First Eagle Investment Management LLC Acquires 3,400 Shares of Tanger Inc. $SKT

First Eagle Investment Management LLC raised its stake in shares of Tanger Inc. (NYSE:SKT) by 1.9% in the second quarter, HoldingsChannel reports. The institutional investor owned 181,504 shares of the real estate investment trust’s stock after acquiring an additional 3,400 shares during the period. First Eagle Investment Management LLC’s holdings in Tanger were worth $5,550,000 at the end of the most recent reporting period.

Several other hedge funds have also recently modified their holdings of the stock. Nuveen LLC bought a new position in shares of Tanger during the first quarter worth $57,926,000. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its position in Tanger by 436.9% during 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 acquiring an additional 651,961 shares during the last quarter. Presima Securities ULC purchased a new stake in shares of Tanger in the second quarter valued at $14,453,000. Janney Montgomery Scott LLC bought a new stake in shares of Tanger in the 2nd quarter worth about $9,227,000. Finally, Adelante Capital Management LLC purchased a new position in shares of Tanger during the 1st quarter worth about $9,498,000. Hedge funds and other institutional investors own 85.23% of the company’s stock.

Insider Transactions at Tanger

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. 5.70% of the stock is currently owned by insiders.

Wall Street Analyst Weigh In

A number of analysts recently weighed in on SKT shares. LADENBURG THALM/SH SH started coverage on shares of Tanger in a research report on Friday, July 18th. They issued a “buy” rating and a $35.00 price objective on the stock. Wall Street Zen raised Tanger from a “sell” rating to a “hold” rating in a research note on Saturday, August 9th. Weiss Ratings reiterated a “buy (b)” rating on shares of Tanger in a report on Wednesday, October 8th. Evercore ISI boosted their price objective on Tanger from $35.00 to $36.00 and gave the company an “in-line” rating in a report on Friday, October 17th. Finally, Barclays upped their price objective on Tanger from $34.00 to $35.00 and gave the company an “equal weight” rating in a research report on Monday, October 6th. Five equities research analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $37.00.

Tanger Stock Up 2.4%

Shares of NYSE:SKT opened at $34.43 on Friday. The business’s 50 day moving average is $33.42 and its 200 day moving average is $31.90. The stock has a market cap of $3.90 billion, a P/E ratio of 39.13, a price-to-earnings-growth ratio of 2.13 and a beta of 1.37. Tanger Inc. has a 52-week low of $28.69 and a 52-week high of $37.57. The company has a quick ratio of 0.11, a current ratio of 0.11 and a debt-to-equity ratio of 2.31.

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, topping the consensus estimate 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 analysts’ expectations of $139.30 million. During the same period in the prior year, the business earned $0.54 EPS. The business’s revenue for the quarter was up 9.2% compared to the same quarter last year. Tanger has set its FY 2025 guidance at 2.280-2.320 EPS. Sell-side analysts predict that Tanger Inc. will post 2.24 EPS for the current year.

Tanger Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, November 14th. Investors of record on Friday, October 31st will be paid a $0.2925 dividend. The ex-dividend date of this dividend is Friday, October 31st. This represents a $1.17 dividend on an annualized basis and a yield of 3.4%. Tanger’s dividend payout ratio is 124.47%.

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.