Atlantic Union Bankshares Corp Invests $47,000 in Tanger Inc. $SKT

Atlantic Union Bankshares Corp bought a new stake in Tanger Inc. (NYSE:SKT) in the second quarter, HoldingsChannel.com reports. The fund bought 1,550 shares of the real estate investment trust’s stock, valued at approximately $47,000.

Other large investors also recently bought and sold shares of the company. Xponance Inc. lifted its position in Tanger by 6.7% during the first quarter. Xponance Inc. now owns 8,156 shares of the real estate investment trust’s stock valued at $276,000 after purchasing an additional 514 shares during the last quarter. New York State Common Retirement Fund raised its position in shares of Tanger by 20.5% during the 1st quarter. New York State Common Retirement Fund now owns 108,687 shares of the real estate investment trust’s stock valued at $3,673,000 after buying an additional 18,486 shares in the last quarter. Bailard Inc. bought a new position in shares of Tanger in the 1st quarter valued at about $203,000. Allianz Asset Management GmbH bought a new position in shares of Tanger in the 1st quarter valued at about $2,219,000. Finally, Universal Beteiligungs und Servicegesellschaft mbH purchased a new position in Tanger in the first quarter worth about $887,000. Institutional investors own 85.23% of the company’s stock.

Tanger Stock Up 1.5%

Shares of NYSE SKT opened at $34.78 on Wednesday. Tanger Inc. has a 52-week low of $28.69 and a 52-week high of $37.57. The firm has a market capitalization of $3.94 billion, a price-to-earnings ratio of 39.52, a PEG ratio of 2.13 and a beta of 1.37. The stock has a 50 day moving average price of $33.45 and a 200 day moving average price of $31.93. 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 (NYSE:SKT) last issued its 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 15.45% and a net margin of 18.22%.The business had revenue of $145.21 million during the quarter, compared to analyst estimates of $139.30 million. During the same period in the previous year, the company posted $0.54 EPS. Tanger’s revenue was up 9.2% on a year-over-year basis. Tanger has set its FY 2025 guidance at 2.280-2.320 EPS. Sell-side analysts expect that Tanger Inc. will post 2.24 earnings per share for the current year.

Tanger Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, November 14th. Shareholders of record on Friday, October 31st will be issued a dividend of $0.2925 per share. This represents a $1.17 annualized dividend and a yield of 3.4%. The ex-dividend date is Friday, October 31st. Tanger’s dividend payout ratio is presently 124.47%.

Insider Buying and Selling

In other Tanger news, EVP Gallardo Leslie Swanson sold 17,500 shares of the firm’s stock in a transaction dated Friday, September 5th. The shares were sold at an average price of $34.74, for a total transaction of $607,950.00. Following the transaction, the executive vice president owned 92,665 shares of the company’s stock, valued at approximately $3,219,182.10. This trade represents a 15.89% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Company insiders own 5.70% of the company’s stock.

Analyst Ratings Changes

A number of brokerages have issued reports on SKT. Evercore ISI upped 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. Weiss Ratings reissued a “buy (b)” rating on shares of Tanger in a research report on Wednesday, October 8th. Barclays raised 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. LADENBURG THALM/SH SH initiated coverage on shares of Tanger in a research note on Friday, July 18th. They set a “buy” rating and a $35.00 price objective for the company. Finally, Wall Street Zen raised shares of Tanger from a “sell” rating to a “hold” rating in a research note on Saturday, August 9th. Four analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company’s stock. According to MarketBeat.com, the company has a consensus rating of “Hold” and an average price target of $36.63.

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.