Nomura Asset Management Co. Ltd. Reduces Stock Position in Tanger Inc. (NYSE:SKT)

Nomura Asset Management Co. Ltd. trimmed its holdings in Tanger Inc. (NYSE:SKT) by 1.9% in the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 135,570 shares of the real estate investment trust’s stock after selling 2,667 shares during the period. Nomura Asset Management Co. Ltd.’s holdings in Tanger were worth $4,498,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors have also bought and sold shares of the company. GAMMA Investing LLC raised its stake in shares of Tanger by 62.0% during the 3rd quarter. GAMMA Investing LLC now owns 2,064 shares of the real estate investment trust’s stock valued at $68,000 after purchasing an additional 790 shares during the period. Blue Trust Inc. lifted its holdings in shares of Tanger by 1,412.1% in the second quarter. Blue Trust Inc. now owns 877 shares of the real estate investment trust’s stock worth $26,000 after buying an additional 819 shares in the last quarter. KBC Group NV boosted its position in shares of Tanger by 31.5% in the third quarter. KBC Group NV now owns 3,679 shares of the real estate investment trust’s stock valued at $122,000 after acquiring an additional 881 shares during the period. Arizona State Retirement System grew its stake in Tanger by 3.0% during the second quarter. Arizona State Retirement System now owns 30,491 shares of the real estate investment trust’s stock valued at $827,000 after acquiring an additional 897 shares in the last quarter. Finally, Inspire Investing LLC increased its holdings in Tanger by 7.7% during the 2nd quarter. Inspire Investing LLC now owns 13,034 shares of the real estate investment trust’s stock worth $353,000 after acquiring an additional 931 shares during the period. Institutional investors own 85.23% of the company’s stock.

Analyst Upgrades and Downgrades

Several brokerages have commented on SKT. Evercore ISI raised their price target on shares of Tanger from $31.00 to $33.00 and gave the company an “in-line” rating in a report on Thursday, November 7th. The Goldman Sachs Group lifted their price objective on Tanger from $31.00 to $35.00 and gave the company a “neutral” rating in a research note on Friday, November 15th. Compass Point upped their target price on Tanger from $34.00 to $36.00 and gave the stock a “buy” rating in a research note on Friday, October 25th. Citigroup lifted their price target on Tanger from $34.00 to $41.00 and gave the company a “buy” rating in a research report on Wednesday, November 13th. Finally, Scotiabank upped their price objective 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. Three research analysts have rated the stock with a hold rating and four have issued a buy rating to the company’s stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $34.86.

Insider Buying and Selling

In related news, CAO Thomas Joseph Guerrieri, Jr. sold 3,000 shares of the firm’s stock in a transaction that occurred on Tuesday, November 19th. The stock was sold at an average price of $36.27, for a total transaction of $108,810.00. Following the transaction, the chief accounting officer now directly owns 59,641 shares in the company, valued at $2,163,179.07. This trade represents a 4.79 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 5.80% of the stock is owned by corporate insiders.

Tanger Price Performance

SKT opened at $35.53 on Friday. The company has a current ratio of 0.13, a quick ratio of 0.13 and a debt-to-equity ratio of 2.40. The stock has a market capitalization of $3.93 billion, a P/E ratio of 41.31, a PEG ratio of 2.78 and a beta of 1.90. The stock has a 50-day moving average price of $35.13 and a 200-day moving average price of $31.00. Tanger Inc. has a 12-month low of $25.67 and a 12-month high of $37.57.

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

Tanger Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, November 15th. Investors of record on Thursday, October 31st were issued a dividend of $0.275 per share. This represents a $1.10 annualized dividend and a dividend yield of 3.10%. The ex-dividend date was Thursday, October 31st. Tanger’s dividend payout ratio is currently 127.91%.

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.