Gallardo Leslie Swanson Sells 17,500 Shares of Tanger (NYSE:SKT) Stock

Key Points

• Gallardo Leslie Swanson, EVP of Tanger Inc., sold 17,500 shares of the company stock at an average price of $34.74, totaling $607,950, and reducing their stake by 15.89% to 92,665 shares.
• Tanger reported a 9.2% increase in quarterly revenue year-over-year, achieving $133.44 million and earnings per share of $0.58, exceeding analysts' expectations.
• The company recently announced a quarterly dividend of $0.2925 per share, which results in a 3.4% yield and indicates a high dividend payout ratio of 132.95%.

Tanger Inc. (NYSE:SKT - Get Free Report) EVP Gallardo Leslie Swanson sold 17,500 shares of Tanger stock in a transaction dated Friday, September 5th. The stock was sold at an average price of $34.74, for a total value of $607,950.00. Following the completion of the transaction, the executive vice president owned 92,665 shares in the company, valued at approximately $3,219,182.10. This represents a 15.89% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this link.

Tanger Trading Down 1.1%

NYSE:SKT traded down $0.38 during mid-day trading on Friday, reaching $34.16. 574,039 shares of the company's stock traded hands, compared to its average volume of 657,664. Tanger Inc. has a 12-month low of $28.69 and a 12-month high of $37.57. The firm has a market capitalization of $3.87 billion, a price-to-earnings ratio of 38.82, a PEG ratio of 2.23 and a beta of 1.34. The company has a debt-to-equity ratio of 2.31, a current ratio of 0.11 and a quick ratio of 0.11. The company has a 50 day moving average price of $32.48 and a 200-day moving average price of $31.76.

Tanger (NYSE:SKT - Get Free Report) last announced its quarterly earnings results on Monday, August 4th. The real estate investment trust reported $0.58 earnings per share (EPS) for the quarter, beating 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 company had revenue of $133.44 million for the quarter, compared to the consensus estimate of $132.02 million. During the same quarter in the previous year, the business earned $0.53 EPS. Tanger's revenue was up 9.2% compared to the same quarter last year. Tanger has set its FY 2025 guidance at 2.240-2.310 EPS. On average, sell-side analysts predict that Tanger Inc. will post 2.24 earnings per share for the current year.

Tanger Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, August 15th. Investors 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 yield of 3.4%. The ex-dividend date was Thursday, July 31st. Tanger's payout ratio is currently 132.95%.

Institutional Trading of Tanger

Hedge funds have recently made changes to their positions in the stock. EverSource Wealth Advisors LLC boosted its position in shares of Tanger by 127.3% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 948 shares of the real estate investment trust's stock worth $29,000 after purchasing an additional 531 shares in the last quarter. NBC Securities Inc. bought a new stake in shares of Tanger in the 1st quarter worth approximately $30,000. Neo Ivy Capital Management boosted its position in shares of Tanger by 346.3% in the 2nd quarter. Neo Ivy Capital Management now owns 1,312 shares of the real estate investment trust's stock worth $40,000 after purchasing an additional 1,018 shares in the last quarter. Atlantic Union Bankshares Corp bought a new stake in shares of Tanger in the 2nd quarter worth approximately $47,000. Finally, Caitong International Asset Management Co. Ltd boosted its position in shares of Tanger by 3,451.2% in the 1st quarter. Caitong International Asset Management Co. Ltd now owns 1,456 shares of the real estate investment trust's stock worth $49,000 after purchasing an additional 1,415 shares in the last quarter. 85.23% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

A number of research analysts recently issued reports on SKT shares. Wall Street Zen upgraded Tanger from a "sell" rating to a "hold" rating in a report on Saturday, August 9th. Barclays lifted their price objective on Tanger from $33.00 to $34.00 and gave the company an "equal weight" rating in a research report on Wednesday, August 27th. Finally, LADENBURG THALM/SH SH started coverage on Tanger in a research report on Friday, July 18th. They set a "buy" rating and a $35.00 price objective on the stock. Five research analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $36.50.

About Tanger

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.