September 5, 2023
Nomura Asset Management Increases Stake in Tanger Factory Outlet Centers
Nomura Asset Management Co. Ltd., a prominent institutional investor, has recently raised its stake in Tanger Factory Outlet Centers Inc. (NYSE:SKT) by 4.0% during the first quarter of this year. This information was disclosed in the company’s most recent Form 13F filing with the Securities and Exchange Commission (SEC). As a result, Nomura Asset Management now owns 115,166 shares of the real estate investment trust’s stock, representing an additional acquisition of 4,400 shares during the period.
The market value of Tanger Factory Outlet Centers stock held by Nomura Asset Management is valued at approximately $2.26 million at the end of the reporting period. This equates to owning 0.11% of Tanger Factory Outlet Centers’ total market capitalization as per recent reports.
It is worth noting that Tanger Factory Outlet Centers is a notable name in the real estate investment trust industry, specializing in operating upscale outlet shopping centers across North America. As an investor, Nomura Asset Management recognizes the potential for growth and profitability within this market segment, hence its decision to increase its stake in Tanger Factory Outlet Centers.
In related news, there has been insider activity within Tanger Factory Outlet Centers as well. Steven B. Tanger, an insider within the company, recently sold 220,064 shares of its stock on June 12th. The average price per share was recorded at $21.67 with a total transaction value reaching $4.77 million approximately.
With this recent transaction completed, Steven B. Tanger now retains ownership of around 1,281,919 shares in the company valued at roughly $27.78 million based on current market prices.
Disclosure of such sales is mandated by legal requirements set forth by regulatory bodies such as the Securities & Exchange Commission (SEC). Investors and stakeholders can access further details regarding this transaction at the provided hyperlink, which directs them to the official filing available on the SEC’s website.
It is worth noting that corporate insiders collectively hold approximately 3.70% of Tanger Factory Outlet Centers’ outstanding stock, indicating their confidence in the company’s prospects moving forward.
In conclusion, Nomura Asset Management Co. Ltd., a prominent institutional investor, has increased its stake in Tanger Factory Outlet Centers Inc. This move demonstrates their belief in the potential growth and profitability of the real estate investment trust industry, specifically within upscale outlet shopping centers across North America. Additionally, insider activity by Steven B. Tanger highlights the continued engagement of influential individuals within the company’s affairs. As always, for more detailed information on these matters individuals are encouraged to refer to official filings available on regulatory platforms such as the SEC’s website.
Reference:
– SEC Filing: [insert hyperlink]
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Investment Activity and Analyst Insights on Tanger Factory Outlet Centers
Tanger Factory Outlet Centers, Inc. (NYSE:SKT), a real estate investment trust, has seen a number of large investors adjust their positions in the company’s stock. Cerity Partners LLC recently purchased a new position in Tanger Factory Outlet Centers during the first quarter, valued at approximately $394,000. Tower Research Capital LLC TRC also increased its holdings in the company by 151.5% during the same period, now owning 1,846 shares worth $37,000.
Belpointe Asset Management LLC acquired a new position in Tanger Factory Outlet Centers in the fourth quarter at a value of around $53,000. Meanwhile, Migdal Insurance & Financial Holdings Ltd. saw a 92.4% increase in its holdings during the first quarter and now owns 3,702 shares valued at $69,000. Lastly, Harvest Fund Management Co. Ltd acquired a stake in Tanger Factory Outlet Centers during the first quarter worth approximately $73,000.
Overall, institutional investors currently own 84.94% of Tanger Factory Outlet Centers’ stock.
Several research firms have provided their insights on SKT as well. The Goldman Sachs Group downgraded its rating on Tanger Factory Outlet Centers from “buy” to “neutral” and set a price objective of $26.00 for the company back on August 16th. On the other hand, Evercore ISI lifted their price target from $22.00 to $23.00 and rated the stock as “in-line” on August 7th.
Citigroup also showed confidence in Tanger Factory Outlet Centers by increasing its price target from $20.00 to $24.00 with a “neutral” rating on August 24th. Additionally, Compass Point upgraded their rating on SKT from “neutral” to “buy” and raised their price target from $21.00 to $26.00 on August 7th.
Based on data from Bloomberg.com, the stock currently has an average rating of “Hold” and an average target price of $23.80.
In other news related to Tanger Factory Outlet Centers, insider Steven B. Tanger sold 220,064 shares of the company’s stock in a transaction that took place on June 12th. The shares were sold at an average price of $21.67, amounting to a total transaction value of $4,768,786.88. Following this transaction, Steven B. Tanger now holds 1,281,919 shares of the company’s stock valued at approximately $27,779,184.73.
Tanger Factory Outlet Centers’ stock opened at $23.10 on September 5th and has a 52-week low of $13.26 and a 52-week high of $25.23. The company has a quick ratio and current ratio both standing at 2.49 while its debt-to-equity ratio is at 2.81.
With a market capitalization of $2.43 billion and a price-to-earnings ratio of 27.83, Tanger Factory Outlet Centers reveals that it can still offer potential growth opportunities for investors despite its beta being relatively high at 1.82.
Furthermore, the recent quarterly dividend payment by Tanger Factory Outlet Centers was made on August 15th to stockholders who had held shares as of July 31st. A dividend payout ratio of over 100% indicates that the company is paying out more in dividends than it earns.
In conclusion, Tanger Factory Outlet Centers continues to attract attention from large investors who either add to or reduce their stakes in the company’s stock based on their assessments and market trends. Analysts have expressed mixed opinions about SKT’s future performance but indicate an overall “Hold” recommendation with a target price around $23.80. As the company moves forward, investors will continue to monitor its progress and make their investment decisions accordingly.
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