Sumitomo Mitsui DS Asset Management Company Ltd Grows Stock Position in Tanger Inc. (NYSE:SKT)

Sumitomo Mitsui DS Asset Management Company Ltd boosted its holdings in Tanger Inc. (NYSE:SKT) by 20.4% during the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 20,789 shares of the real estate investment trust’s stock after buying an additional 3,523 shares during the period. Sumitomo Mitsui DS Asset Management Company Ltd’s holdings in Tanger were worth $564,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. International Assets Investment Management LLC acquired a new stake in shares of Tanger in the fourth quarter worth approximately $346,000. New York State Common Retirement Fund raised its position in shares of Tanger by 5.3% in the 4th quarter. New York State Common Retirement Fund now owns 109,367 shares of the real estate investment trust’s stock worth $3,032,000 after buying an additional 5,468 shares during the period. Van ECK Associates Corp boosted its holdings in Tanger by 19.7% in the fourth quarter. Van ECK Associates Corp now owns 14,323 shares of the real estate investment trust’s stock valued at $397,000 after acquiring an additional 2,355 shares during the last quarter. Los Angeles Capital Management LLC purchased a new stake in Tanger during the fourth quarter valued at about $520,000. Finally, M&T Bank Corp increased its stake in Tanger by 6.1% during the fourth quarter. M&T Bank Corp now owns 10,019 shares of the real estate investment trust’s stock worth $278,000 after acquiring an additional 573 shares during the last quarter. Hedge funds and other institutional investors own 85.23% of the company’s stock.

Analysts Set New Price Targets

SKT has been the subject of a number of research reports. Scotiabank boosted their target price on Tanger from $28.00 to $30.00 and gave the stock a “sector perform” rating in a report on Monday, August 26th. Evercore ISI boosted their price objective on shares of Tanger from $28.00 to $29.00 and gave the stock an “in-line” rating in a research note on Wednesday, August 28th. Four research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus target price of $30.67.

Tanger Stock Performance

Shares of NYSE:SKT opened at $30.44 on Monday. The business’s 50-day simple moving average is $27.91 and its 200 day simple moving average is $27.99. The company has a market cap of $3.33 billion, a P/E ratio of 33.45, a PEG ratio of 3.09 and a beta of 1.90. The company has a debt-to-equity ratio of 2.53, a quick ratio of 0.13 and a current ratio of 0.13. Tanger Inc. has a one year low of $21.42 and a one year high of $30.69.

Tanger Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Thursday, August 15th. Stockholders of record on Wednesday, July 31st were paid a dividend of $0.275 per share. The ex-dividend date of this dividend was Wednesday, July 31st. This represents a $1.10 dividend on an annualized basis and a dividend yield of 3.61%. Tanger’s dividend payout ratio is currently 120.88%.

Tanger Company 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.