Sumitomo Mitsui Trust Holdings Inc. Increases Position in Tanger Factory Outlet Centers Inc. (NYSE:SKT)

Sumitomo Mitsui Trust Holdings Inc. lifted its holdings in Tanger Factory Outlet Centers Inc. (NYSE:SKT) by 17.6% during the third quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 129,926 shares of the real estate investment trust’s stock after buying an additional 19,403 shares during the period. Sumitomo Mitsui Trust Holdings Inc.’s holdings in Tanger Factory Outlet Centers were worth $2,011,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently bought and sold shares of the stock. Marathon Asset Management LLP lifted its stake in Tanger Factory Outlet Centers by 6.4% in the third quarter. Marathon Asset Management LLP now owns 2,486,925 shares of the real estate investment trust’s stock valued at $38,494,000 after purchasing an additional 148,748 shares during the last quarter. Northern Trust Corp lifted its stake in Tanger Factory Outlet Centers by 0.7% in the second quarter. Northern Trust Corp now owns 1,817,571 shares of the real estate investment trust’s stock valued at $29,464,000 after purchasing an additional 12,406 shares during the last quarter. Bank of New York Mellon Corp lifted its stake in Tanger Factory Outlet Centers by 9.0% in the second quarter. Bank of New York Mellon Corp now owns 1,786,522 shares of the real estate investment trust’s stock valued at $28,960,000 after purchasing an additional 146,869 shares during the last quarter. Schroder Investment Management Group lifted its stake in Tanger Factory Outlet Centers by 822.7% in the second quarter. Schroder Investment Management Group now owns 1,639,540 shares of the real estate investment trust’s stock valued at $26,577,000 after purchasing an additional 1,461,848 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. lifted its stake in Tanger Factory Outlet Centers by 3.2% in the second quarter. Charles Schwab Investment Management Inc. now owns 1,585,608 shares of the real estate investment trust’s stock valued at $25,703,000 after purchasing an additional 49,145 shares during the last quarter. Institutional investors and hedge funds own 98.09% of the company’s stock.

SKT has been the topic of several recent research reports. ValuEngine upgraded Tanger Factory Outlet Centers from a “strong sell” rating to a “sell” rating in a research report on Wednesday, October 2nd. Zacks Investment Research upgraded Tanger Factory Outlet Centers from a “hold” rating to a “buy” rating and set a $18.00 target price on the stock in a research report on Wednesday, September 18th. Three equities research analysts have rated the stock with a sell rating, one has given a hold rating and two have issued a buy rating to the company’s stock. The company presently has a consensus rating of “Hold” and an average target price of $19.60.

In other news, insider Stewart Martin 800,000 shares of the firm’s stock in a transaction dated Wednesday, October 30th. Also, CEO Steven B. Tanger bought 10,000 shares of the company’s stock in a transaction on Tuesday, August 20th. The shares were bought at an average price of $14.48 per share, for a total transaction of $144,800.00. Following the transaction, the chief executive officer now owns 1,188,888 shares of the company’s stock, valued at $17,215,098.24. The disclosure for this purchase can be found here. Corporate insiders own 2.30% of the company’s stock.

Shares of NYSE:SKT traded up $0.07 during trading on Wednesday, hitting $15.95. 1,768,083 shares of the company were exchanged, compared to its average volume of 1,928,253. The company has a market cap of $1.47 billion, a PE ratio of 6.43 and a beta of 0.67. The stock has a 50 day moving average of $15.94 and a 200 day moving average of $16.30. Tanger Factory Outlet Centers Inc. has a 52-week low of $13.61 and a 52-week high of $24.65. The company has a debt-to-equity ratio of 3.34, a current ratio of 0.06 and a quick ratio of 0.06.

Tanger Factory Outlet Centers (NYSE:SKT) last posted its earnings results on Wednesday, October 30th. The real estate investment trust reported $0.25 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.56 by ($0.31). The company had revenue of $118.99 million for the quarter, compared to analysts’ expectations of $117.49 million. Tanger Factory Outlet Centers had a return on equity of 23.49% and a net margin of 24.51%. The company’s revenue was down 4.2% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.63 EPS. Sell-side analysts forecast that Tanger Factory Outlet Centers Inc. will post 2.23 EPS for the current fiscal year.

The business also recently announced a quarterly dividend, which will be paid on Friday, November 15th. Shareholders of record on Thursday, October 31st will be given a dividend of $0.355 per share. The ex-dividend date is Wednesday, October 30th. This represents a $1.42 annualized dividend and a dividend yield of 8.90%. Tanger Factory Outlet Centers’s dividend payout ratio is currently 57.26%.

Tanger Factory Outlet Centers Profile

Tanger Factory Outlet Centers, Inc (NYSE:SKT), is a publicly-traded REIT headquartered in Greensboro, North Carolina that operates and owns, or has an ownership interest in, a portfolio of 40 upscale outlet shopping centers. Tanger's operating properties are located in 20 states coast to coast and in Canada, totaling approximately 14.4 million square feet leased to over 2,900 stores operated by more than 500 different brand name companies.

Featured Story: How to find the components of the quick ratio

Want to see what other hedge funds are holding SKT? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Tanger Factory Outlet Centers Inc. (NYSE:SKT).

Institutional Ownership by Quarter for Tanger Factory Outlet Centers (NYSE:SKT)

Receive News & Ratings for Tanger Factory Outlet Centers Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Tanger Factory Outlet Centers and related companies with MarketBeat.com's FREE daily email newsletter.