Tanger Inc. $SKT Shares Acquired by Louisiana State Employees Retirement System

Louisiana State Employees Retirement System boosted its stake in shares of Tanger Inc. (NYSE:SKT) by 1.5% in the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 52,900 shares of the real estate investment trust’s stock after purchasing an additional 800 shares during the quarter. Louisiana State Employees Retirement System’s holdings in Tanger were worth $1,618,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in the stock. KLP Kapitalforvaltning AS boosted its position in Tanger by 8.1% during the 2nd quarter. KLP Kapitalforvaltning AS now owns 23,900 shares of the real estate investment trust’s stock valued at $731,000 after purchasing an additional 1,800 shares during the period. Greenwood Capital Associates LLC acquired a new position in Tanger during the 2nd quarter worth $1,073,000. Janney Montgomery Scott LLC acquired a new position in Tanger during the 2nd quarter worth $9,227,000. State of Alaska Department of Revenue boosted its position in Tanger by 7.0% during the 2nd quarter. State of Alaska Department of Revenue now owns 121,677 shares of the real estate investment trust’s stock worth $3,719,000 after acquiring an additional 7,991 shares during the period. Finally, Novem Group acquired a new position in Tanger during the 2nd quarter worth $892,000. Institutional investors and hedge funds own 85.23% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research analysts have issued reports on the company. Wall Street Zen upgraded Tanger from a “sell” rating to a “hold” rating in a research report on Saturday, August 9th. Evercore ISI boosted their price target on Tanger from $33.00 to $35.00 and gave the stock an “in-line” rating in a research report on Monday, September 15th. Barclays boosted their price target on Tanger from $34.00 to $35.00 and gave the stock an “equal weight” rating in a research report on Monday, October 6th. Weiss Ratings reiterated a “buy (b)” rating on shares of Tanger in a research report on Wednesday, October 8th. Finally, LADENBURG THALM/SH SH assumed coverage on Tanger in a research report on Friday, July 18th. They set a “buy” rating and a $35.00 price target for the company. Six investment analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $36.80.

Tanger Trading Down 2.7%

Shares of Tanger stock opened at $31.82 on Monday. 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 firm has a market cap of $3.60 billion, a price-to-earnings ratio of 36.16, a price-to-earnings-growth ratio of 2.05 and a beta of 1.36. The business has a fifty day simple moving average of $33.28 and a 200-day simple moving average of $31.74. Tanger Inc. has a fifty-two week low of $28.69 and a fifty-two week high of $37.57.

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

Tanger Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, August 15th. Stockholders of record on Thursday, July 31st were given a dividend of $0.2925 per share. The ex-dividend date of this dividend was Thursday, July 31st. This represents a $1.17 dividend on an annualized basis and a dividend yield of 3.7%. Tanger’s payout ratio is 132.95%.

Insider Activity

In other news, EVP Gallardo Leslie Swanson sold 17,500 shares of the business’s stock in a transaction on Friday, September 5th. The stock was sold at an average price of $34.74, for a total transaction of $607,950.00. Following the sale, the executive vice president directly owned 92,665 shares of the company’s stock, valued at $3,219,182.10. The trade was a 15.89% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 5.70% of the stock is owned by company 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.