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

Tanger Inc. (NYSE:SKT) declared a quarterly dividend on Friday, January 17th,NASDAQ Dividends reports. Investors of record on Friday, January 31st will be given a dividend of 0.275 per share by the real estate investment trust on Friday, February 14th. This represents a $1.10 annualized dividend and a yield of 3.32%. The ex-dividend date is Friday, January 31st.

Tanger has a dividend payout ratio of 112.2% meaning the company cannot currently cover its dividend with earnings alone and is relying on its balance sheet to cover its dividend payments. Research analysts expect Tanger to earn $2.23 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 49.3%.

Tanger Stock Up 1.0 %

NYSE SKT traded up $0.32 during trading on Friday, reaching $33.17. 725,574 shares of the company’s stock were exchanged, compared to its average volume of 661,481. The firm has a market capitalization of $3.67 billion, a PE ratio of 38.57, a P/E/G ratio of 2.70 and a beta of 1.92. Tanger has a fifty-two week low of $25.67 and a fifty-two week high of $37.57. The company has a current ratio of 0.13, a quick ratio of 0.13 and a debt-to-equity ratio of 2.40. The company’s fifty day simple moving average is $35.08 and its 200-day simple moving average is $32.17.

Tanger (NYSE:SKT) last issued its earnings results on Wednesday, November 6th. The real estate investment trust reported $0.22 EPS for the quarter, missing analysts’ consensus estimates of $0.53 by ($0.31). Tanger had a net margin of 18.55% and a return on equity of 16.25%. The firm had revenue of $133.00 million during the quarter, compared to analysts’ expectations of $125.80 million. During the same quarter last year, the firm earned $0.50 EPS. The business’s revenue for the quarter was up 13.3% compared to the same quarter last year. Sell-side analysts predict that Tanger will post 2.11 EPS for the current year.

Insider Activity

In other Tanger news, CAO Thomas Joseph Guerrieri, Jr. sold 3,000 shares of the business’s stock in a transaction that occurred on Tuesday, November 19th. The stock was sold at an average price of $36.27, for a total value of $108,810.00. Following the sale, the chief accounting officer now owns 59,641 shares in the company, valued at approximately $2,163,179.07. The trade was a 4.79 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. 5.80% of the stock is currently owned by company insiders.

Analyst Ratings Changes

Several brokerages have commented on SKT. Bank of America upgraded Tanger from a “neutral” rating to a “buy” rating and lifted their price objective for the stock from $35.00 to $40.00 in a research note on Monday, November 11th. The Goldman Sachs Group boosted their price target on Tanger from $31.00 to $35.00 and gave the company a “neutral” rating in a research note on Friday, November 15th. Evercore ISI raised their price objective on Tanger from $31.00 to $33.00 and gave the stock an “in-line” rating in a research report on Thursday, November 7th. Citigroup boosted their price objective on Tanger from $34.00 to $41.00 and gave the company a “buy” rating in a research report on Wednesday, November 13th. Finally, Compass Point raised their target price on Tanger from $34.00 to $36.00 and gave the stock a “buy” rating in a research report on Friday, October 25th. Four analysts have rated the stock with a hold rating and three have assigned a buy rating to the company’s stock. Based on data from MarketBeat, Tanger currently has a consensus rating of “Hold” and an average price target of $36.00.

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.