Louisiana State Employees Retirement System Increases Stock Holdings in Tanger Inc. $SKT

Louisiana State Employees Retirement System lifted its stake in shares of Tanger Inc. (NYSE:SKT) by 1.5% during the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 52,900 shares of the real estate investment trust’s stock after buying an additional 800 shares during the quarter. Louisiana State Employees Retirement System’s holdings in Tanger were worth $1,618,000 as of its most recent filing with the SEC.

Several other hedge funds have also modified their holdings of SKT. Wealth Enhancement Advisory Services LLC purchased a new stake in shares of Tanger during the 4th quarter valued at about $237,000. SG Americas Securities LLC raised its holdings in shares of Tanger by 73.3% during the 1st quarter. SG Americas Securities LLC now owns 15,326 shares of the real estate investment trust’s stock valued at $518,000 after buying an additional 6,482 shares during the period. Exchange Traded Concepts LLC raised its holdings in shares of Tanger by 453.6% during the 1st quarter. Exchange Traded Concepts LLC now owns 28,405 shares of the real estate investment trust’s stock valued at $960,000 after buying an additional 23,274 shares during the period. Spirit of America Management Corp NY raised its holdings in shares of Tanger by 9.1% during the 1st quarter. Spirit of America Management Corp NY now owns 12,000 shares of the real estate investment trust’s stock valued at $405,000 after buying an additional 1,000 shares during the period. Finally, Monument Capital Management purchased a new stake in shares of Tanger during the 1st quarter valued at about $351,000. 85.23% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity at Tanger

In other news, EVP Gallardo Leslie Swanson sold 17,500 shares of Tanger 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 transaction, the executive vice president owned 92,665 shares in the company, valued at approximately $3,219,182.10. This trade represents a 15.89% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders own 5.70% of the company’s stock.

Wall Street Analysts Forecast Growth

Several brokerages recently commented on SKT. Weiss Ratings reiterated a “buy (b)” rating on shares of Tanger in a report on Wednesday, October 8th. Evercore ISI lifted their price objective on Tanger from $33.00 to $35.00 and gave the stock an “in-line” rating in a report on Monday, September 15th. LADENBURG THALM/SH SH initiated coverage on Tanger in a report on Friday, July 18th. They set a “buy” rating and a $35.00 price objective on the stock. Wall Street Zen upgraded Tanger from a “sell” rating to a “hold” rating in a report on Saturday, August 9th. Finally, Barclays lifted their price objective on Tanger from $34.00 to $35.00 and gave the stock an “equal weight” rating in a report on Monday, October 6th. Six equities research analysts have rated the stock with a Buy rating and five have issued a Hold rating to the stock. According to MarketBeat, Tanger has a consensus rating of “Moderate Buy” and a consensus price target of $36.80.

Tanger Price Performance

Shares of SKT opened at $31.82 on Monday. The firm has a market cap of $3.60 billion, a price-to-earnings ratio of 36.16, a PEG ratio of 2.05 and a beta of 1.36. The stock has a 50 day moving average of $33.28 and a 200-day moving average of $31.74. 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 52 week low of $28.69 and a 52 week high of $37.57.

Tanger (NYSE:SKT) last issued its earnings results on Monday, August 4th. The real estate investment trust reported $0.58 EPS for the quarter, topping the consensus estimate of $0.56 by $0.02. The company 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 business’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, analysts forecast that Tanger Inc. will post 2.24 EPS for the current year.

Tanger Announces Dividend

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

Tanger Company 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.