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. 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 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 Price Performance

Shares of Tanger stock traded up $0.32 on Friday, hitting $33.17. The company’s stock had a trading volume of 725,574 shares, compared to its average volume of 661,481. The company has a market capitalization of $3.67 billion, a P/E ratio of 38.57, a price-to-earnings-growth ratio of 2.70 and a beta of 1.92. Tanger has a 52-week low of $25.67 and a 52-week high of $37.57. The firm has a fifty day moving average price of $35.08 and a 200-day moving average price of $32.17. The company has a quick ratio of 0.13, a current ratio of 0.13 and a debt-to-equity ratio of 2.40.

Tanger (NYSE:SKT) last released its quarterly earnings results on Wednesday, November 6th. The real estate investment trust reported $0.22 earnings per share for the quarter, missing analysts’ consensus estimates of $0.53 by ($0.31). The company had revenue of $133.00 million during the quarter, compared to analyst estimates of $125.80 million. Tanger had a return on equity of 16.25% and a net margin of 18.55%. The business’s revenue was up 13.3% compared to the same quarter last year. During the same period last year, the firm earned $0.50 earnings per share. On average, equities research analysts expect that Tanger will post 2.11 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, CAO Thomas Joseph Guerrieri, Jr. sold 3,000 shares of the company’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 transaction of $108,810.00. Following the completion of the transaction, the chief accounting officer now directly owns 59,641 shares of the company’s stock, valued at approximately $2,163,179.07. This represents a 4.79 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. 5.80% of the stock is currently owned by corporate insiders.

Analyst Ratings Changes

Several research firms have commented on SKT. The Goldman Sachs Group upped their price objective on Tanger from $31.00 to $35.00 and gave the stock a “neutral” rating in a report on Friday, November 15th. Deutsche Bank Aktiengesellschaft initiated coverage on Tanger in a report on Tuesday, December 17th. They issued a “hold” rating and a $37.00 price objective on the stock. Evercore ISI boosted their target price on Tanger from $31.00 to $33.00 and gave the stock an “in-line” rating in a report on Thursday, November 7th. Citigroup raised their price target on shares of Tanger from $34.00 to $41.00 and gave the company a “buy” rating in a report on Wednesday, November 13th. Finally, Bank of America upgraded shares of Tanger from a “neutral” rating to a “buy” rating and boosted their price objective for the stock from $35.00 to $40.00 in a research note on Monday, November 11th. Four analysts have rated the stock with a hold rating and three have issued a buy rating to the company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and a consensus 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.