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

Tanger Inc. (NYSE:SKT) announced 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 dividend on an annualized basis and a 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. 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 Performance

Shares of NYSE:SKT traded up $0.32 on Friday, hitting $33.17. The company had a trading volume of 725,574 shares, compared to its average volume of 661,481. The stock has a market cap 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 stock has a 50 day moving average price of $35.08 and a 200 day moving average price of $32.17. Tanger has a 1-year low of $25.67 and a 1-year high of $37.57.

Tanger (NYSE:SKT) last issued its quarterly earnings data on Wednesday, November 6th. The real estate investment trust reported $0.22 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.53 by ($0.31). Tanger had a return on equity of 16.25% and a net margin of 18.55%. The company had revenue of $133.00 million for the quarter, compared to analyst estimates of $125.80 million. During the same quarter last year, the business earned $0.50 earnings per share. The company’s revenue was up 13.3% on a year-over-year basis. Analysts expect that Tanger will post 2.11 EPS for the current year.

Analyst Ratings Changes

SKT has been the subject of several recent research reports. Citigroup boosted their price target on Tanger from $34.00 to $41.00 and gave the company a “buy” rating in a research note on Wednesday, November 13th. Bank of America raised shares of Tanger from a “neutral” rating to a “buy” rating and boosted their target price for the company from $35.00 to $40.00 in a research report on Monday, November 11th. Deutsche Bank Aktiengesellschaft assumed coverage on shares of Tanger in a research report on Tuesday, December 17th. They set a “hold” rating and a $37.00 price target on the stock. Compass Point boosted their price objective on shares of Tanger from $34.00 to $36.00 and gave the company a “buy” rating in a report on Friday, October 25th. Finally, The Goldman Sachs Group increased 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, November 15th. Four investment analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. According to MarketBeat, the company currently has a consensus rating of “Hold” and an average target price of $36.00.

Insiders Place Their Bets

In other Tanger news, CAO Thomas Joseph Guerrieri, Jr. sold 3,000 shares of the firm’s stock in a transaction 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 of the company’s stock, valued at approximately $2,163,179.07. This trade represents a 4.79 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Corporate insiders own 5.80% of the company’s stock.

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.