Sumitomo Mitsui Trust Holdings Inc. Boosts Holdings in Tanger Inc. (NYSE:SKT)

Sumitomo Mitsui Trust Holdings Inc. lifted its position in shares of Tanger Inc. (NYSE:SKT) by 4.7% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 124,290 shares of the real estate investment trust’s stock after buying an additional 5,536 shares during the quarter. Sumitomo Mitsui Trust Holdings Inc. owned approximately 0.12% of Tanger worth $3,445,000 at the end of the most recent quarter.

A number of other institutional investors have also modified their holdings of the company. FMR LLC boosted its position in Tanger by 33.1% during the third quarter. FMR LLC now owns 4,315,625 shares of the real estate investment trust’s stock worth $97,533,000 after acquiring an additional 1,072,443 shares during the last quarter. Wellington Management Group LLP grew its position in shares of 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 purchasing an additional 909,622 shares during the period. Charles Schwab Investment Management Inc. increased its stake in Tanger by 1.7% in 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 during the last quarter. Invesco Ltd. lifted its position in Tanger by 35.9% during the third quarter. Invesco Ltd. now owns 723,109 shares of the real estate investment trust’s stock worth $16,342,000 after buying an additional 190,979 shares during the period. Finally, Swiss National Bank lifted its position in Tanger by 0.9% during the third quarter. Swiss National Bank now owns 231,300 shares of the real estate investment trust’s stock worth $5,227,000 after buying an additional 2,000 shares during the period. Institutional investors and hedge funds own 85.23% of the company’s stock.

Tanger Stock Up 2.8 %

Shares of SKT opened at $28.50 on Wednesday. The firm has a market cap of $3.11 billion, a PE ratio of 30.98, a price-to-earnings-growth ratio of 3.50 and a beta of 1.83. The company’s fifty day moving average is $28.36 and its two-hundred day moving average is $26.70. Tanger Inc. has a fifty-two week low of $18.00 and a fifty-two week high of $29.98. The company has a quick ratio of 0.19, a current ratio of 0.19 and a debt-to-equity ratio of 2.43.

Tanger Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, May 15th. Stockholders of record on Tuesday, April 30th will be paid a $0.275 dividend. This represents a $1.10 dividend on an annualized basis and a dividend yield of 3.86%. The ex-dividend date of this dividend is Monday, April 29th. This is an increase from Tanger’s previous quarterly dividend of $0.26. Tanger’s dividend payout ratio (DPR) is currently 113.04%.

Analyst Ratings Changes

SKT has been the subject of a number of research analyst reports. Citigroup raised shares of Tanger from a “neutral” rating to a “buy” rating and upped their price objective for the company from $30.00 to $33.00 in a research note on Friday, March 22nd. Evercore ISI upped their price target on shares of Tanger from $28.00 to $29.00 and gave the stock an “in-line” rating in a research report on Wednesday, February 28th. Finally, Bank of America upgraded shares of 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 report on Friday, April 5th. Five research analysts have rated the stock with a hold rating and two have assigned a buy rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus price target of $29.00.

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.