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

Tanger Inc. (NYSE:SKT) announced a quarterly dividend on Thursday, October 10th, NASDAQ reports. Investors 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 3.25%. The ex-dividend date is Thursday, October 31st.

Tanger has increased its dividend by an average of 10.8% annually over the last three 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. Equities analysts expect Tanger to earn $2.20 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 50.0%.

Tanger Price Performance

NYSE:SKT opened at $33.84 on Wednesday. The company’s 50-day moving average is $32.12 and its two-hundred day moving average is $29.13. The company has a current ratio of 0.13, a quick ratio of 0.13 and a debt-to-equity ratio of 2.53. The firm has a market cap of $3.70 billion, a price-to-earnings ratio of 37.60, a price-to-earnings-growth ratio of 2.86 and a beta of 1.89. Tanger has a 12-month low of $21.42 and a 12-month high of $34.81.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently commented on the company. Evercore ISI lifted their price objective on Tanger from $29.00 to $31.00 and gave the company an “in-line” rating in a research report on Monday, September 16th. Bank of America raised their target price on shares of Tanger from $31.00 to $35.00 and gave the stock a “neutral” rating in a research report on Friday, October 11th. Compass Point increased their price target on shares of Tanger from $34.00 to $36.00 and gave the stock a “buy” rating in a research note on Friday, October 25th. Finally, Scotiabank boosted their price objective on shares of Tanger from $28.00 to $30.00 and gave the company a “sector perform” rating in a research note on Monday, August 26th. Three equities research 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.com, Tanger currently has a consensus rating of “Moderate Buy” and a consensus target price of $32.33.

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.