Daiwa Securities Group Inc. Sells 1,611 Shares of Tanger Inc. (NYSE:SKT)

Daiwa Securities Group Inc. lessened its holdings in Tanger Inc. (NYSE:SKT) by 4.8% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 31,914 shares of the real estate investment trust’s stock after selling 1,611 shares during the period. Daiwa Securities Group Inc.’s holdings in Tanger were worth $885,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of the business. FMR LLC grew its position in Tanger by 33.1% in the third quarter. FMR LLC now owns 4,315,625 shares of the real estate investment trust’s stock valued at $97,533,000 after acquiring an additional 1,072,443 shares during the last quarter. Wellington Management Group LLP grew its position in Tanger by 29.9% in the third quarter. Wellington Management Group LLP now owns 3,953,555 shares of the real estate investment trust’s stock valued at $89,350,000 after acquiring an additional 909,622 shares during the last quarter. Charles Schwab Investment Management Inc. boosted its stake in shares of Tanger by 1.7% during the third quarter. Charles Schwab Investment Management Inc. now owns 1,868,188 shares of the real estate investment trust’s stock valued at $42,221,000 after purchasing an additional 31,910 shares in the last quarter. Invesco Ltd. boosted its stake in shares of Tanger by 35.9% during the third quarter. Invesco Ltd. now owns 723,109 shares of the real estate investment trust’s stock valued at $16,342,000 after purchasing an additional 190,979 shares in the last quarter. Finally, Swiss National Bank boosted its stake in shares of Tanger by 0.9% during the third quarter. Swiss National Bank now owns 231,300 shares of the real estate investment trust’s stock valued at $5,227,000 after purchasing an additional 2,000 shares in the last quarter. Institutional investors own 85.23% of the company’s stock.

Tanger Price Performance

Tanger stock opened at $28.65 on Thursday. The stock’s 50 day moving average is $28.40 and its 200 day moving average is $26.75. The company has a debt-to-equity ratio of 2.43, a current ratio of 0.19 and a quick ratio of 0.19. The firm has a market cap of $3.13 billion, a P/E ratio of 31.14, a P/E/G ratio of 3.60 and a beta of 1.83. Tanger Inc. has a one year low of $18.00 and a one year high of $29.98.

Tanger Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, May 15th. Investors of record on Tuesday, April 30th will be paid a $0.275 dividend. This is a positive change from Tanger’s previous quarterly dividend of $0.26. This represents a $1.10 dividend on an annualized basis and a dividend yield of 3.84%. The ex-dividend date of this dividend is Monday, April 29th. Tanger’s payout ratio is currently 113.04%.

Wall Street Analyst Weigh In

A number of analysts have recently commented on SKT shares. Evercore ISI lifted their price target on Tanger from $28.00 to $29.00 and gave the company an “in-line” rating in a research note on Wednesday, February 28th. Bank of America raised Tanger from an “underperform” rating to a “neutral” rating and lifted their price target for the company from $24.00 to $31.00 in a research note on Friday, April 5th. Finally, Citigroup raised Tanger from a “neutral” rating to a “buy” rating and lifted their price target for the company from $30.00 to $33.00 in a research note on Friday, March 22nd. Five investment analysts have rated the stock with a hold rating and two have assigned a buy rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Hold” and a consensus price target of $29.00.

Tanger Company Profile

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.