Tanger Inc. $SKT Shares Sold by Intech Investment Management LLC

Intech Investment Management LLC cut its stake in shares of Tanger Inc. (NYSE:SKT) by 15.9% during the 2nd quarter, HoldingsChannel.com reports. The fund owned 78,656 shares of the real estate investment trust’s stock after selling 14,904 shares during the period. Intech Investment Management LLC’s holdings in Tanger were worth $2,405,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Atlantic Union Bankshares Corp acquired a new stake in Tanger in the second quarter valued at approximately $47,000. Caitong International Asset Management Co. Ltd lifted its position in shares of Tanger by 3,451.2% during the first 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. Quarry LP boosted its stake in shares of Tanger by 2,296.1% in the first quarter. Quarry LP now owns 3,043 shares of the real estate investment trust’s stock valued at $103,000 after purchasing an additional 2,916 shares during the period. Farther Finance Advisors LLC grew its holdings in Tanger by 8,500.0% during the 2nd quarter. Farther Finance Advisors LLC now owns 4,300 shares of the real estate investment trust’s stock valued at $131,000 after purchasing an additional 4,250 shares in the last quarter. Finally, Financiere des Professionnels Fonds d investissement inc. purchased a new stake in Tanger during the 2nd quarter worth $166,000. Hedge funds and other institutional investors own 85.23% of the company’s stock.

Insiders Place Their Bets

In other Tanger news, EVP Gallardo Leslie Swanson sold 17,500 shares of the business’s stock in a transaction 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 sale, 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 ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 5.70% of the stock is currently owned by insiders.

Tanger Stock Up 0.6%

Shares of Tanger stock opened at $32.85 on Friday. 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 firm has a market cap of $3.78 billion, a P/E ratio of 37.33, a P/E/G ratio of 2.13 and a beta of 1.37. Tanger Inc. has a fifty-two week low of $28.69 and a fifty-two week high of $37.57. The business has a 50-day moving average price of $33.31 and a 200 day moving average price of $32.04.

Tanger (NYSE:SKT) last released its earnings results on Tuesday, November 4th. The real estate investment trust reported $0.60 EPS for the quarter, topping analysts’ consensus estimates of $0.58 by $0.02. The company had revenue of $145.21 million for the quarter, compared to the consensus estimate of $139.30 million. Tanger had a return on equity of 15.45% and a net margin of 18.22%.Tanger’s quarterly revenue was up 9.2% compared to the same quarter last year. During the same quarter last year, the business posted $0.54 EPS. Tanger has set its FY 2025 guidance at 2.280-2.320 EPS. On average, sell-side analysts forecast that Tanger Inc. will post 2.24 earnings per share 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 of this dividend was Friday, October 31st. Tanger’s payout ratio is currently 124.47%.

Analysts Set New Price Targets

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