Nomura Asset Management Co. Ltd. Has $4.50 Million Position in Tanger Inc. (NYSE:SKT)

Nomura Asset Management Co. Ltd. cut its stake in shares of Tanger Inc. (NYSE:SKT) by 1.9% during the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 135,570 shares of the real estate investment trust’s stock after selling 2,667 shares during the quarter. Nomura Asset Management Co. Ltd. owned approximately 0.12% of Tanger worth $4,498,000 at the end of the most recent quarter.

A number of other large investors have also bought and sold shares of the stock. Stifel Financial Corp boosted its position in shares of Tanger by 48.5% during the 3rd quarter. Stifel Financial Corp now owns 67,402 shares of the real estate investment trust’s stock worth $2,236,000 after purchasing an additional 22,002 shares in the last quarter. Beck Capital Management LLC boosted its holdings in Tanger by 77.3% in the third quarter. Beck Capital Management LLC now owns 109,276 shares of the real estate investment trust’s stock worth $3,626,000 after acquiring an additional 47,642 shares in the last quarter. Atom Investors LP acquired a new stake in Tanger in the third quarter valued at approximately $564,000. Point72 Asia Singapore Pte. Ltd. increased its holdings in shares of Tanger by 255.2% during the third quarter. Point72 Asia Singapore Pte. Ltd. now owns 6,437 shares of the real estate investment trust’s stock valued at $214,000 after acquiring an additional 4,625 shares in the last quarter. Finally, Verition Fund Management LLC raised its position in shares of Tanger by 23.8% during the third quarter. Verition Fund Management LLC now owns 37,989 shares of the real estate investment trust’s stock worth $1,260,000 after purchasing an additional 7,300 shares during the period. 85.23% of the stock is currently owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other Tanger news, CAO Thomas Joseph Guerrieri, Jr. sold 3,000 shares of the firm’s stock in a transaction on Tuesday, November 19th. The stock was sold at an average price of $36.27, for a total value of $108,810.00. Following the completion of the sale, the chief accounting officer now directly owns 59,641 shares of the company’s stock, valued at $2,163,179.07. This trade represents a 4.79 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this link. Insiders own 5.80% of the company’s stock.

Wall Street Analyst Weigh In

SKT has been the subject of several research reports. Bank of America raised shares of Tanger from a “neutral” rating to a “buy” rating and lifted their price target for the company from $35.00 to $40.00 in a research report on Monday, November 11th. Scotiabank lifted their price objective on shares of Tanger from $28.00 to $30.00 and gave the company a “sector perform” rating in a report on Monday, August 26th. Compass Point raised their price target on shares of Tanger from $34.00 to $36.00 and gave the company a “buy” rating in a research report on Friday, October 25th. Citigroup boosted their price objective on Tanger from $34.00 to $41.00 and gave the stock a “buy” rating in a report on Wednesday, November 13th. Finally, The Goldman Sachs Group raised their target price on Tanger from $31.00 to $35.00 and gave the company a “neutral” rating in a report on Friday, November 15th. Three analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $34.86.

Tanger Price Performance

Tanger stock opened at $35.53 on Friday. The stock has a market cap of $3.93 billion, a P/E ratio of 41.31, a P/E/G ratio of 2.78 and a beta of 1.90. The company has a quick ratio of 0.13, a current ratio of 0.13 and a debt-to-equity ratio of 2.40. The company’s 50 day moving average price is $35.13 and its two-hundred day moving average price is $31.00. Tanger Inc. has a 52 week low of $25.67 and a 52 week high of $37.57.

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

Tanger Announces Dividend

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

Tanger 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.