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

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

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the stock. Knights of Columbus Asset Advisors LLC lifted its stake in shares of Tanger by 98.0% in the fourth quarter. Knights of Columbus Asset Advisors LLC now owns 348,514 shares of the real estate investment trust’s stock worth $9,661,000 after buying an additional 172,527 shares during the last quarter. Federated Hermes Inc. boosted its holdings in Tanger by 2,457.1% during the fourth quarter. Federated Hermes Inc. now owns 141,485 shares of the real estate investment trust’s stock valued at $3,922,000 after acquiring an additional 135,952 shares during the period. Sumitomo Mitsui Trust Holdings Inc. grew its position in shares of Tanger by 4.7% in the fourth quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 124,290 shares of the real estate investment trust’s stock valued at $3,445,000 after purchasing an additional 5,536 shares during the last quarter. Louisiana State Employees Retirement System bought a new position in shares of Tanger in the fourth quarter worth about $1,461,000. Finally, Allspring Global Investments Holdings LLC lifted its position in shares of Tanger by 1,740.5% during the 4th quarter. Allspring Global Investments Holdings LLC now owns 191,244 shares of the real estate investment trust’s stock worth $5,301,000 after purchasing an additional 180,853 shares during the last quarter. 85.23% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

SKT has been the subject of a number of research analyst reports. Evercore ISI upped their price target on Tanger from $28.00 to $29.00 and gave the stock an “in-line” rating in a report on Wednesday, February 28th. Citigroup raised shares of Tanger from a “neutral” rating to a “buy” rating and increased their price target for the company from $30.00 to $33.00 in a report on Friday, March 22nd. Finally, Bank of America upgraded shares of 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 report on Friday, April 5th. Five investment analysts have rated the stock with a hold rating and two have assigned a buy rating to the stock. According to MarketBeat.com, Tanger presently has an average rating of “Hold” and an average target price of $29.00.

Tanger Trading Up 0.1 %

Shares of Tanger stock opened at $28.67 on Friday. Tanger Inc. has a 52-week low of $18.00 and a 52-week high of $29.98. The firm has a market capitalization of $3.13 billion, a PE ratio of 31.16, a price-to-earnings-growth ratio of 3.62 and a beta of 1.83. The company has a debt-to-equity ratio of 2.43, a current ratio of 0.19 and a quick ratio of 0.19. The company’s fifty day moving average price is $28.44 and its two-hundred day moving average price is $26.76.

Tanger Increases Dividend

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

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.