Tanger Inc. (SKT) to Issue Quarterly Dividend of $0.28 on February 14th

Tanger Inc. (NYSE:SKT) declared a quarterly dividend on Friday, January 17th,NASDAQ Dividends reports. Stockholders 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 annualized dividend and a dividend yield of 3.32%. The ex-dividend date of this dividend 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. 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

SKT opened at $33.13 on Wednesday. The company has a debt-to-equity ratio of 2.40, a current ratio of 0.13 and a quick ratio of 0.13. The stock’s 50 day simple moving average is $34.66 and its 200 day simple moving average is $32.57. The firm has a market cap of $3.67 billion, a price-to-earnings ratio of 38.52, a PEG ratio of 2.71 and a beta of 1.92. Tanger has a 1 year low of $25.67 and a 1 year high of $37.57.

Tanger (NYSE:SKT) last issued its earnings results 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 firm had revenue of $133.00 million during the quarter, compared to the consensus estimate of $125.80 million. During the same quarter in the prior year, the business posted $0.50 EPS. The firm’s revenue for the quarter was up 13.3% on a year-over-year basis. As a group, analysts predict that Tanger will post 2.11 earnings per share for the current year.

Insider Transactions at Tanger

In other news, CAO Thomas Joseph Guerrieri, Jr. sold 3,000 shares of the business’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 sale, the chief accounting officer now directly owns 59,641 shares of the company’s stock, valued at $2,163,179.07. The trade was a 4.79 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Insiders own 5.80% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of analysts have recently weighed in on SKT shares. 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 report on Friday, November 15th. BMO Capital Markets initiated coverage on Tanger in a research report on Tuesday. They issued a “market perform” rating and a $36.00 price objective on the stock. Bank of America raised Tanger from a “neutral” rating to a “buy” rating and raised their price target for the stock from $35.00 to $40.00 in a research note on Monday, November 11th. Deutsche Bank Aktiengesellschaft began coverage on shares of Tanger in a research report on Tuesday, December 17th. They set a “hold” rating and a $37.00 price objective on the stock. Finally, Evercore ISI upped their price objective on shares of Tanger from $31.00 to $33.00 and gave the stock an “in-line” rating in a report on Thursday, November 7th. Five equities research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, Tanger has an average rating of “Hold” and an average 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.