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

Tanger Inc. (NYSE:SKT) declared a quarterly dividend on Friday, January 17th,NASDAQ Dividends reports. Shareholders 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 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 Up 1.0 %

Shares of Tanger stock opened at $33.17 on Friday. The business has a 50-day moving average price of $35.08 and a 200 day moving average price of $32.22. Tanger has a fifty-two week low of $25.67 and a fifty-two week high of $37.57. The firm has a market cap of $3.67 billion, a P/E ratio of 38.57, a P/E/G ratio of 2.70 and a beta of 1.92. 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 posted its quarterly 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). Tanger had a net margin of 18.55% and a return on equity of 16.25%. The business had revenue of $133.00 million during the quarter, compared to analyst estimates of $125.80 million. During the same period last year, the firm posted $0.50 earnings per share. The company’s quarterly revenue was up 13.3% on a year-over-year basis. On average, sell-side analysts forecast that Tanger will post 2.11 earnings per share for the current fiscal year.

Insider Activity at Tanger

In other Tanger 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 value of $108,810.00. Following the completion of the sale, the chief accounting officer now directly owns 59,641 shares in the company, valued at $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 SEC, which is available at this hyperlink. Company insiders own 5.80% of the company’s stock.

Analyst Upgrades and Downgrades

A number of analysts have recently weighed in on the company. Evercore ISI increased their price target on Tanger from $31.00 to $33.00 and gave the stock an “in-line” rating in a research report on Thursday, November 7th. Bank of America raised Tanger from a “neutral” rating to a “buy” rating and increased their target price for the stock from $35.00 to $40.00 in a research report on Monday, November 11th. The Goldman Sachs Group boosted their price target on shares of Tanger from $31.00 to $35.00 and gave the company a “neutral” rating in a report on Friday, November 15th. Deutsche Bank Aktiengesellschaft started coverage on shares of Tanger in a report on Tuesday, December 17th. They issued a “hold” rating and a $37.00 price objective on the stock. Finally, Citigroup boosted their target price on shares of Tanger from $34.00 to $41.00 and gave the company a “buy” rating in a research note on Wednesday, November 13th. Four equities research analysts have rated the stock with a hold rating and three have given a buy rating to the stock. According to MarketBeat, the stock presently has an average 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.