Tanger Inc. $SKT Position Boosted by JPMorgan Chase & Co.

JPMorgan Chase & Co. increased its position in Tanger Inc. (NYSE:SKT) by 10.9% in the second quarter, Holdings Channel reports. The firm owned 777,637 shares of the real estate investment trust’s stock after purchasing an additional 76,330 shares during the quarter. JPMorgan Chase & Co.’s holdings in Tanger were worth $23,780,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently bought and sold shares of SKT. Nissay Asset Management Corp Japan ADV lifted its holdings in Tanger by 2.4% during the 1st quarter. Nissay Asset Management Corp Japan ADV now owns 16,664 shares of the real estate investment trust’s stock worth $563,000 after buying an additional 385 shares during the last quarter. M&G PLC increased its holdings in shares of Tanger by 11.2% in the 2nd quarter. M&G PLC now owns 6,095 shares of the real estate investment trust’s stock valued at $189,000 after acquiring an additional 612 shares during the last quarter. Amalgamated Bank raised its position in shares of Tanger by 2.0% during the 2nd quarter. Amalgamated Bank now owns 32,044 shares of the real estate investment trust’s stock valued at $980,000 after acquiring an additional 613 shares in the last quarter. Creative Planning lifted its stake in Tanger by 7.3% during the second quarter. Creative Planning now owns 11,045 shares of the real estate investment trust’s stock worth $338,000 after purchasing an additional 756 shares during the last quarter. Finally, Louisiana State Employees Retirement System boosted its holdings in Tanger by 1.5% in the second quarter. Louisiana State Employees Retirement System now owns 52,900 shares of the real estate investment trust’s stock worth $1,618,000 after purchasing an additional 800 shares during the period. Institutional investors and hedge funds own 85.23% of the company’s stock.

Insider Activity at Tanger

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 directly owned 92,665 shares in the company, valued at $3,219,182.10. This represents a 15.89% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. 5.70% of the stock is owned by corporate insiders.

Tanger Price Performance

NYSE SKT opened at $32.82 on Thursday. Tanger Inc. has a 52 week low of $28.69 and a 52 week high of $37.06. The company has a current ratio of 0.51, a quick ratio of 0.51 and a debt-to-equity ratio of 2.20. The stock has a market cap of $3.78 billion, a price-to-earnings ratio of 34.91, a price-to-earnings-growth ratio of 2.01 and a beta of 1.06. The company has a 50-day moving average price of $33.26 and a two-hundred day moving average price of $32.23.

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 15.75% and a net margin of 19.15%.The company had revenue of $145.21 million for the quarter, compared to analysts’ expectations of $139.30 million. During the same quarter in the previous year, the company posted $0.54 earnings per share. The business’s revenue for the quarter was up 9.2% compared to the same quarter last year. Tanger has set its FY 2025 guidance at 2.280-2.320 EPS. Analysts forecast that Tanger Inc. will post 2.24 EPS for the current year.

Tanger Dividend Announcement

The business also recently declared 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 dividend yield of 3.6%. The ex-dividend date was Friday, October 31st. Tanger’s payout ratio is 124.47%.

Analyst Upgrades and Downgrades

A number of brokerages have weighed in on SKT. Weiss Ratings reissued a “buy (b)” rating on shares of Tanger in a report on Wednesday, October 8th. Evercore ISI boosted their price objective on shares of Tanger from $35.00 to $36.00 and gave the company an “in-line” rating in a research report on Friday, October 17th. Citigroup reissued a “neutral” rating and issued a $35.00 target price (down previously from $38.00) on shares of Tanger in a report on Wednesday, November 19th. Barclays lifted their target price on Tanger from $35.00 to $37.00 and gave the company an “equal weight” rating in a research note on Tuesday, November 18th. Finally, Wall Street Zen upgraded Tanger from a “sell” rating to a “hold” rating in a research report on Saturday, August 9th. One equities research analyst has rated the stock with a Strong Buy rating, two have given a Buy rating and six have assigned a Hold rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus target price of $36.13.

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.