Sumitomo Mitsui DS Asset Management Company Ltd Acquires 1,930 Shares of Tanger Inc. (NYSE:SKT)

Sumitomo Mitsui DS Asset Management Company Ltd boosted its holdings in shares of Tanger Inc. (NYSE:SKT) by 12.6% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 17,266 shares of the real estate investment trust’s stock after acquiring an additional 1,930 shares during the quarter. Sumitomo Mitsui DS Asset Management Company Ltd’s holdings in Tanger were worth $479,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in SKT. SG Americas Securities LLC lifted its holdings in shares of Tanger by 478.2% during the third quarter. SG Americas Securities LLC now owns 68,511 shares of the real estate investment trust’s stock worth $1,548,000 after purchasing an additional 56,661 shares during the period. Handelsbanken Fonder AB increased its stake in shares of Tanger by 17.9% in the third quarter. Handelsbanken Fonder AB now owns 22,653 shares of the real estate investment trust’s stock valued at $512,000 after buying an additional 3,442 shares during the period. Commonwealth Equity Services LLC raised its position in shares of Tanger by 29.2% during the third quarter. Commonwealth Equity Services LLC now owns 44,802 shares of the real estate investment trust’s stock worth $1,013,000 after acquiring an additional 10,120 shares during the last quarter. Monument Capital Management bought a new position in shares of Tanger during the third quarter worth about $382,000. Finally, Zurcher Kantonalbank Zurich Cantonalbank lifted its stake in shares of Tanger by 7.7% in the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 42,271 shares of the real estate investment trust’s stock worth $955,000 after acquiring an additional 3,017 shares during the period. 85.23% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of equities research analysts have recently commented on the stock. Evercore ISI upped their price objective on shares of Tanger from $28.00 to $29.00 and gave the company an “in-line” rating in a research note on Wednesday, February 28th. Citigroup upgraded Tanger from a “neutral” rating to a “buy” rating and upped their price target for the company from $30.00 to $33.00 in a research report on Friday, March 22nd. Finally, Bank of America raised Tanger from an “underperform” rating to a “neutral” rating and raised their price target for the stock from $24.00 to $31.00 in a research note on Friday, April 5th. Five research analysts have rated the stock with a hold rating and two have given a buy rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of “Hold” and an average target price of $29.00.

Tanger Trading Up 0.1 %

SKT opened at $28.67 on Friday. The stock has a market cap of $3.13 billion, a PE ratio of 31.16, a PEG ratio of 3.62 and a beta of 1.83. The business has a 50 day moving average of $28.44 and a 200-day moving average of $26.76. Tanger Inc. has a 52 week low of $18.00 and a 52 week high of $29.98. The company has a quick ratio of 0.19, a current ratio of 0.19 and a debt-to-equity ratio of 2.43.

Tanger Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, May 15th. Stockholders of record on Tuesday, April 30th will be issued a dividend of $0.275 per share. This represents a $1.10 dividend on an annualized basis and a dividend yield of 3.84%. The ex-dividend date is Monday, April 29th. This is a boost from Tanger’s previous quarterly dividend of $0.26. Tanger’s payout ratio is 113.04%.

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.