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 the stock in a transaction on Friday, September 5th. The stock was 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 in the company, valued at $3,219,182.10. The trade was a 15.89% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink.

Tanger Stock Down 0.2%

Shares of NYSE SKT traded down $0.07 during mid-day trading on Monday, reaching $34.72. 815,226 shares of the company were exchanged, compared to its average volume of 936,592. 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 stock has a market cap of $3.93 billion, a price-to-earnings ratio of 39.45, a P/E/G ratio of 2.24 and a beta of 1.34. Tanger Inc. has a 1 year low of $28.69 and a 1 year high of $37.57. The firm has a 50-day moving average of $32.16 and a 200 day moving average of $31.76.

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

Tanger Announces Dividend

The business also recently announced 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 annualized dividend and a yield of 3.4%. The ex-dividend date of this dividend was Thursday, July 31st. Tanger's dividend payout ratio (DPR) is 132.95%.

Analyst Ratings Changes

Several brokerages have commented on SKT. Wall Street Zen raised Tanger from a "sell" rating to a "hold" rating in a report on Saturday, August 9th. LADENBURG THALM/SH SH started coverage on Tanger in a report on Friday, July 18th. They issued a "buy" rating and a $35.00 price objective on the stock. Finally, Barclays raised their target price on Tanger from $33.00 to $34.00 and gave the company an "equal weight" rating in a research report on Wednesday, August 27th. Five investment 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 company has a consensus rating of "Moderate Buy" and a consensus target price of $36.50.

Institutional Investors Weigh In On Tanger

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. NBC Securities Inc. purchased a new stake in Tanger in the first quarter valued at $30,000. EverSource Wealth Advisors LLC raised its position in Tanger by 127.3% in the second quarter. EverSource Wealth Advisors LLC now owns 948 shares of the real estate investment trust's stock valued at $29,000 after purchasing an additional 531 shares during the period. Neo Ivy Capital Management raised its position in Tanger by 346.3% in the second quarter. Neo Ivy Capital Management now owns 1,312 shares of the real estate investment trust's stock valued at $40,000 after purchasing an additional 1,018 shares during the period. Caitong International Asset Management Co. Ltd grew its stake in shares of 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 valued at $49,000 after buying an additional 1,415 shares in the last quarter. Finally, Atlantic Union Bankshares Corp purchased a new stake in shares of Tanger in the 2nd quarter valued at $47,000. Hedge funds and other institutional investors own 85.23% of the company's stock.

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.

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