Tanger Inc. (NYSE:SKT) Shares Bought by Sumitomo Mitsui Trust Group Inc.

Sumitomo Mitsui Trust Group Inc. grew its stake in shares of Tanger Inc. (NYSE:SKT) by 74.3% in the fourth quarter, HoldingsChannel reports. The fund owned 206,704 shares of the real estate investment trust’s stock after buying an additional 88,106 shares during the quarter. Sumitomo Mitsui Trust Group Inc.’s holdings in Tanger were worth $7,055,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently modified their holdings of the company. Loomis Sayles & Co. L P increased its stake in shares of Tanger by 3,393.9% during the 3rd quarter. Loomis Sayles & Co. L P now owns 1,712 shares of the real estate investment trust’s stock valued at $57,000 after acquiring an additional 1,663 shares during the last quarter. GAMMA Investing LLC increased its stake in shares of Tanger by 24.9% during the 4th quarter. GAMMA Investing LLC now owns 2,578 shares of the real estate investment trust’s stock valued at $88,000 after acquiring an additional 514 shares during the last quarter. KBC Group NV increased its stake in shares of Tanger by 31.5% during the 3rd quarter. KBC Group NV now owns 3,679 shares of the real estate investment trust’s stock valued at $122,000 after acquiring an additional 881 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. increased its stake in shares of Tanger by 35.3% during the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 4,244 shares of the real estate investment trust’s stock valued at $140,000 after acquiring an additional 1,107 shares during the last quarter. Finally, Exchange Traded Concepts LLC acquired a new position in shares of Tanger during the 3rd quarter valued at about $151,000. Institutional investors and hedge funds own 85.23% of the company’s stock.

Insiders Place Their Bets

In other Tanger news, CAO Thomas Joseph Guerrieri, Jr. sold 3,000 shares of the company’s stock in a transaction that occurred on Tuesday, November 19th. The stock was sold at an average price of $36.27, for a total value of $108,810.00. Following the transaction, the chief accounting officer now directly owns 59,641 shares of the company’s stock, valued at $2,163,179.07. This represents a 4.79 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. 5.80% of the stock is owned by company insiders.

Analysts Set New Price Targets

A number of research analysts have recently commented on the stock. The Goldman Sachs Group upped their price objective on shares of Tanger from $31.00 to $35.00 and gave the company a “neutral” rating in a research note on Friday, November 15th. Evercore ISI boosted their target price on Tanger from $31.00 to $33.00 and gave the stock an “in-line” rating in a report on Thursday, November 7th. Deutsche Bank Aktiengesellschaft assumed coverage on Tanger in a report on Tuesday, December 17th. They set a “hold” rating and a $37.00 target price for the company. Bank of America upgraded Tanger from a “neutral” rating to a “buy” rating and boosted their target price for the stock from $35.00 to $40.00 in a report on Monday, November 11th. Finally, BMO Capital Markets assumed coverage on Tanger in a report on Tuesday, January 28th. They set a “market perform” rating and a $36.00 target price for the company. Five investment analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus price target of $36.00.

Tanger Stock Up 2.9 %

NYSE SKT opened at $34.56 on Friday. The stock has a market cap of $3.82 billion, a PE ratio of 40.18, a P/E/G ratio of 2.82 and a beta of 1.91. Tanger Inc. has a fifty-two week low of $25.94 and a fifty-two week high of $37.57. The business has a 50 day moving average price of $33.90 and a two-hundred day moving average price of $32.94. The company has a quick ratio of 0.13, a current ratio of 0.13 and a debt-to-equity ratio of 2.40.

Tanger Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, February 14th. Shareholders of record on Friday, January 31st will be issued a $0.275 dividend. This represents a $1.10 dividend on an annualized basis and a yield of 3.18%. The ex-dividend date of this dividend is Friday, January 31st. Tanger’s dividend payout ratio is presently 127.91%.

Tanger Profile

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.