35,083 Shares in Tanger Inc. $SKT Acquired by Greenwood Capital Associates LLC

Greenwood Capital Associates LLC purchased a new position in Tanger Inc. (NYSE:SKT) in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm purchased 35,083 shares of the real estate investment trust’s stock, valued at approximately $1,073,000.

Other hedge funds have also recently made changes to their positions in the company. NBC Securities Inc. acquired a new position in shares of Tanger in the 1st quarter valued at $30,000. Caitong International Asset Management Co. Ltd lifted its holdings in shares of Tanger by 3,451.2% during the first quarter. Caitong International Asset Management Co. Ltd now owns 1,456 shares of the real estate investment trust’s stock worth $49,000 after purchasing an additional 1,415 shares during the period. Quarry LP lifted its holdings in shares of Tanger by 2,296.1% during the first 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. Farther Finance Advisors LLC lifted its holdings in shares of Tanger by 8,500.0% during the second 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 during the period. Finally, Financiere des Professionnels Fonds d investissement inc. acquired a new stake in shares of Tanger during the second quarter worth about $166,000. 85.23% of the stock is owned by institutional investors and hedge funds.

Tanger Trading Up 1.0%

SKT stock opened at $34.07 on Friday. 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 12-month low of $28.69 and a 12-month high of $37.57. The stock has a market cap of $3.86 billion, a price-to-earnings ratio of 38.71, a PEG ratio of 2.18 and a beta of 1.36. The business’s 50-day moving average is $33.05 and its 200 day moving average is $31.75.

Tanger (NYSE:SKT) last posted its quarterly earnings data on Monday, August 4th. The real estate investment trust reported $0.58 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.56 by $0.02. The company had revenue of $133.44 million for the quarter, compared to analysts’ expectations of $132.02 million. Tanger had a return on equity of 15.45% and a net margin of 18.22%.Tanger’s revenue was up 9.2% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.53 EPS. Tanger has set its FY 2025 guidance at 2.240-2.310 EPS. On average, sell-side analysts anticipate 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, August 15th. Stockholders of record on Thursday, July 31st were issued 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 3.4%. Tanger’s dividend payout ratio is presently 132.95%.

Insider Activity

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

Analyst Upgrades and Downgrades

A number of research firms have issued reports on SKT. Barclays raised their price target on shares of Tanger from $33.00 to $34.00 and gave the stock an “equal weight” rating in a research report on Wednesday, August 27th. LADENBURG THALM/SH SH assumed coverage on shares of Tanger in a report on Friday, July 18th. They issued a “buy” rating and a $35.00 price target on the stock. Wall Street Zen raised Tanger from a “sell” rating to a “hold” rating in a report on Saturday, August 9th. Evercore ISI lifted their price target on Tanger from $33.00 to $35.00 and gave the company an “in-line” rating in a research report on Monday, September 15th. Finally, Weiss Ratings reiterated a “buy (b)” rating on shares of Tanger in a research report on Saturday, September 27th. Six equities research analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company. According to MarketBeat.com, Tanger currently has an average rating of “Moderate Buy” and an average price target of $36.70.

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.