Point72 Asia Singapore Pte. Ltd. Purchases New Stake in Tanger Inc. (NYSE:SKT)

Point72 Asia Singapore Pte. Ltd. purchased a new position in Tanger Inc. (NYSE:SKT) during the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor purchased 1,812 shares of the real estate investment trust’s stock, valued at approximately $49,000.

Several other large investors also recently made changes to their positions in SKT. Cubist Systematic Strategies LLC acquired a new position in shares of Tanger during the second quarter worth approximately $4,539,000. Land & Buildings Investment Management LLC increased its holdings in shares of Tanger by 52.4% during the second quarter. Land & Buildings Investment Management LLC now owns 1,043,287 shares of the real estate investment trust’s stock worth $28,284,000 after buying an additional 358,860 shares in the last quarter. Public Sector Pension Investment Board grew its holdings in shares of Tanger by 9.0% during the second quarter. Public Sector Pension Investment Board now owns 240,575 shares of the real estate investment trust’s stock worth $6,522,000 after purchasing an additional 19,858 shares during the last quarter. Hancock Whitney Corp increased its holdings in shares of Tanger by 5.9% in the second quarter. Hancock Whitney Corp now owns 75,896 shares of the real estate investment trust’s stock valued at $2,058,000 after purchasing an additional 4,244 shares in the last quarter. Finally, Thrivent Financial for Lutherans raised its position in shares of Tanger by 42.2% during the second quarter. Thrivent Financial for Lutherans now owns 368,612 shares of the real estate investment trust’s stock worth $9,993,000 after acquiring an additional 109,388 shares during the last quarter. Institutional investors own 85.23% of the company’s stock.

Analysts Set New Price Targets

Several equities analysts have weighed in on the company. Evercore ISI increased their target price on Tanger from $29.00 to $31.00 and gave the company an “in-line” rating in a research note on Monday, September 16th. Compass Point raised their target price on shares of Tanger from $32.00 to $34.00 and gave the company a “buy” rating in a research report on Wednesday, September 11th. Finally, Scotiabank lifted their target price on Tanger from $28.00 to $30.00 and gave the company a “sector perform” rating in a research report on Monday, August 26th. Four investment 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, the company currently has an average rating of “Hold” and an average target price of $31.33.

Tanger Stock Up 0.5 %

Shares of SKT opened at $33.18 on Tuesday. The company has a current ratio of 0.13, a quick ratio of 0.13 and a debt-to-equity ratio of 2.53. Tanger Inc. has a 12 month low of $21.42 and a 12 month high of $33.26. The firm’s 50 day moving average is $29.73 and its 200-day moving average is $28.35. The stock has a market capitalization of $3.63 billion, a PE ratio of 36.46, a P/E/G ratio of 3.30 and a beta of 1.89.

Tanger Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Thursday, August 15th. Shareholders of record on Wednesday, July 31st were issued a $0.275 dividend. This represents a $1.10 dividend on an annualized basis and a dividend yield of 3.32%. The ex-dividend date of this dividend was Wednesday, July 31st. Tanger’s dividend payout ratio is presently 120.88%.

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.