Resona Asset Management Co. Ltd. Buys 3,941 Shares of Tanger Inc. (NYSE:SKT)

Resona Asset Management Co. Ltd. grew its stake in Tanger Inc. (NYSE:SKT) by 8.9% during the 1st quarter, HoldingsChannel reports. The firm owned 48,065 shares of the real estate investment trust’s stock after acquiring an additional 3,941 shares during the quarter. Resona Asset Management Co. Ltd.’s holdings in Tanger were worth $1,586,000 at the end of the most recent reporting period.

Other large investors also recently modified their holdings of the company. Xponance Inc. grew its position in Tanger by 6.7% during the 1st quarter. Xponance Inc. now owns 8,156 shares of the real estate investment trust’s stock worth $276,000 after acquiring an additional 514 shares during the last quarter. Summit Investment Advisors Inc. grew its position in Tanger by 5.2% during the 4th quarter. Summit Investment Advisors Inc. now owns 11,139 shares of the real estate investment trust’s stock worth $380,000 after acquiring an additional 553 shares during the last quarter. Public Employees Retirement System of Ohio grew its position in Tanger by 0.4% during the 4th quarter. Public Employees Retirement System of Ohio now owns 157,814 shares of the real estate investment trust’s stock worth $5,386,000 after acquiring an additional 554 shares during the last quarter. Albert D Mason Inc. grew its position in Tanger by 0.9% during the 1st quarter. Albert D Mason Inc. now owns 66,999 shares of the real estate investment trust’s stock worth $2,264,000 after acquiring an additional 606 shares during the last quarter. Finally, Nissay Asset Management Corp Japan ADV grew its position in Tanger by 4.0% during the 4th quarter. Nissay Asset Management Corp Japan ADV now owns 16,279 shares of the real estate investment trust’s stock worth $554,000 after acquiring an additional 624 shares during the last quarter. 85.23% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

A number of research firms recently commented on SKT. Barclays began coverage on Tanger in a research report on Wednesday, July 2nd. They set an “equal weight” rating and a $33.00 price target on the stock. Evercore ISI upgraded Tanger to a “hold” rating in a research report on Friday, May 2nd. Scotiabank decreased their price objective on Tanger from $38.00 to $33.00 and set a “sector perform” rating on the stock in a research report on Wednesday, April 23rd. LADENBURG THALM/SH SH began coverage on Tanger in a research report on Friday, July 18th. They issued a “buy” rating and a $35.00 price objective on the stock. Finally, Wall Street Zen upgraded Tanger from a “sell” rating to a “hold” rating in a research report on Saturday, August 9th. Six equities research analysts have rated the stock with a hold rating and five have given a buy rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average target price of $36.40.

Tanger Stock Performance

SKT stock opened at $32.29 on Friday. The business’s fifty day moving average is $31.15 and its 200-day moving average is $31.81. The company has a quick ratio of 0.11, a current ratio of 0.11 and a debt-to-equity ratio of 2.31. The company has a market cap of $3.65 billion, a P/E ratio of 36.69, a price-to-earnings-growth ratio of 2.12 and a beta of 1.23. Tanger Inc. has a twelve month low of $27.84 and a twelve month high of $37.57.

Tanger (NYSE:SKT) last posted its quarterly earnings results on Monday, August 4th. The real estate investment trust reported $0.58 earnings per share for the quarter, beating analysts’ consensus estimates of $0.56 by $0.02. The company had revenue of $133.44 million for the quarter, compared to the consensus estimate of $132.02 million. Tanger had a return on equity of 15.45% and a net margin of 18.22%. The firm’s quarterly revenue was up 9.2% on a year-over-year basis. During the same quarter in the prior year, the business posted $0.53 EPS. Equities research analysts forecast that Tanger Inc. will post 2.24 EPS for the current year.

Tanger Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Friday, August 15th. Investors of record on Thursday, July 31st were paid a dividend of $0.2925 per share. This represents a $1.17 annualized dividend and a yield of 3.6%. The ex-dividend date of this dividend was Thursday, July 31st. Tanger’s dividend payout ratio (DPR) is presently 132.95%.

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.