Tanger Inc. (NYSE:SKT) Stock Position Trimmed by Sumitomo Mitsui Trust Group Inc.

Sumitomo Mitsui Trust Group Inc. cut its position in Tanger Inc. (NYSE:SKT) by 0.5% during the 3rd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 118,598 shares of the real estate investment trust’s stock after selling 641 shares during the quarter. Sumitomo Mitsui Trust Group Inc. owned about 0.11% of Tanger worth $3,935,000 at the end of the most recent quarter.

Several other hedge funds have also recently bought and sold shares of SKT. Blue Trust Inc. lifted its position in Tanger by 1,412.1% in the 2nd quarter. Blue Trust Inc. now owns 877 shares of the real estate investment trust’s stock valued at $26,000 after purchasing an additional 819 shares during the last quarter. HHM Wealth Advisors LLC bought a new stake in Tanger in the 2nd quarter valued at about $27,000. Whittier Trust Co. bought a new stake in Tanger in the 2nd quarter valued at about $33,000. GAMMA Investing LLC lifted its position in Tanger by 44.6% in the 2nd quarter. GAMMA Investing LLC now owns 1,274 shares of the real estate investment trust’s stock valued at $35,000 after purchasing an additional 393 shares during the last quarter. Finally, CWM LLC lifted its position in Tanger by 418.6% in the 2nd quarter. CWM LLC now owns 1,732 shares of the real estate investment trust’s stock valued at $47,000 after purchasing an additional 1,398 shares during the last quarter. 85.23% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

SKT has been the topic of a number of recent analyst reports. 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. 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. Evercore ISI boosted their price target on shares of Tanger from $31.00 to $33.00 and gave the stock an “in-line” rating in a research report on Thursday, November 7th. 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, Citigroup boosted their price target on shares of Tanger from $34.00 to $41.00 and gave the stock a “buy” rating in a research report on Wednesday, November 13th. Three equities research analysts have rated the stock with a hold rating and four have given a buy rating to the company’s stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $34.86.

Tanger Stock Up 0.7 %

NYSE SKT opened at $36.10 on Tuesday. 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 company’s 50 day simple moving average is $33.40 and its 200 day simple moving average is $29.82. Tanger Inc. has a 12 month low of $24.72 and a 12 month high of $36.46. The company has a market capitalization of $4.00 billion, a P/E ratio of 41.98, a PEG ratio of 2.80 and a beta of 1.88.

Tanger (NYSE:SKT) last released its earnings results on Wednesday, November 6th. The real estate investment trust reported $0.22 EPS for the quarter, missing analysts’ consensus estimates of $0.53 by ($0.31). The business had revenue of $133.00 million during the quarter, compared to the consensus estimate of $125.80 million. Tanger had a return on equity of 16.25% and a net margin of 18.55%. The firm’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. Equities research analysts expect that Tanger Inc. will post 2.11 earnings per share for the current fiscal year.

Tanger Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, November 15th. Stockholders of record on Thursday, October 31st were given a $0.275 dividend. This represents a $1.10 annualized dividend and a dividend yield of 3.05%. The ex-dividend date of this dividend was Thursday, October 31st. Tanger’s dividend payout ratio (DPR) is currently 127.91%.

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.