Tanger Inc. $SKT Shares Sold by Cbre Investment Management Listed Real Assets LLC

Cbre Investment Management Listed Real Assets LLC lowered its position in shares of Tanger Inc. (NYSE:SKT) by 94.3% in the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 11,479 shares of the real estate investment trust’s stock after selling 188,672 shares during the quarter. Cbre Investment Management Listed Real Assets LLC’s holdings in Tanger were worth $351,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also made changes to their positions in SKT. Atlantic Union Bankshares Corp purchased a new stake in shares of Tanger during the second quarter worth approximately $47,000. Bank of New York Mellon Corp grew its holdings in shares of Tanger by 5.2% during 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 buying an additional 47,300 shares in the last quarter. Corton Capital Inc. acquired a new stake in shares of Tanger in the second quarter valued at about $224,000. Bank of Montreal Can lifted its stake in shares of Tanger by 4.3% in the second quarter. Bank of Montreal Can now owns 21,024 shares of the real estate investment trust’s stock worth $643,000 after buying an additional 858 shares in the last quarter. Finally, Presima Securities ULC acquired a new position in Tanger during the second quarter worth about $14,453,000. Hedge funds and other institutional investors own 85.23% of the company’s stock.

Insiders Place Their Bets

In other Tanger news, EVP Gallardo Leslie Swanson sold 17,500 shares of the business’s 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 sale, the executive vice president 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 sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Company insiders own 5.70% of the company’s stock.

Tanger Price Performance

NYSE:SKT opened at $33.58 on Friday. Tanger Inc. has a 52 week low of $28.69 and a 52 week high of $37.57. The stock’s fifty day moving average is $33.42 and its two-hundred day moving average is $31.87. The company has a market capitalization of $3.80 billion, a P/E ratio of 38.15, a P/E/G ratio of 2.13 and a beta of 1.37. 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 quarterly earnings data on Tuesday, November 4th. The real estate investment trust reported $0.60 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.58 by $0.02. Tanger had a return on equity of 15.45% and a net margin of 18.22%.The firm had revenue of $137.23 million during the quarter, compared to the consensus estimate of $139.30 million. During the same period last year, the company earned $0.54 EPS. 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. Equities analysts expect that Tanger Inc. will post 2.24 EPS for the current year.

Tanger Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, November 14th. Investors of record on Friday, October 31st will be given a dividend of $0.2925 per share. The ex-dividend date of this dividend is Friday, October 31st. This represents a $1.17 dividend on an annualized basis and a dividend yield of 3.5%. Tanger’s dividend payout ratio (DPR) is presently 132.95%.

Analyst Upgrades and Downgrades

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

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.