Tanger Inc. $SKT Holdings Boosted by Voya Investment Management LLC

by · The Markets Daily

Voya Investment Management LLC grew its holdings in Tanger Inc. (NYSE:SKT – Free Report) by 40.8% in the third quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 221,372 shares of the real estate investment trust’s stock after purchasing an additional 64,194 shares during the period. Voya Investment Management LLC’s holdings in Tanger were worth $7,491,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also modified their holdings of the company. Strs Ohio acquired a new stake in Tanger during the 1st quarter worth about $672,000. Jacobs Levy Equity Management Inc. acquired a new position in shares of Tanger in the 1st quarter valued at about $4,195,000. Janney Montgomery Scott LLC acquired a new position in shares of Tanger in the 2nd quarter valued at about $9,227,000. JPMorgan Chase & Co. lifted its position in shares of Tanger by 10.9% in the second quarter. JPMorgan Chase & Co. now owns 777,637 shares of the real estate investment trust’s stock worth $23,780,000 after purchasing an additional 76,330 shares in the last quarter. Finally, Novem Group acquired a new stake in shares of Tanger during the second quarter worth approximately $892,000. Institutional investors and hedge funds own 85.23% of the company’s stock.

Tanger Stock Performance

Shares of SKT opened at $34.08 on Wednesday. The firm has a market cap of $3.92 billion, a price-to-earnings ratio of 36.26, a price-to-earnings-growth ratio of 2.06 and a beta of 1.06. The company’s fifty day moving average is $33.34 and its 200-day moving average is $32.63. The company has a quick ratio of 0.51, a current ratio of 0.51 and a debt-to-equity ratio of 2.20. Tanger Inc. has a 12 month low of $28.69 and a 12 month high of $36.76.

Tanger (NYSE:SKT – Get Free Report) 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 net margin of 19.15% and a return on equity of 15.75%. The firm 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 company posted $0.54 earnings per share. Tanger’s revenue for the quarter 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 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 issued a dividend of $0.2925 per share. The ex-dividend date of this dividend was Friday, October 31st. This represents a $1.17 dividend on an annualized basis and a dividend yield of 3.4%. Tanger’s dividend payout ratio is currently 124.47%.

Analyst Ratings Changes

Several research firms have weighed in on SKT. Barclays upped 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, November 18th. LADENBURG THALM/SH SH raised shares of Tanger to a “strong-buy” rating in a research note on Thursday, November 20th. Weiss Ratings reissued a “buy (b)” rating on shares of Tanger in a research report on Wednesday, October 8th. Evercore ISI boosted their target price on Tanger from $35.00 to $36.00 and gave the company an “in-line” rating in a research note on Friday, October 17th. Finally, Citigroup reaffirmed a “neutral” rating and issued a $35.00 target price (down from $38.00) on shares of Tanger in a research report on Wednesday, November 19th. One analyst has rated the stock with a Strong Buy rating, two have given a Buy rating and five have issued a Hold rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $36.00.

Get Our Latest Stock Analysis on SKT

Tanger Profile

(Free Report)

Tanger Factory Outlet Centers, Inc (NYSE: SKT) is a real estate investment trust specializing in the ownership, development and management of outlet shopping centers. The company’s portfolio comprises more than 40 outlet properties anchored by leading fashion and lifestyle brands. Tanger’s centers are designed to offer off-price retail experiences in open-air, community-oriented settings, providing value-focused shoppers with access to premium brands at reduced prices.

Founded in 1981 by Stanley K.

Further Reading

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