Edgestream Partners L.P. Buys 60,993 Shares of Tanger Inc. $SKT

Edgestream Partners L.P. boosted its position in shares of Tanger Inc. (NYSE:SKT) by 23.2% in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 323,504 shares of the real estate investment trust’s stock after purchasing an additional 60,993 shares during the period. Edgestream Partners L.P. owned about 0.29% of Tanger worth $9,893,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently modified their holdings of the company. Neo Ivy Capital Management boosted its position in shares of Tanger by 346.3% during the second quarter. Neo Ivy Capital Management now owns 1,312 shares of the real estate investment trust’s stock worth $40,000 after buying an additional 1,018 shares during the period. Caitong International Asset Management Co. Ltd grew its stake in shares of Tanger by 3,451.2% during the 1st quarter. Caitong International Asset Management Co. Ltd now owns 1,456 shares of the real estate investment trust’s stock worth $49,000 after acquiring an additional 1,415 shares in the last quarter. Atlantic Union Bankshares Corp bought a new position in shares of Tanger during the 2nd quarter worth approximately $47,000. Elevation Point Wealth Partners LLC acquired a new stake in shares of Tanger in the second quarter valued at approximately $64,000. Finally, Quarry LP lifted its position 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 worth $103,000 after purchasing an additional 2,916 shares in the last quarter. Institutional investors and hedge funds own 85.23% of the company’s stock.

Analyst Ratings Changes

A number of research analysts recently 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. Barclays lifted their target price on Tanger from $35.00 to $37.00 and gave the company an “equal weight” rating in a research report on Tuesday, November 18th. Evercore ISI increased their price target on Tanger from $35.00 to $36.00 and gave the company an “in-line” rating in a research report on Friday, October 17th. Citigroup reaffirmed a “neutral” rating and set a $35.00 price target (down previously from $38.00) on shares of Tanger in a research report on Wednesday, November 19th. Finally, LADENBURG THALM/SH SH upgraded Tanger to a “strong-buy” rating in a research note on Thursday, November 20th. One analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating and six have assigned a Hold rating to the company. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and an average target price of $36.13.

Tanger Trading Down 0.1%

Tanger stock opened at $33.58 on Monday. The stock has a 50-day simple moving average of $33.27 and a 200 day simple moving average of $32.20. The stock has a market capitalization of $3.87 billion, a P/E ratio of 38.16, a PEG 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 Inc. has a 52 week low of $28.69 and a 52 week high of $37.57.

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

Tanger Dividend Announcement

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

Insider Activity at Tanger

In other news, EVP Gallardo Leslie Swanson sold 17,500 shares of the stock in a transaction dated Friday, September 5th. The shares were sold at an average price of $34.74, for a total value of $607,950.00. Following the transaction, the executive vice president directly 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 document filed with the Securities & Exchange Commission, which can be accessed through this link. 5.70% of the stock is currently owned by corporate insiders.

Tanger Profile

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.