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

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

Tanger has a dividend payout ratio of 112.2% indicating that the company cannot currently cover its dividend with earnings alone and is relying on its balance sheet to cover its dividend payments. Equities 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 Price Performance

SKT stock traded up $0.32 during trading on Friday, hitting $33.17. The company had a trading volume of 725,574 shares, compared to its average volume of 661,481. The firm has a market capitalization of $3.67 billion, a price-to-earnings ratio of 38.57, a P/E/G ratio of 2.70 and a beta of 1.92. 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 business has a 50 day moving average of $35.08 and a 200 day moving average of $32.17. Tanger has a fifty-two week low of $25.67 and a fifty-two week high of $37.57.

Tanger (NYSE:SKT) last announced its earnings results on Wednesday, November 6th. The real estate investment trust reported $0.22 EPS for the quarter, missing the consensus estimate of $0.53 by ($0.31). The firm had revenue of $133.00 million for the quarter, compared to the consensus estimate of $125.80 million. Tanger had a return on equity of 16.25% and a net margin of 18.55%. Tanger’s revenue for the quarter was up 13.3% on a year-over-year basis. During the same period in the previous year, the firm earned $0.50 EPS. As a group, research analysts predict that Tanger will post 2.11 earnings per share for the current year.

Analyst Upgrades and Downgrades

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

Insider Activity at Tanger

In related news, CAO Thomas Joseph Guerrieri, Jr. sold 3,000 shares of the company’s stock in a transaction on Tuesday, November 19th. The stock was sold at an average price of $36.27, for a total transaction of $108,810.00. Following the transaction, the chief accounting officer now directly owns 59,641 shares of the company’s stock, valued at approximately $2,163,179.07. The trade was a 4.79 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. 5.80% of the stock is owned by insiders.

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.