Legal & General Group Plc Buys Shares of 802,738 Tanger Inc. $SKT

Legal & General Group Plc purchased a new position in shares of Tanger Inc. (NYSE:SKT) in the second quarter, according to the company in its most recent disclosure with the SEC. The institutional investor purchased 802,738 shares of the real estate investment trust’s stock, valued at approximately $31,684,000. Legal & General Group Plc owned about 0.70% of Tanger as of its most recent SEC filing.

Several other hedge funds also recently made changes to their positions in SKT. Royal Bank of Canada raised its holdings in shares of Tanger by 2.8% in the first quarter. Royal Bank of Canada now owns 145,184 shares of the real estate investment trust’s stock valued at $4,905,000 after purchasing an additional 3,995 shares during the last quarter. AQR Capital Management LLC lifted its position in shares of Tanger by 17.8% in the first quarter. AQR Capital Management LLC now owns 38,209 shares of the real estate investment trust’s stock worth $1,291,000 after purchasing an additional 5,765 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its position in shares of Tanger by 6.0% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 64,251 shares of the real estate investment trust’s stock worth $2,171,000 after purchasing an additional 3,631 shares in the last quarter. United Services Automobile Association acquired a new position in Tanger during the first quarter worth $233,000. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its holdings in Tanger by 436.9% during 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 purchasing an additional 651,961 shares during the last quarter. 85.23% of the stock is owned by institutional investors.

Analysts Set New Price Targets

SKT has been the topic of several recent research reports. Deutsche Bank Aktiengesellschaft lifted their price target on shares of Tanger from $35.00 to $40.00 and gave the company a “hold” rating in a research note on Wednesday, June 17th. BMO Capital Markets increased their price objective on shares of Tanger from $40.00 to $42.00 and gave the stock a “market perform” rating in a research note on Monday, June 15th. Barclays raised their price objective on Tanger from $41.00 to $42.00 and gave the company an “equal weight” rating in a report on Monday, August 17th. Citigroup lifted their target price on Tanger from $39.00 to $41.00 and gave the company a “neutral” rating in a research report on Tuesday, August 11th. Finally, LADENBURG THALM/SH SH upped their target price on Tanger from $40.00 to $42.00 and gave the stock a “buy” rating in a report on Wednesday, June 10th. Two investment analysts have rated the stock with a Buy rating, seven have issued a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average target price of $40.40.

Tanger Price Performance

NYSE:SKT opened at $37.73 on Friday. The stock has a market capitalization of $4.33 billion, a PE ratio of 34.30, a P/E/G ratio of 1.84 and a beta of 1.10. Tanger Inc. has a 1-year low of $31.13 and a 1-year high of $42.53. The firm has a fifty day simple moving average of $39.82 and a 200 day simple moving average of $37.39. The company has a current ratio of 2.12, a quick ratio of 2.12 and a debt-to-equity ratio of 2.65.

Tanger (NYSE:SKT) last posted its quarterly earnings results on Tuesday, August 4th. The real estate investment trust reported $0.29 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.25 by $0.04. The firm had revenue of $156.39 million for the quarter, compared to analyst estimates of $142.58 million. Tanger had a net margin of 20.74% and a return on equity of 17.72%. The company’s quarterly revenue was up 11.2% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.58 earnings per share. Tanger has set its FY 2026 guidance at 2.450-2.520 EPS. On average, research analysts expect that Tanger Inc. will post 2.48 EPS for the current fiscal year.

Tanger Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, August 14th. Stockholders of record on Friday, July 31st were paid a dividend of $0.3125 per share. The ex-dividend date was Friday, July 31st. This represents a $1.25 annualized dividend and a dividend yield of 3.3%. Tanger’s payout ratio is currently 113.64%.

Tanger Profile

Tanger Factory Outlet Centers, Inc (NYSE: SKT) is a real estate investment trust specializing in the ownership, development and management of outlet shopping centers. The company’s portfolio comprises more than 40 outlet properties anchored by leading fashion and lifestyle brands. Tanger’s centers are designed to offer off-price retail experiences in open-air, community-oriented settings, providing value-focused shoppers with access to premium brands at reduced prices.

Founded in 1981 by Stanley K.