Intrust Bank NA Cuts Stock Holdings in Tanger Inc. $SKT

Intrust Bank NA lessened its holdings in Tanger Inc. (NYSE:SKT) by 19.4% during the second quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 12,562 shares of the real estate investment trust’s stock after selling 3,019 shares during the quarter. Intrust Bank NA’s holdings in Tanger were worth $384,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in the business. Nuveen LLC acquired a new stake in shares of Tanger in the 1st quarter valued at approximately $57,926,000. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its position in 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 worth $27,073,000 after acquiring an additional 651,961 shares in the last quarter. Presima Securities ULC acquired a new stake in Tanger in the second quarter valued at $14,453,000. Janney Montgomery Scott LLC purchased a new stake in shares of Tanger during the 2nd quarter worth $9,227,000. Finally, Adelante Capital Management LLC acquired a new position in shares of Tanger during the 1st quarter worth $9,498,000. Institutional investors and hedge funds own 85.23% of the company’s stock.

Analyst Upgrades and Downgrades

Several brokerages recently commented on SKT. Barclays raised their price objective on shares of Tanger from $35.00 to $37.00 and gave the company an “equal weight” rating in a research note on Tuesday. Evercore ISI increased their target price on shares of Tanger from $35.00 to $36.00 and gave the company an “in-line” rating in a report on Friday, October 17th. Wall Street Zen raised 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 research note on Wednesday, October 8th. Three investment analysts have rated the stock with a Buy rating and five have given a Hold rating to the company’s stock. Based on data from MarketBeat.com, the company has an average rating of “Hold” and a consensus target price of $36.29.

Insiders Place Their Bets

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 value of $607,950.00. Following the completion of the transaction, 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 transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Insiders own 5.70% of the company’s stock.

Tanger Stock Performance

Shares of SKT opened at $33.22 on Wednesday. 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 stock has a market cap of $3.82 billion, a P/E ratio of 37.75, a PEG ratio of 2.13 and a beta of 1.37. The company has a 50-day moving average of $33.37 and a two-hundred day moving average of $32.03. Tanger Inc. has a 12-month low of $28.69 and a 12-month high of $37.57.

Tanger (NYSE:SKT) last released its quarterly earnings results on Tuesday, November 4th. The real estate investment trust reported $0.60 EPS for the quarter, beating the consensus estimate 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 analyst estimates of $139.30 million. During the same period in the prior year, the business earned $0.54 earnings per share. The company’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. As a group, research analysts predict that Tanger Inc. will post 2.24 EPS for the current fiscal year.

Tanger Dividend Announcement

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

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.