Crossmark Global Holdings Inc. Sells 27,579 Shares of Tanger Inc. $SKT

Crossmark Global Holdings Inc. cut its position in Tanger Inc. (NYSE:SKT) by 7.2% in the 3rd quarter, Holdings Channel reports. The institutional investor owned 353,236 shares of the real estate investment trust’s stock after selling 27,579 shares during the quarter. Crossmark Global Holdings Inc.’s holdings in Tanger were worth $12,116,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently made changes to their positions in SKT. BlackRock Inc. grew its holdings in shares of Tanger by 7.7% during the second quarter. BlackRock Inc. now owns 22,211,493 shares of the real estate investment trust’s stock valued at $876,688,000 after buying an additional 1,582,006 shares during the last quarter. Jupiter Topco LLC bought a new stake in shares of Tanger during the second quarter valued at approximately $33,960,000. Legal & General Group Plc bought a new stake in shares of Tanger during the second quarter valued at approximately $31,684,000. Nicholas Investment Partners LP bought a new stake in shares of Tanger during the second quarter valued at approximately $16,977,000. Finally, Bank of America Corp DE purchased a new position in Tanger in the 2nd quarter worth approximately $14,825,000. Institutional investors own 85.23% of the company’s stock.

Tanger Price Performance

Shares of Tanger stock opened at $36.09 on Friday. The company has a market capitalization of $4.15 billion, a price-to-earnings ratio of 14.35, a PEG ratio of 1.73 and a beta of 1.12. The company has a quick ratio of 2.12, a current ratio of 2.12 and a debt-to-equity ratio of 2.65. The stock’s 50-day simple moving average is $36.27 and its 200-day simple moving average is $37.55. Tanger Inc. has a 52 week low of $31.13 and a 52 week high of $42.53.

Tanger (NYSE:SKT) last released its 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 during the quarter, compared to analysts’ expectations of $142.58 million. Tanger had a return on equity of 17.72% and a net margin of 20.74%. The firm’s revenue was up 11.2% on a year-over-year basis. During the same quarter last year, the business posted $0.58 earnings per share. Tanger has set its FY 2026 guidance at 2.450-2.520 EPS. As a group, analysts expect that Tanger Inc. will post 2.50 earnings per share for the current fiscal year.

Tanger Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, November 13th. Shareholders of record on Friday, October 30th will be paid a $0.3125 dividend. This represents a $1.25 annualized dividend and a yield of 3.5%. The ex-dividend date is Friday, October 30th. Tanger’s dividend payout ratio is presently 113.64%.

Analyst Upgrades and Downgrades

A number of research analysts recently weighed in on the stock. Weiss Ratings restated a “buy (b)” rating on shares of Tanger in a research report on Thursday, October 15th. JPMorgan Chase & Co. downgraded shares of Tanger from an “overweight” rating to a “neutral” rating and set a $39.00 target price for the company. in a research report on Thursday, September 24th. Evercore set a $39.00 target price on shares of Tanger in a report on Tuesday, July 7th. Barclays decreased their price target on shares of Tanger from $42.00 to $41.00 and set an “equal weight” rating on the stock in a research report on Monday, September 28th. Finally, Citigroup lifted their price target on shares of Tanger from $39.00 to $41.00 and gave the stock a “neutral” rating in a research note on Tuesday, August 11th. Two analysts have rated the stock with a Buy rating, seven have assigned a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat, Tanger currently has a consensus rating of “Hold” and an average price target of $40.17.

About Tanger

Tanger Inc (NYSE:SKT) is a real estate investment trust that owns, operates and develops open-air shopping centers, primarily outlet centers, in the United States and Canada. Its properties provide retail space for a broad range of brand-name and designer retailers, including apparel, footwear, accessories, home goods and specialty products.

The company generates revenue primarily by leasing retail space to tenants and providing related property-management services. Tanger’s shopping centers are generally located near major highways, tourist destinations and metropolitan areas, where they serve both local shoppers and visiting consumers.

Founded by Stanley Tanger, the company opened its first outlet center in Burlington, North Carolina, in 1981.