Financial Advocates Investment Management Takes $320,000 Position in Tanger Inc. $SKT

Financial Advocates Investment Management purchased a new stake in Tanger Inc. (NYSE:SKT) in the 2nd quarter, according to its most recent filing with the Securities & Exchange Commission. The fund purchased 10,454 shares of the real estate investment trust’s stock, valued at approximately $320,000.

A number of other institutional investors have also added to or reduced their stakes in SKT. Neo Ivy Capital Management grew its holdings 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 valued at $40,000 after buying an additional 1,018 shares in the last quarter. Caitong International Asset Management Co. Ltd lifted its holdings 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 worth $49,000 after buying an additional 1,415 shares in the last quarter. Atlantic Union Bankshares Corp bought a new position in shares of Tanger in the second quarter valued at approximately $47,000. Quarry LP grew its stake in Tanger by 2,296.1% during the first quarter. Quarry LP now owns 3,043 shares of the real estate investment trust’s stock valued at $103,000 after acquiring an additional 2,916 shares in the last quarter. Finally, Farther Finance Advisors LLC grew its stake in Tanger by 8,500.0% during the second quarter. Farther Finance Advisors LLC now owns 4,300 shares of the real estate investment trust’s stock valued at $131,000 after acquiring an additional 4,250 shares in the last quarter. Hedge funds and other institutional investors own 85.23% of the company’s stock.

Analysts Set New Price Targets

Several research firms have issued reports on SKT. Wall Street Zen upgraded shares of Tanger from a “sell” rating to a “hold” rating in a research note on Saturday, August 9th. Evercore ISI increased their price objective on Tanger from $35.00 to $36.00 and gave the stock an “in-line” rating in a research report on Friday, October 17th. LADENBURG THALM/SH SH raised Tanger to a “strong-buy” rating in a research note on Thursday, November 20th. Citigroup restated a “neutral” rating and issued a $35.00 target price (down from $38.00) on shares of Tanger in a research note on Wednesday, November 19th. Finally, Weiss Ratings reaffirmed a “buy (b)” rating on shares of Tanger in a report on Wednesday, October 8th. One research analyst has rated the stock with a Strong Buy rating, two have given a Buy rating and six have issued a Hold rating to the company. According to MarketBeat.com, the stock has a consensus rating of “Hold” and an average price target of $36.13.

Insiders Place Their Bets

In other Tanger news, EVP Gallardo Leslie Swanson sold 17,500 shares of the company’s stock in a transaction that occurred 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 sale, the executive vice president owned 92,665 shares of the company’s stock, valued at $3,219,182.10. This represents a 15.89% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. 5.70% of the stock is owned by insiders.

Tanger Stock Performance

NYSE SKT opened at $33.64 on Friday. Tanger Inc. has a 52-week low of $28.69 and a 52-week high of $37.57. The company has a fifty day moving average of $33.27 and a 200-day moving average of $32.17. The company has a market capitalization of $3.87 billion, a P/E ratio of 38.23, a P/E/G ratio of 2.13 and a beta of 1.37. 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 released its quarterly earnings results on Tuesday, November 4th. The real estate investment trust reported $0.60 earnings per share for the quarter, beating analysts’ consensus estimates of $0.58 by $0.02. Tanger had a return on equity of 15.45% and a net margin of 18.22%.The business had revenue of $145.21 million for the quarter, compared to the consensus estimate of $139.30 million. During the same quarter last year, the business posted $0.54 earnings per share. The company’s revenue for the quarter was up 9.2% on a year-over-year basis. Tanger has set its FY 2025 guidance at 2.280-2.320 EPS. As a group, equities research analysts predict that Tanger Inc. will post 2.24 EPS for the current fiscal year.

Tanger Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, November 14th. Investors of record on Friday, October 31st were issued a dividend of $0.2925 per share. This represents a $1.17 dividend on an annualized basis and a dividend yield of 3.5%. The ex-dividend date of this dividend was Friday, October 31st. Tanger’s dividend payout ratio (DPR) is currently 124.47%.

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.