Nissay Asset Management Corp Japan ADV Buys 624 Shares of Tanger Inc. (NYSE:SKT)

Nissay Asset Management Corp Japan ADV boosted its stake in shares of Tanger Inc. (NYSE:SKT) by 4.0% during the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 16,279 shares of the real estate investment trust’s stock after acquiring an additional 624 shares during the quarter. Nissay Asset Management Corp Japan ADV’s holdings in Tanger were worth $554,000 as of its most recent SEC filing.

A number of other hedge funds have also recently added to or reduced their stakes in SKT. FMR LLC boosted its stake in shares of Tanger by 24.9% in the 4th quarter. FMR LLC now owns 9,397,189 shares of the real estate investment trust’s stock valued at $320,726,000 after purchasing an additional 1,873,835 shares during the last quarter. Wellington Management Group LLP boosted its stake in shares of Tanger by 34.0% in the 4th quarter. Wellington Management Group LLP now owns 2,748,467 shares of the real estate investment trust’s stock valued at $93,805,000 after purchasing an additional 697,291 shares during the last quarter. Charles Schwab Investment Management Inc. boosted its stake in shares of Tanger by 1.6% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 1,997,100 shares of the real estate investment trust’s stock valued at $68,161,000 after purchasing an additional 31,750 shares during the last quarter. Northern Trust Corp boosted its stake in shares of Tanger by 56.4% in the 4th quarter. Northern Trust Corp now owns 1,817,052 shares of the real estate investment trust’s stock valued at $62,016,000 after purchasing an additional 655,237 shares during the last quarter. Finally, Millennium Management LLC boosted its stake in shares of Tanger by 0.5% in the 4th quarter. Millennium Management LLC now owns 1,748,635 shares of the real estate investment trust’s stock valued at $59,681,000 after purchasing an additional 8,590 shares during the last quarter. Institutional investors own 85.23% of the company’s stock.

Tanger Stock Performance

Shares of NYSE:SKT opened at $31.22 on Monday. The company has a debt-to-equity ratio of 2.09, a current ratio of 0.44 and a quick ratio of 0.13. The company has a market capitalization of $3.53 billion, a price-to-earnings ratio of 35.89, a P/E/G ratio of 2.97 and a beta of 1.18. The firm’s 50 day simple moving average is $31.64 and its 200 day simple moving average is $33.57. Tanger Inc. has a fifty-two week low of $25.94 and a fifty-two week high of $37.57.

Tanger (NYSE:SKT) last announced its earnings results on Wednesday, April 30th. The real estate investment trust reported $0.53 EPS for the quarter, hitting the consensus estimate of $0.53. The firm had revenue of $129.29 million for the quarter, compared to the consensus estimate of $128.24 million. Tanger had a net margin of 18.65% and a return on equity of 16.16%. The business’s quarterly revenue was up 9.7% on a year-over-year basis. During the same period last year, the company posted $0.52 EPS. As a group, sell-side analysts forecast that Tanger Inc. will post 2.24 earnings per share for the current year.

Tanger Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, May 15th. Shareholders of record on Wednesday, April 30th were issued a dividend of $0.2925 per share. This is an increase from Tanger’s previous quarterly dividend of $0.28. This represents a $1.17 annualized dividend and a yield of 3.75%. The ex-dividend date was Wednesday, April 30th. Tanger’s dividend payout ratio (DPR) is 139.29%.

Insiders Place Their Bets

In other news, COO Gallardo Leslie Swanson sold 12,500 shares of Tanger stock in a transaction that occurred on Tuesday, March 11th. The shares were sold at an average price of $32.38, for a total value of $404,750.00. Following the sale, the chief operating officer now directly owns 113,158 shares in the company, valued at $3,664,056.04. This trade represents a 9.95% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Corporate insiders own 5.70% of the company’s stock.

Wall Street Analysts Forecast Growth

Several brokerages have recently issued reports on SKT. BMO Capital Markets began coverage on shares of Tanger in a research note on Tuesday, January 28th. They issued a “market perform” rating and a $36.00 target price on the stock. The Goldman Sachs Group raised shares of Tanger from a “neutral” rating to a “buy” rating and raised their target price for the company from $39.00 to $40.00 in a research note on Friday, March 28th. Scotiabank cut their price target on shares of Tanger from $38.00 to $33.00 and set a “sector perform” rating on the stock in a research report on Wednesday, April 23rd. Finally, Evercore ISI upgraded shares of Tanger to a “hold” rating in a research report on Friday, May 2nd. Four equities research analysts have rated the stock with a hold rating and four have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus 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.