Commonwealth of Pennsylvania Public School Empls Retrmt SYS Acquires 3,580 Shares of Tanger Inc. $SKT

Commonwealth of Pennsylvania Public School Empls Retrmt SYS boosted its holdings in Tanger Inc. (NYSE:SKT) by 5.8% in the 2nd quarter, HoldingsChannel.com reports. The firm owned 64,897 shares of the real estate investment trust’s stock after purchasing an additional 3,580 shares during the period. Commonwealth of Pennsylvania Public School Empls Retrmt SYS’s holdings in Tanger were worth $1,985,000 at the end of the most recent quarter.

Several other institutional investors have also added to or reduced their stakes in the business. Nuveen LLC purchased a new position in shares of Tanger in the first quarter worth about $57,926,000. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its position in Tanger by 436.9% during the 1st 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 last quarter. Presima Securities ULC purchased a new position in Tanger in the 2nd quarter worth approximately $14,453,000. Janney Montgomery Scott LLC purchased a new position in Tanger in the 2nd quarter worth approximately $9,227,000. Finally, Adelante Capital Management LLC bought a new stake in Tanger in the first quarter valued at approximately $9,498,000. 85.23% of the stock is currently owned by hedge funds and other institutional investors.

Tanger Price Performance

Shares of SKT stock opened at $32.85 on Friday. The business’s fifty day moving average is $33.31 and its 200 day moving average is $32.04. 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 $3.78 billion, a price-to-earnings ratio of 37.33, a PEG ratio of 2.13 and a beta of 1.37. Tanger Inc. has a twelve month low of $28.69 and a twelve month high of $37.57.

Tanger (NYSE:SKT) last announced its quarterly earnings data on Tuesday, November 4th. The real estate investment trust reported $0.60 EPS for the quarter, beating the consensus estimate of $0.58 by $0.02. The business had revenue of $145.21 million during the quarter, compared to analyst estimates of $139.30 million. Tanger had a return on equity of 15.45% and a net margin of 18.22%.The company’s revenue for the quarter was up 9.2% on a year-over-year basis. During the same quarter last year, the firm posted $0.54 earnings per share. Tanger has set its FY 2025 guidance at 2.280-2.320 EPS. Research analysts expect that Tanger Inc. will post 2.24 EPS for the current fiscal year.

Tanger Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Friday, November 14th. Shareholders of record on Friday, October 31st were issued a $0.2925 dividend. This represents a $1.17 dividend on an annualized basis and a yield of 3.6%. The ex-dividend date was Friday, October 31st. Tanger’s dividend payout ratio is 124.47%.

Insiders Place Their Bets

In other Tanger news, EVP Gallardo Leslie Swanson sold 17,500 shares of the firm’s 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 completion of the transaction, the executive vice president owned 92,665 shares of the company’s stock, valued at approximately $3,219,182.10. This trade represents 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 accessible through this link. Company insiders own 5.70% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research analysts have recently issued reports on the stock. Weiss Ratings restated a “buy (b)” rating on shares of Tanger in a report on Wednesday, October 8th. Evercore ISI raised their price target on shares of Tanger from $35.00 to $36.00 and gave the stock an “in-line” rating in a report on Friday, October 17th. Barclays boosted their price objective on shares of Tanger from $35.00 to $37.00 and gave the company an “equal weight” rating in a research report on Tuesday. Citigroup reiterated a “neutral” rating and set a $35.00 target price (down from $38.00) on shares of Tanger in a report on Wednesday. Finally, Wall Street Zen raised Tanger from a “sell” rating to a “hold” rating in a research note on Saturday, August 9th. Three equities research analysts have rated the stock with a Buy rating and six have issued a Hold rating to the company. Based on data from MarketBeat, Tanger has an average rating of “Hold” and an average price target of $36.13.

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.