Tanger (NYSE:SKT) EVP Sells $607,950.00 in Stock

Tanger Inc. (NYSE:SKT) EVP Gallardo Leslie Swanson sold 17,500 shares of the firm’s 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 completion of the transaction, the executive vice president owned 92,665 shares in the company, valued at $3,219,182.10. The trade was a 15.89% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink.

Tanger Trading Down 0.8%

Shares of SKT stock opened at $34.46 on Wednesday. The company has a market cap of $3.90 billion, a P/E ratio of 39.15, a PEG ratio of 2.24 and a beta of 1.34. Tanger Inc. has a fifty-two week low of $28.69 and a fifty-two week high of $37.57. The stock has a 50 day simple moving average of $32.31 and a two-hundred day simple moving average of $31.77. 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) last posted its quarterly earnings data 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 business had revenue of $133.44 million for the quarter, compared to analysts’ expectations 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% on a year-over-year basis. During the same quarter in the previous year, the firm earned $0.53 earnings per share. Tanger has set its FY 2025 guidance at 2.240-2.310 EPS. Research analysts forecast that Tanger Inc. will post 2.24 earnings per share for the current year.

Tanger Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, August 15th. Investors of record on Thursday, July 31st were given a dividend of $0.2925 per share. The ex-dividend date was Thursday, July 31st. This represents a $1.17 annualized dividend and a dividend yield of 3.4%. Tanger’s payout ratio is currently 132.95%.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in the business. EverSource Wealth Advisors LLC grew its stake in Tanger by 127.3% during the 2nd 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 last quarter. NBC Securities Inc. purchased a new position in Tanger during the 1st quarter worth approximately $30,000. Neo Ivy Capital Management raised its position in Tanger by 346.3% during the 2nd quarter. Neo Ivy Capital Management now owns 1,312 shares of the real estate investment trust’s stock worth $40,000 after buying an additional 1,018 shares during the last quarter. Atlantic Union Bankshares Corp purchased a new position in Tanger during the 2nd quarter worth approximately $47,000. Finally, Caitong International Asset Management Co. Ltd raised its position in Tanger by 3,451.2% during 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 buying an additional 1,415 shares during the last quarter. 85.23% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of research firms recently commented on SKT. Barclays upped 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. Wall Street Zen upgraded Tanger from a “sell” rating to a “hold” rating in a research report on Saturday, August 9th. Finally, LADENBURG THALM/SH SH initiated 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 equities research analysts have rated the stock with a Buy rating and five have given a Hold rating to the company. Based on data from MarketBeat, Tanger has a consensus rating of “Moderate Buy” and an average price target of $36.50.

Tanger Company 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.