SH SH assumed coverage on shares of Tanger in a report on Friday, July 18th. They issued a "buy" rating and a $35.00 price objective on the stock. Finally, Evercore ISI upgraded shares of Tanger to a "hold" rating in a report on Friday, May 2nd. Six investment analysts have rated the stock with a hold rating and five have issued a buy rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of "Hold" and an average target price of $36.40.

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.

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