Tanger Inc. (NYSE:SKT) Raises Dividend to $0.28 Per Share

Tanger Inc. (NYSE:SKT) announced a quarterly dividend on Wednesday, April 10th, Zacks reports. Shareholders of record on Tuesday, April 30th will be paid a dividend of 0.275 per share by the real estate investment trust on Wednesday, May 15th. This represents a $1.10 annualized dividend and a yield of 3.81%. The ex-dividend date of this dividend is Monday, April 29th. This is a positive change from Tanger’s previous quarterly dividend of $0.26.

Tanger has increased its dividend by an average of 10.8% annually over the last three years and has increased its dividend every year for the last 1 years. Tanger has a payout ratio of 123.6% indicating that 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 $2.17 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 50.7%.

Tanger Stock Up 0.7 %

Shares of NYSE SKT opened at $28.88 on Friday. The company has a debt-to-equity ratio of 2.43, a current ratio of 0.19 and a quick ratio of 0.19. The company has a market cap of $3.15 billion, a P/E ratio of 31.39, a PEG ratio of 3.65 and a beta of 1.83. Tanger has a 1 year low of $18.00 and a 1 year high of $29.98. The firm has a 50-day simple moving average of $28.46 and a two-hundred day simple moving average of $26.84.

Wall Street Analyst Weigh In

Several brokerages have issued reports on SKT. Citigroup raised shares of Tanger from a “neutral” rating to a “buy” rating and raised their price objective for the stock from $30.00 to $33.00 in a research note on Friday, March 22nd. Bank of America raised shares of Tanger from an “underperform” rating to a “neutral” rating and raised their price objective for the stock from $24.00 to $31.00 in a research note on Friday, April 5th. Finally, Evercore ISI raised their price objective on shares of Tanger from $28.00 to $29.00 and gave the stock an “in-line” rating in a research note on Wednesday, February 28th. Five research analysts have rated the stock with a hold rating and two have issued a buy rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus price target of $29.00.

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.