Tanger (NYSE:SKT) Releases Earnings Results, Beats Expectations By $0.02 EPS

Tanger (NYSE:SKT) issued its quarterly earnings results on Tuesday. The real estate investment trust reported $0.60 earnings per share for the quarter, beating analysts’ consensus estimates of $0.58 by $0.02, Zacks reports. Tanger had a net margin of 18.22% and a return on equity of 15.45%. Tanger updated its FY 2025 guidance to 2.280-2.320 EPS.

Tanger Stock Up 2.7%

NYSE:SKT traded up $0.89 on Tuesday, hitting $33.67. 1,692,801 shares of the company’s stock were exchanged, compared to its average volume of 929,988. The company has a market cap of $3.81 billion, a P/E ratio of 38.26, a price-to-earnings-growth ratio of 2.13 and a beta of 1.36. The firm has a 50-day moving average price of $33.42 and a 200-day moving average price of $31.84. Tanger has a 52 week low of $28.69 and a 52 week high of $37.57. The company has a debt-to-equity ratio of 2.31, a current ratio of 0.11 and a quick ratio of 0.11.

Tanger Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, November 14th. Shareholders 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 annualized dividend and a yield of 3.5%. Tanger’s payout ratio is 132.95%.

Analysts Set New Price Targets

SKT has been the subject of a number of research reports. Wall Street Zen raised shares of Tanger from a “sell” rating to a “hold” rating in a report on Saturday, August 9th. Barclays lifted their target price on shares of Tanger from $34.00 to $35.00 and gave the stock an “equal weight” rating in a report on Monday, October 6th. Evercore ISI lifted their target price on shares of Tanger from $35.00 to $36.00 and gave the stock an “in-line” rating in a report on Friday, October 17th. Weiss Ratings reissued a “buy (b)” rating on shares of Tanger in a research report on Wednesday, October 8th. Finally, LADENBURG THALM/SH SH assumed 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. Five investment analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company. Based on data from MarketBeat, Tanger currently has an average rating of “Moderate Buy” and a consensus target price of $37.00.

Insider Buying and Selling at Tanger

In other news, EVP Gallardo Leslie Swanson sold 17,500 shares of the business’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 directly owned 92,665 shares in the company, valued at $3,219,182.10. The trade was a 15.89% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 5.70% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of the company. EverSource Wealth Advisors LLC grew its position in shares of Tanger by 127.3% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 948 shares of the real estate investment trust’s stock worth $29,000 after purchasing an additional 531 shares in the last quarter. Cerity Partners LLC acquired a new position in shares of Tanger during the 2nd quarter worth approximately $224,000. United Services Automobile Association acquired a new position in shares of Tanger during the 1st quarter worth approximately $233,000. Corient Private Wealth LLC acquired a new position in shares of Tanger during the 2nd quarter worth approximately $288,000. Finally, M&T Bank Corp grew its position in shares of Tanger by 3.3% during the 2nd quarter. M&T Bank Corp now owns 10,272 shares of the real estate investment trust’s stock worth $314,000 after purchasing an additional 326 shares in the last quarter. 85.23% of the stock is currently owned by institutional investors and hedge funds.

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.