Geode Capital Management LLC Acquires 65,599 Shares of Tanger Inc. $SKT

Geode Capital Management LLC raised its holdings in Tanger Inc. (NYSE:SKT) by 2.4% in the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 2,841,121 shares of the real estate investment trust’s stock after purchasing an additional 65,599 shares during the period. Geode Capital Management LLC’s holdings in Tanger were worth $86,892,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently modified their holdings of SKT. Vanguard Group Inc. boosted its holdings in Tanger by 1.1% in the 1st quarter. Vanguard Group Inc. now owns 17,511,443 shares of the real estate investment trust’s stock worth $591,712,000 after buying an additional 193,141 shares during the period. Northern Trust Corp lifted its position in shares of Tanger by 1.2% during the first quarter. Northern Trust Corp now owns 1,839,022 shares of the real estate investment trust’s stock worth $62,141,000 after acquiring an additional 21,970 shares in the last quarter. Nuveen LLC purchased a new stake in shares of Tanger during the first quarter worth $57,926,000. Bank of New York Mellon Corp boosted its holdings in shares of Tanger by 5.2% in the second quarter. Bank of New York Mellon Corp now owns 960,469 shares of the real estate investment trust’s stock worth $29,371,000 after acquiring an additional 47,300 shares during the period. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its position in shares of Tanger by 436.9% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 801,200 shares of the real estate investment trust’s stock valued at $27,073,000 after purchasing an additional 651,961 shares in the last quarter. Institutional investors own 85.23% of the company’s stock.

Insider Activity

In related 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 value of $607,950.00. Following the completion of the transaction, the executive vice president directly owned 92,665 shares in the company, valued at approximately $3,219,182.10. The trade was a 15.89% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Corporate insiders own 5.70% of the company’s stock.

Tanger Stock Up 1.7%

Shares of NYSE SKT opened at $33.44 on Friday. Tanger Inc. has a 12 month low of $28.69 and a 12 month high of $37.57. The company has a current ratio of 0.11, a quick ratio of 0.11 and a debt-to-equity ratio of 2.31. The firm has a market capitalization of $3.85 billion, a price-to-earnings ratio of 38.00, a PEG ratio of 2.13 and a beta of 1.37. The business has a 50-day moving average of $33.29 and a 200-day moving average of $32.07.

Tanger (NYSE:SKT) last announced 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 net margin of 18.22% and a return on equity of 15.45%. The business had revenue of $145.21 million for the quarter, compared to the consensus estimate of $139.30 million. During the same period last year, the firm posted $0.54 earnings per share. Tanger’s quarterly 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 fiscal year.

Tanger Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, November 14th. Stockholders of record on Friday, October 31st were given a dividend of $0.2925 per share. The ex-dividend date was Friday, October 31st. This represents a $1.17 annualized dividend and a dividend yield of 3.5%. Tanger’s dividend payout ratio (DPR) is 124.47%.

Analyst Upgrades and Downgrades

A number of analysts recently issued reports on the company. Barclays increased their price objective on Tanger from $35.00 to $37.00 and gave the stock an “equal weight” rating in a report on Tuesday. Evercore ISI upped their price target on Tanger from $35.00 to $36.00 and gave the company an “in-line” rating in a research report on Friday, October 17th. Citigroup restated a “neutral” rating and issued a $35.00 price objective (down from $38.00) on shares of Tanger in a research report on Wednesday. Wall Street Zen raised shares of Tanger from a “sell” rating to a “hold” rating in a research note on Saturday, August 9th. Finally, Weiss Ratings reaffirmed a “buy (b)” rating on shares of Tanger in a report on Wednesday, October 8th. Three investment analysts have rated the stock with a Buy rating and six have given a Hold rating to the company’s stock. According to data from MarketBeat.com, Tanger has an average rating of “Hold” and an average target price of $36.13.

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.