Asset Management One Co. Ltd. Sells 604 Shares of Tanger Inc. $SKT

Asset Management One Co. Ltd. reduced its position in shares of Tanger Inc. (NYSE:SKT) by 0.4% in the second quarter, Holdings Channel reports. The firm owned 160,819 shares of the real estate investment trust’s stock after selling 604 shares during the quarter. Asset Management One Co. Ltd.’s holdings in Tanger were worth $4,918,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also bought and sold shares of SKT. Nuveen LLC bought a new stake in Tanger during the 1st quarter valued at about $57,926,000. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its stake in shares of Tanger by 436.9% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 801,200 shares of the real estate investment trust’s stock worth $27,073,000 after acquiring an additional 651,961 shares during the period. Janney Montgomery Scott LLC bought a new stake in shares of Tanger in the second quarter worth approximately $9,227,000. Adelante Capital Management LLC bought a new stake in shares of Tanger in the first quarter worth approximately $9,498,000. Finally, Vanguard Group Inc. grew its stake in shares of Tanger by 1.1% in the first quarter. Vanguard Group Inc. now owns 17,511,443 shares of the real estate investment trust’s stock worth $591,712,000 after acquiring an additional 193,141 shares during the period. 85.23% of the stock is currently owned by institutional investors.

Tanger Stock Performance

SKT opened at $33.16 on Wednesday. The company has a current ratio of 0.11, a quick ratio of 0.11 and a debt-to-equity ratio of 2.31. The company has a market cap of $3.75 billion, a price-to-earnings ratio of 37.68, a PEG ratio of 2.16 and a beta of 1.36. The company’s 50 day moving average is $33.46 and its 200 day moving average is $31.81. Tanger Inc. has a 12-month low of $28.69 and a 12-month high of $37.57.

Tanger (NYSE:SKT) last posted its quarterly earnings data on Monday, August 4th. The real estate investment trust reported $0.58 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.56 by $0.02. The company had revenue of $133.44 million for the quarter, compared to the consensus estimate of $132.02 million. Tanger had a net margin of 18.22% and a return on equity of 15.45%. The firm’s revenue was up 9.2% compared to the same quarter last year. During the same quarter last year, the firm posted $0.53 earnings per share. Tanger has set its FY 2025 guidance at 2.240-2.310 EPS. On average, equities research analysts predict that Tanger Inc. will post 2.24 EPS for the current year.

Tanger Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, November 14th. Investors of record on Friday, October 31st will be issued a $0.2925 dividend. The ex-dividend date of this dividend is Friday, October 31st. This represents a $1.17 dividend on an annualized basis and a dividend yield of 3.5%. Tanger’s dividend payout ratio (DPR) is presently 132.95%.

Insider Activity

In other Tanger news, EVP Gallardo Leslie Swanson sold 17,500 shares of Tanger stock in a transaction that occurred on Friday, September 5th. The shares were sold at an average price of $34.74, for a total transaction of $607,950.00. Following the transaction, the executive vice president owned 92,665 shares of the company’s stock, valued at $3,219,182.10. The trade was a 15.89% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Insiders own 5.70% of the company’s stock.

Wall Street Analysts Forecast Growth

SKT has been the subject of a number of research analyst reports. LADENBURG THALM/SH SH initiated coverage on shares of Tanger in a research note on Friday, July 18th. They issued a “buy” rating and a $35.00 price target for the company. Evercore ISI lifted their price target on shares of Tanger from $35.00 to $36.00 and gave the stock an “in-line” rating in a research note on Friday, October 17th. Wall Street Zen upgraded shares of Tanger from a “sell” rating to a “hold” rating in a research note on Saturday, August 9th. Weiss Ratings reiterated a “buy (b)” rating on shares of Tanger in a research note on Wednesday, October 8th. Finally, Barclays lifted their price target on shares of Tanger from $34.00 to $35.00 and gave the stock an “equal weight” rating in a research note on Monday, October 6th. Five research analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company. According to MarketBeat, Tanger currently has an average rating of “Moderate Buy” and a consensus price target of $37.00.

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.