Cubist Systematic Strategies LLC Buys 106,283 Shares of Tanger Inc. $SKT

Cubist Systematic Strategies LLC raised its stake in Tanger Inc. (NYSE:SKT) by 121.2% during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 193,964 shares of the real estate investment trust’s stock after buying an additional 106,283 shares during the period. Cubist Systematic Strategies LLC owned about 0.17% of Tanger worth $6,554,000 at the end of the most recent quarter.

A number of other institutional investors have also recently made changes to their positions in the stock. Royal Bank of Canada increased its holdings in shares of Tanger by 2.8% in the 1st quarter. Royal Bank of Canada now owns 145,184 shares of the real estate investment trust’s stock worth $4,905,000 after buying an additional 3,995 shares during the last quarter. 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 valued at $103,000 after purchasing an additional 2,916 shares during the last quarter. Eisler Capital Management Ltd. bought a new position in shares of Tanger during the 1st quarter valued at $5,761,000. Truvestments Capital LLC grew its holdings in shares of Tanger by 1,862.9% during the 1st quarter. Truvestments Capital LLC now owns 94,729 shares of the real estate investment trust’s stock valued at $3,201,000 after purchasing an additional 89,903 shares during the last quarter. Finally, Jump Financial LLC grew its holdings in shares of Tanger by 488.7% during the 1st quarter. Jump Financial LLC now owns 51,120 shares of the real estate investment trust’s stock valued at $1,727,000 after purchasing an additional 42,436 shares during the last quarter. Institutional investors own 85.23% of the company’s stock.

Wall Street Analyst Weigh In

Several equities analysts recently commented on the stock. Wall Street Zen raised shares of Tanger from a “sell” rating to a “hold” rating in a report on Saturday, August 9th. LADENBURG THALM/SH SH assumed coverage on shares of Tanger in a report on Friday, July 18th. They set a “buy” rating and a $35.00 target price on the stock. Finally, Barclays increased their target price on shares of Tanger from $33.00 to $34.00 and gave the company an “equal weight” rating in a report on Wednesday, August 27th. Five investment analysts have rated the stock with a Buy rating and five have given a Hold rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $36.50.

Tanger Price Performance

Shares of Tanger stock opened at $33.96 on Thursday. The firm has a market cap of $3.84 billion, a PE ratio of 38.59, a price-to-earnings-growth ratio of 2.20 and a beta of 1.34. Tanger Inc. has a 12-month low of $28.69 and a 12-month high of $37.57. The company has a quick ratio of 0.11, a current ratio of 0.11 and a debt-to-equity ratio of 2.31. The company’s fifty day simple moving average is $32.00 and its two-hundred day simple moving average is $31.80.

Tanger (NYSE:SKT) last announced its quarterly earnings results on Monday, August 4th. The real estate investment trust reported $0.58 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.56 by $0.02. The business had revenue of $133.44 million for the quarter, compared to analyst estimates of $132.02 million. Tanger had a net margin of 18.22% and a return on equity of 15.45%. The company’s revenue was up 9.2% on a year-over-year basis. During the same quarter last year, the firm earned $0.53 EPS. Tanger has set its FY 2025 guidance at 2.240-2.310 EPS. As a group, equities analysts expect that Tanger Inc. will post 2.24 EPS for the current year.

Tanger Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, August 15th. Shareholders of record on Thursday, July 31st were issued a $0.2925 dividend. This represents a $1.17 dividend on an annualized basis and a yield of 3.4%. The ex-dividend date of this dividend was Thursday, July 31st. Tanger’s dividend payout ratio (DPR) is 132.95%.

About Tanger

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.