Mitsubishi UFJ Asset Management Co. Ltd. Acquires 2,705 Shares of Tanger Inc. (NYSE:SKT)

Mitsubishi UFJ Asset Management Co. Ltd. grew its holdings in Tanger Inc. (NYSE:SKT) by 3.8% in the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 73,004 shares of the real estate investment trust’s stock after buying an additional 2,705 shares during the period. Mitsubishi UFJ Asset Management Co. Ltd. owned approximately 0.07% of Tanger worth $2,512,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other large investors have also recently made changes to their positions in SKT. GAMMA Investing LLC boosted its holdings in shares of Tanger by 24.9% in the 4th quarter. GAMMA Investing LLC now owns 2,578 shares of the real estate investment trust’s stock worth $88,000 after purchasing an additional 514 shares during the period. Smartleaf Asset Management LLC increased its position in Tanger by 415.7% during the fourth quarter. Smartleaf Asset Management LLC now owns 2,790 shares of the real estate investment trust’s stock valued at $95,000 after acquiring an additional 2,249 shares during the last quarter. KBC Group NV raised its stake in shares of Tanger by 21.6% in the fourth quarter. KBC Group NV now owns 4,474 shares of the real estate investment trust’s stock valued at $153,000 after acquiring an additional 795 shares during the period. Exchange Traded Concepts LLC boosted its position in shares of Tanger by 12.8% during the fourth quarter. Exchange Traded Concepts LLC now owns 5,131 shares of the real estate investment trust’s stock valued at $175,000 after buying an additional 583 shares during the period. Finally, CIBC Asset Management Inc bought a new stake in shares of Tanger during the fourth quarter worth $200,000. 85.23% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

Several research analysts recently commented on SKT shares. The Goldman Sachs Group raised shares of Tanger from a “neutral” rating to a “buy” rating and raised their price target for the stock from $39.00 to $40.00 in a research note on Friday, March 28th. Deutsche Bank Aktiengesellschaft assumed coverage on shares of Tanger in a research note on Tuesday, December 17th. They set a “hold” rating and a $37.00 price target for the company. Finally, BMO Capital Markets assumed coverage on Tanger in a research note on Tuesday, January 28th. They issued a “market perform” rating and a $36.00 price objective on the stock. Four investment analysts have rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $36.63.

Insider Buying and Selling

In other Tanger news, COO Gallardo Leslie Swanson sold 12,500 shares of the business’s stock in a transaction dated Tuesday, March 11th. The stock was sold at an average price of $32.38, for a total transaction of $404,750.00. Following the sale, the chief operating officer now owns 113,158 shares in the company, valued at approximately $3,664,056.04. The trade was a 9.95 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. 5.80% of the stock is currently owned by company insiders.

Tanger Trading Up 0.5 %

Shares of NYSE:SKT opened at $33.98 on Wednesday. The business’s 50-day moving average is $33.65 and its 200 day moving average is $34.06. The company has a debt-to-equity ratio of 2.09, a current ratio of 0.44 and a quick ratio of 0.13. Tanger Inc. has a 1 year low of $25.94 and a 1 year high of $37.57. The firm has a market capitalization of $3.83 billion, a P/E ratio of 39.05, a P/E/G ratio of 2.97 and a beta of 1.88.

Tanger (NYSE:SKT) last posted its quarterly earnings data on Wednesday, February 19th. The real estate investment trust reported $0.54 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.52 by $0.02. Tanger had a net margin of 18.65% and a return on equity of 16.16%. The firm had revenue of $132.17 million for the quarter, compared to the consensus estimate of $129.10 million. On average, research analysts predict that Tanger Inc. will post 2.24 earnings per share for the current fiscal year.

Tanger Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, February 14th. Investors of record on Friday, January 31st were given a $0.275 dividend. This represents a $1.10 annualized dividend and a dividend yield of 3.24%. The ex-dividend date was Friday, January 31st. Tanger’s payout ratio is 126.44%.

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.