Tanger Inc. (SKT) to Issue Quarterly Dividend of $0.28 on May 15th

Tanger Inc. (NYSE:SKT) declared a quarterly dividend on Wednesday, April 10th, Zacks reports. Investors 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 dividend on an annualized basis and a yield of 3.81%. The ex-dividend date is Monday, April 29th. This is an increase from Tanger’s previous quarterly dividend of $0.26.

Tanger has raised its dividend payment by an average of 10.8% per year over the last three years and has raised its dividend annually for the last 1 consecutive years. Tanger has a dividend payout ratio of 123.6% 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 $2.17 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 market capitalization of $3.15 billion, a PE ratio of 31.39, a P/E/G ratio of 3.62 and a beta of 1.83. The company has a current ratio of 0.19, a quick ratio of 0.19 and a debt-to-equity ratio of 2.43. Tanger has a twelve month low of $18.00 and a twelve month high of $29.98. The firm has a 50 day simple moving average of $28.46 and a 200-day simple moving average of $26.81.

Wall Street Analyst Weigh In

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