Osaic Holdings Inc. significantly increased its investment in Tanger Inc. (NYSE: SKT) by 99.8% during the second quarter of 2023. According to its recent 13F filing with the Securities and Exchange Commission, Osaic now owns 55,459 shares of the real estate investment trust (REIT), having acquired an additional 27,704 shares in the quarter. The total value of Osaic’s holdings in Tanger stands at approximately $1.70 million.
Several other institutional investors have also adjusted their positions in Tanger. American Century Companies Inc. boosted its stake by 6.1% in the first quarter, now holding 39,223 shares valued at $1.33 million, after purchasing 2,256 additional shares. Quarry LP made a remarkable increase of 2,296.1% during the same period, bringing its total to 3,043 shares worth $103,000. Royal Bank of Canada raised its holdings by 2.8%, totaling 145,184 shares valued at $4.91 million, while Cubist Systematic Strategies LLC saw a 121.2% increase, now owning 193,964 shares worth $6.55 million. AQR Capital Management LLC also enhanced its stake by 17.8%, resulting in ownership of 38,209 shares valued at $1.29 million. Overall, institutional investors hold approximately 85.23% of Tanger’s stock.
Analyst Ratings and Stock Performance
Recent reports from analysts have shown a mix of upgrades and downgrades for Tanger’s stock. Barclays raised its price target from $35.00 to $37.00 while maintaining an “equal weight” rating. Weiss Ratings reaffirmed a “buy (b)” rating, and Evercore ISI increased its price target from $35.00 to $36.00. Citigroup downgraded its price objective from $38.00 to $35.00 but retained a “neutral” rating. LADENBURG THALM/SH SH upgraded Tanger to a “strong-buy” rating. Currently, one analyst rates the stock as a Strong Buy, two as Buy, and five as Hold, leading to a consensus rating of “Moderate Buy” with an average price target of $36.00, according to MarketBeat.com.
On November 4, 2023, Tanger reported its earnings, revealing $0.60 earnings per share (EPS) for the quarter, surpassing analyst expectations of $0.58. The company generated revenue of $145.21 million, exceeding projections of $139.30 million. Tanger’s quarterly revenue rose by 9.2% compared to the same period last year, when the EPS was $0.54. For the fiscal year 2025, the company has provided guidance of $2.280 to $2.320 EPS, with expectations of $2.24 for the current fiscal year.
Dividend Announcement and Financial Ratios
Tanger recently announced a quarterly dividend of $0.2925, which was paid on November 14, 2023, to stockholders of record as of October 31. This dividend represents an annualized amount of $1.17 and a yield of 3.5%, with the ex-dividend date also falling on October 31. The company’s current payout ratio is approximately 124.47%.
As of November 14, Tanger’s stock opened at $33.90. The stock has experienced a one-year low of $28.69 and a high of $36.76. With a market capitalization of $3.90 billion, Tanger’s financial ratios include a price-to-earnings ratio of 36.06, a PEG ratio of 2.04, and a beta of 1.06. The company’s 50-day moving average is $33.47, while the two-hundred day moving average stands at $32.73. Tanger currently has a current ratio and quick ratio of 0.51, alongside a debt-to-equity ratio of 2.20.
Tanger Factory Outlet Centers, Inc. specializes in owning, developing, and managing outlet shopping centers. With over 40 properties anchored by prominent fashion and lifestyle brands, Tanger provides value-focused shoppers access to premium goods at reduced prices in open-air, community-oriented settings. Founded in 1981 by Stanley K. Tanger, the company continues to adapt to the evolving retail landscape.
