Daiwa Securities Group Inc. Grows Stake in Tanger Inc. (NYSE:SKT)

Daiwa Securities Group Inc. lifted its stake in shares of Tanger Inc. (NYSE:SKT) by 6.3% in the third quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 36,423 shares of the real estate investment trust’s stock after purchasing an additional 2,165 shares during the period. Daiwa Securities Group Inc.’s holdings in Tanger were worth $1,209,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors and hedge funds have also modified their holdings of SKT. Land & Buildings Investment Management LLC increased its stake 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 purchasing an additional 358,860 shares in the last quarter. Cubist Systematic Strategies LLC purchased a new stake in shares of Tanger during the second quarter worth about $4,539,000. Algert Global LLC increased its stake in shares of Tanger by 183.7% during the third quarter. Algert Global LLC now owns 243,623 shares of the real estate investment trust’s stock worth $8,083,000 after purchasing an additional 157,742 shares in the last quarter. Point72 Asset Management L.P. purchased a new stake in shares of Tanger during the second quarter worth about $3,462,000. Finally, Dimensional Fund Advisors LP increased its stake in shares of Tanger by 8.2% during the second quarter. Dimensional Fund Advisors LP now owns 1,628,331 shares of the real estate investment trust’s stock worth $44,144,000 after purchasing an additional 123,107 shares in the last quarter. Hedge funds and other institutional investors own 85.23% of the company’s stock.

Tanger Stock Performance

NYSE:SKT opened at $36.97 on Friday. The company has a debt-to-equity ratio of 2.40, a current ratio of 0.13 and a quick ratio of 0.13. The firm has a market capitalization of $4.09 billion, a price-to-earnings ratio of 42.99, a PEG ratio of 2.90 and a beta of 1.88. The company’s 50-day moving average is $34.46 and its two-hundred day moving average is $30.41. Tanger Inc. has a 1-year low of $24.72 and a 1-year high of $37.57.

Tanger (NYSE:SKT) last posted its earnings results on Wednesday, November 6th. The real estate investment trust reported $0.22 earnings per share for the quarter, missing the consensus estimate of $0.53 by ($0.31). The firm had revenue of $133.00 million during the quarter, compared to analyst estimates of $125.80 million. Tanger had a net margin of 18.55% and a return on equity of 16.25%. The business’s revenue for the quarter was up 13.3% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.50 earnings per share. Analysts forecast that Tanger Inc. will post 2.11 EPS for the current year.

Tanger Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, November 15th. Stockholders of record on Thursday, October 31st were issued a $0.275 dividend. The ex-dividend date of this dividend was Thursday, October 31st. This represents a $1.10 annualized dividend and a dividend yield of 2.98%. Tanger’s dividend payout ratio is currently 127.91%.

Insider Transactions at Tanger

In other 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 shares were 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 in the company, valued at approximately $2,163,179.07. This represents a 4.79 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Company insiders own 5.80% of the company’s stock.

Analysts Set New Price Targets

A number of research firms have recently commented on SKT. Evercore ISI boosted their target price on shares of Tanger from $31.00 to $33.00 and gave the stock an “in-line” rating in a research note on Thursday, November 7th. The Goldman Sachs Group boosted their price target 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. Scotiabank boosted their price target on shares of Tanger from $28.00 to $30.00 and gave the stock a “sector perform” rating in a research report on Monday, August 26th. Bank of America upgraded shares of Tanger from a “neutral” rating to a “buy” rating and boosted their price target for the stock from $35.00 to $40.00 in a research report on Monday, November 11th. Finally, Compass Point boosted their price target on shares of Tanger from $34.00 to $36.00 and gave the stock a “buy” rating in a research report on Friday, October 25th. Three analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $34.86.

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.