Employees Retirement System of Texas Increases Stock Position in Tanger Inc. $SKT

Employees Retirement System of Texas lifted its position in shares of Tanger Inc. (NYSE:SKT) by 33.3% in the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 88,034 shares of the real estate investment trust’s stock after buying an additional 22,000 shares during the period. Employees Retirement System of Texas owned approximately 0.08% of Tanger worth $2,692,000 as of its most recent SEC filing.

Several other large investors have also made changes to their positions in the company. Neo Ivy Capital Management grew its position in 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 valued at $40,000 after acquiring an additional 1,018 shares during the period. Caitong International Asset Management Co. Ltd lifted its stake in shares of Tanger by 3,451.2% in the 1st quarter. Caitong International Asset Management Co. Ltd now owns 1,456 shares of the real estate investment trust’s stock valued at $49,000 after purchasing an additional 1,415 shares in the last quarter. Atlantic Union Bankshares Corp acquired a new position in shares of Tanger in the 2nd quarter valued at about $47,000. Quarry LP grew its holdings in shares of Tanger by 2,296.1% during the 1st 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 during the period. Finally, Farther Finance Advisors LLC increased its position 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 worth $131,000 after purchasing an additional 4,250 shares in the last quarter. 85.23% of the stock is owned by hedge funds and other institutional investors.

Insider Activity at Tanger

In related news, EVP Gallardo Leslie Swanson sold 17,500 shares of the stock in a transaction dated 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 transaction, the executive vice president owned 92,665 shares of the company’s stock, valued at approximately $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 SEC, which is accessible through this link. Company insiders own 5.70% of the company’s stock.

Analyst Ratings Changes

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

Tanger Trading Up 0.2%

NYSE SKT opened at $33.64 on Thursday. The stock has a market cap of $3.87 billion, a P/E ratio of 38.23, a PEG ratio of 2.13 and a beta of 1.37. The company’s fifty day simple moving average is $33.27 and its 200-day simple moving average is $32.16. The company has a current ratio of 0.11, a quick ratio of 0.11 and a debt-to-equity ratio of 2.31. 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 results on Tuesday, November 4th. The real estate investment trust reported $0.60 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.58 by $0.02. Tanger had a net margin of 18.22% and a return on equity of 15.45%. The firm had revenue of $145.21 million for the quarter, compared to the consensus estimate of $139.30 million. During the same quarter in the previous year, the firm posted $0.54 EPS. The firm’s quarterly revenue was up 9.2% on a year-over-year basis. Tanger has set its FY 2025 guidance at 2.280-2.320 EPS. Equities research analysts predict that Tanger Inc. will post 2.24 EPS for the current fiscal year.

Tanger Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, November 14th. Stockholders 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 dividend yield of 3.5%. The ex-dividend date of this dividend was Friday, October 31st. Tanger’s payout ratio is presently 124.47%.

Tanger Company 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.