Maryland State Retirement & Pension System Lowers Stock Position in Tanger Inc. $SKT

Maryland State Retirement & Pension System cut its stake in shares of Tanger Inc. (NYSE:SKT) by 51.1% in the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 16,270 shares of the real estate investment trust’s stock after selling 16,990 shares during the quarter. Maryland State Retirement & Pension System’s holdings in Tanger were worth $551,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors have also bought and sold shares of the stock. Salomon & Ludwin LLC bought a new position in shares of Tanger in the 3rd quarter worth $26,000. EverSource Wealth Advisors LLC grew its position in Tanger by 127.3% in the second quarter. EverSource Wealth Advisors LLC now owns 948 shares of the real estate investment trust’s stock worth $29,000 after acquiring an additional 531 shares in the last quarter. City Holding Co. bought a new position in Tanger in the third quarter valued at $34,000. Neo Ivy Capital Management increased its stake in Tanger by 346.3% in the second quarter. Neo Ivy Capital Management now owns 1,312 shares of the real estate investment trust’s stock valued at $40,000 after acquiring an additional 1,018 shares during the last quarter. Finally, Atlantic Union Bankshares Corp purchased a new stake in Tanger during the second quarter valued at about $47,000. Hedge funds and other institutional investors own 85.23% of the company’s stock.

Analyst Ratings Changes

A number of equities analysts have recently issued reports on SKT shares. Evercore ISI upped their price objective on Tanger from $35.00 to $36.00 and gave the stock an “in-line” rating in a report on Friday, October 17th. LADENBURG THALM/SH SH upgraded Tanger to a “strong-buy” rating in a research report on Thursday, November 20th. Citigroup reaffirmed a “neutral” rating and issued a $35.00 target price (down previously from $38.00) on shares of Tanger in a research note on Wednesday, November 19th. Barclays reiterated a “positive” rating and set a $36.00 price target on shares of Tanger in a research report on Tuesday, January 13th. Finally, Weiss Ratings restated a “buy (b)” rating on shares of Tanger in a report on Wednesday. One research analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating and four have issued a Hold rating to the company’s stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $36.00.

Tanger Price Performance

SKT opened at $32.82 on Friday. The company has a debt-to-equity ratio of 2.20, a current ratio of 0.51 and a quick ratio of 0.51. The stock’s 50 day simple moving average is $33.51 and its 200 day simple moving average is $33.09. The firm has a market cap of $3.78 billion, a price-to-earnings ratio of 34.92, a PEG ratio of 1.83 and a beta of 1.06. Tanger Inc. has a 1 year low of $28.69 and a 1 year high of $36.76.

Tanger (NYSE:SKT) last announced its quarterly earnings data on Tuesday, November 4th. The real estate investment trust reported $0.60 earnings per share for the quarter, beating the consensus estimate of $0.58 by $0.02. The firm had revenue of $145.21 million during the quarter, compared to the consensus estimate of $139.30 million. Tanger had a return on equity of 15.75% and a net margin of 19.15%.The business’s revenue was up 9.2% on a year-over-year basis. During the same quarter in the previous year, the company posted $0.54 earnings per share. Tanger has set its FY 2025 guidance at 2.280-2.320 EPS. As a group, analysts predict that Tanger Inc. will post 2.24 earnings per share for the current year.

Tanger Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, February 13th. Shareholders of record on Friday, January 30th will be given a dividend of $0.2925 per share. The ex-dividend date of this dividend is Friday, January 30th. This represents a $1.17 annualized dividend and a yield of 3.6%. Tanger’s dividend payout ratio is presently 124.47%.

Tanger Company Profile

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.