Sumitomo Mitsui Trust Group Inc. boosted its stake in shares of Tanger Inc. (NYSE:SKT - Free Report) by 74.3% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm 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. owned 0.19% of Tanger worth $7,055,000 as of its most recent filing with the Securities and Exchange Commission.
Several other institutional investors and hedge funds also recently added to or reduced their stakes in SKT. Loomis Sayles & Co. L P grew its position in Tanger by 3,393.9% during the third quarter. Loomis Sayles & Co. L P now owns 1,712 shares of the real estate investment trust's stock worth $57,000 after buying an additional 1,663 shares during the period. GAMMA Investing LLC grew its position in shares of Tanger by 24.9% in the fourth quarter. GAMMA Investing LLC now owns 2,578 shares of the real estate investment trust's stock valued at $88,000 after purchasing an additional 514 shares during the last quarter. KBC Group NV grew its position in shares of Tanger by 31.5% in the third quarter. KBC Group NV now owns 3,679 shares of the real estate investment trust's stock valued at $122,000 after purchasing an additional 881 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. grew its position in shares of Tanger by 35.3% in the third 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 purchasing an additional 1,107 shares during the last quarter. Finally, Exchange Traded Concepts LLC acquired a new stake in shares of Tanger in the third quarter valued at approximately $151,000. 85.23% of the stock is currently owned by institutional investors and hedge funds.
Tanger Trading Down 0.8 %
NYSE SKT traded down $0.28 during mid-day trading on Monday, reaching $34.23. 748,581 shares of the stock were exchanged, compared to its average volume of 669,294. Tanger Inc. has a 1-year low of $25.94 and a 1-year high of $37.57. The business's fifty day simple moving average is $33.79 and its 200 day simple moving average is $33.09. The stock has a market capitalization of $3.79 billion, a PE ratio of 39.80, a PEG ratio of 2.82 and a beta of 1.91. The company has a debt-to-equity ratio of 2.40, a quick ratio of 0.13 and a current ratio of 0.13.
Tanger Announces Dividend
The business also recently declared a quarterly dividend, which was paid on Friday, February 14th. Shareholders of record on Friday, January 31st were paid a dividend of $0.275 per share. This represents a $1.10 dividend on an annualized basis and a yield of 3.21%. The ex-dividend date of this dividend was Friday, January 31st. Tanger's dividend payout ratio is currently 127.91%.
Analyst Upgrades and Downgrades
Several analysts have recently commented on SKT shares. Evercore ISI increased their price target on shares of Tanger from $31.00 to $33.00 and gave the company an "in-line" rating in a research report on Thursday, November 7th. Deutsche Bank Aktiengesellschaft started coverage on shares of Tanger in a research report on Tuesday, December 17th. They issued a "hold" rating and a $37.00 price target on the stock. Citigroup increased their price target on shares of Tanger from $34.00 to $41.00 and gave the company a "buy" rating in a research report on Wednesday, November 13th. Bank of America upgraded shares of Tanger from a "neutral" rating to a "buy" rating and increased their price target for the company from $35.00 to $40.00 in a research report on Monday, November 11th. Finally, The Goldman Sachs Group raised their target price on shares of Tanger from $31.00 to $35.00 and gave the stock a "neutral" rating in a research report on Friday, November 15th. Five analysts have rated the stock with a hold rating and three have given a buy rating to the company's stock. According to data from MarketBeat.com, the company currently has a consensus rating of "Hold" and a consensus price target of $36.00.
Read Our Latest Stock Analysis on Tanger
Insiders Place Their Bets
In other Tanger news, CAO Thomas Joseph Guerrieri, Jr. sold 3,000 shares of the stock in a transaction that occurred on Tuesday, November 19th. The shares were sold at an average price of $36.27, for a total transaction of $108,810.00. Following the transaction, the chief accounting officer now owns 59,641 shares of the company's stock, valued at $2,163,179.07. This trade represents a 4.79 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. 5.80% of the stock is currently owned by insiders.
Tanger Company Profile
(
Free Report)
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.
See Also
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