Sumitomo Mitsui DS Asset Management Company Ltd Buys 3,911 Shares of Tanger Inc. $SKT

Sumitomo Mitsui DS Asset Management Company Ltd increased its stake in shares of Tanger Inc. (NYSE:SKT) by 18.8% during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 24,700 shares of the real estate investment trust’s stock after purchasing an additional 3,911 shares during the quarter. Sumitomo Mitsui DS Asset Management Company Ltd’s holdings in Tanger were worth $755,000 at the end of the most recent quarter.

Other hedge funds have also modified their holdings of the company. NBC Securities Inc. bought a new stake in shares of Tanger during the first quarter valued at approximately $30,000. Caitong International Asset Management Co. Ltd grew its stake in shares of Tanger by 3,451.2% during the first quarter. Caitong International Asset Management Co. Ltd now owns 1,456 shares of the real estate investment trust’s stock valued at $49,000 after purchasing an additional 1,415 shares during the last quarter. GF Fund Management CO. LTD. bought a new position in Tanger in the fourth quarter valued at approximately $68,000. Quarry LP boosted its stake in Tanger by 2,296.1% in the first quarter. Quarry LP now owns 3,043 shares of the real estate investment trust’s stock valued at $103,000 after acquiring an additional 2,916 shares during the last quarter. Finally, Financiere des Professionnels Fonds d investissement inc. bought a new position in Tanger in the second quarter valued at approximately $166,000. 85.23% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

SKT has been the topic of a number of recent research reports. LADENBURG THALM/SH SH initiated coverage on shares of Tanger in a research note on Friday, July 18th. They issued a “buy” rating and a $35.00 price objective on the stock. Evercore ISI raised their price objective on shares of Tanger from $33.00 to $35.00 and gave the company an “in-line” rating in a research note on Monday, September 15th. Barclays raised their price objective on shares of Tanger from $33.00 to $34.00 and gave the company an “equal weight” rating in a research note on Wednesday, August 27th. Finally, Wall Street Zen raised shares of Tanger from a “sell” rating to a “hold” rating in a research note on Saturday, August 9th. Five equities research analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company’s stock. According to MarketBeat, Tanger currently has an average rating of “Moderate Buy” and a consensus target price of $36.70.

Insider Buying and Selling at Tanger

In other news, EVP Gallardo Leslie Swanson sold 17,500 shares of Tanger stock in a transaction on Friday, September 5th. The shares were sold at an average price of $34.74, for a total transaction of $607,950.00. Following the transaction, the executive vice president directly owned 92,665 shares of the company’s stock, valued at $3,219,182.10. This trade represents a 15.89% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. 5.70% of the stock is currently owned by corporate insiders.

Tanger Trading Down 0.3%

Shares of NYSE SKT opened at $33.31 on Tuesday. The company’s fifty day moving average is $32.70 and its 200-day moving average is $31.66. The stock has a market cap of $3.77 billion, a price-to-earnings ratio of 37.85, a P/E/G ratio of 2.16 and a beta of 1.34. Tanger Inc. has a twelve month low of $28.69 and a twelve month high of $37.57. The company has a quick ratio of 0.11, a current ratio of 0.11 and a debt-to-equity ratio of 2.31.

Tanger (NYSE:SKT) last announced its quarterly earnings results on Monday, August 4th. The real estate investment trust reported $0.58 earnings per share for the quarter, topping analysts’ consensus estimates of $0.56 by $0.02. The company had revenue of $133.44 million for the quarter, compared to analysts’ expectations of $132.02 million. Tanger had a net margin of 18.22% and a return on equity of 15.45%. The business’s quarterly revenue was up 9.2% compared to the same quarter last year. During the same period last year, the firm posted $0.53 earnings per share. Tanger has set its FY 2025 guidance at 2.240-2.310 EPS. Equities research analysts predict that Tanger Inc. will post 2.24 EPS for the current year.

Tanger Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Friday, August 15th. Stockholders of record on Thursday, July 31st were given a dividend of $0.2925 per share. This represents a $1.17 dividend on an annualized basis and a dividend yield of 3.5%. The ex-dividend date of this dividend was Thursday, July 31st. Tanger’s dividend payout ratio (DPR) is currently 132.95%.

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.