Asset Management One Co. Ltd. Sells 1,997 Shares of Tanger Inc. (NYSE:SKT)

Asset Management One Co. Ltd. lessened its stake in Tanger Inc. (NYSE:SKT) by 1.2% in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 161,423 shares of the real estate investment trust’s stock after selling 1,997 shares during the quarter. Asset Management One Co. Ltd.’s holdings in Tanger were worth $5,454,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also added to or reduced their stakes in the stock. Mutual of America Capital Management LLC increased its holdings in Tanger by 1.9% in the fourth quarter. Mutual of America Capital Management LLC now owns 16,767 shares of the real estate investment trust’s stock valued at $572,000 after purchasing an additional 319 shares during the last quarter. Maryland State Retirement & Pension System increased its holdings in Tanger by 0.9% in the fourth quarter. Maryland State Retirement & Pension System now owns 37,277 shares of the real estate investment trust’s stock valued at $1,272,000 after purchasing an additional 349 shares during the last quarter. FIL Ltd increased its holdings in Tanger by 16.2% in the fourth quarter. FIL Ltd now owns 2,874 shares of the real estate investment trust’s stock valued at $98,000 after purchasing an additional 401 shares during the last quarter. Pictet Asset Management Holding SA increased its holdings in Tanger by 1.5% in the fourth quarter. Pictet Asset Management Holding SA now owns 32,851 shares of the real estate investment trust’s stock valued at $1,121,000 after purchasing an additional 480 shares during the last quarter. Finally, Summit Investment Advisors Inc. increased its holdings in Tanger by 5.2% in the fourth quarter. Summit Investment Advisors Inc. now owns 11,139 shares of the real estate investment trust’s stock valued at $380,000 after purchasing an additional 553 shares during the last quarter. Institutional investors own 85.23% of the company’s stock.

Tanger Stock Up 0.5%

Shares of Tanger stock opened at $30.65 on Friday. Tanger Inc. has a 1 year low of $25.94 and a 1 year high of $37.57. The business has a 50-day moving average of $30.31 and a two-hundred day moving average of $32.34. The company has a market capitalization of $3.47 billion, a P/E ratio of 36.49, a price-to-earnings-growth ratio of 2.91 and a beta of 1.19. The company has a debt-to-equity ratio of 2.37, a current ratio of 0.14 and a quick ratio of 0.14.

Tanger (NYSE:SKT) last posted its quarterly earnings data on Wednesday, April 30th. The real estate investment trust reported $0.53 earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of $0.53. The business had revenue of $129.29 million during the quarter, compared to the consensus estimate of $128.24 million. Tanger had a return on equity of 15.13% and a net margin of 17.65%. Tanger’s quarterly revenue was up 9.7% on a year-over-year basis. During the same period last year, the company earned $0.52 earnings per share. As a group, equities analysts predict that Tanger Inc. will post 2.24 EPS for the current year.

Tanger Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, May 15th. Investors of record on Wednesday, April 30th were issued a dividend of $0.2925 per share. The ex-dividend date of this dividend was Wednesday, April 30th. This is an increase from Tanger’s previous quarterly dividend of $0.28. This represents a $1.17 dividend on an annualized basis and a dividend yield of 3.82%. Tanger’s dividend payout ratio (DPR) is presently 139.29%.

Analysts Set New Price Targets

SKT has been the subject of a number of recent analyst reports. Evercore ISI upgraded Tanger to a “hold” rating in a report on Friday, May 2nd. Scotiabank dropped their price objective on Tanger from $38.00 to $33.00 and set a “sector perform” rating for the company in a report on Wednesday, April 23rd. Finally, The Goldman Sachs Group upgraded Tanger from a “neutral” rating to a “buy” rating and upped their price objective for the company from $39.00 to $40.00 in a report on Friday, March 28th. Four investment analysts have rated the stock with a hold rating and four have given a buy rating to the stock. According to data from MarketBeat.com, Tanger currently has a consensus rating of “Moderate Buy” and an average target price of $37.00.

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.