Tanger Inc. (NYSE:SKT) Plans Quarterly Dividend of $0.28

Tanger Inc. (NYSE:SKT) declared a quarterly dividend on Friday, October 11th, NASDAQ reports. Stockholders of record on Thursday, October 31st will be given a dividend of 0.275 per share by the real estate investment trust on Friday, November 15th. This represents a $1.10 dividend on an annualized basis and a dividend yield of 3.27%. The ex-dividend date of this dividend is Thursday, October 31st.

Tanger has raised its dividend payment by an average of 10.8% per year over the last three years. Tanger has a dividend payout ratio of 123.6% meaning the company cannot currently cover its dividend with earnings alone and is relying on its balance sheet to cover its dividend payments. Analysts expect Tanger to earn $2.19 per share next year, which means the company should continue to be able to cover its $1.10 annual dividend with an expected future payout ratio of 50.2%.

Tanger Trading Up 0.3 %

Shares of SKT traded up $0.10 during trading hours on Friday, hitting $33.63. The stock had a trading volume of 497,929 shares, compared to its average volume of 744,797. The firm has a market cap of $3.68 billion, a P/E ratio of 37.39, a P/E/G ratio of 3.42 and a beta of 1.89. Tanger has a 12-month low of $21.42 and a 12-month high of $34.13. The company has a debt-to-equity ratio of 2.53, a quick ratio of 0.13 and a current ratio of 0.13. The company’s fifty day simple moving average is $30.56 and its 200 day simple moving average is $28.64.

Wall Street Analyst Weigh In

A number of analysts recently weighed in on the stock. Evercore ISI upped their price target on shares of Tanger from $29.00 to $31.00 and gave the stock an “in-line” rating in a research report on Monday, September 16th. Compass Point lifted their target price on Tanger from $32.00 to $34.00 and gave the company a “buy” rating in a research note on Wednesday, September 11th. Scotiabank boosted their price target on shares of Tanger from $28.00 to $30.00 and gave the company a “sector perform” rating in a report on Monday, August 26th. Finally, Bank of America increased their price objective on Tanger from $31.00 to $35.00 and gave the stock a “neutral” rating in a report on Friday. Three investment analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $32.00.

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.