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. 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 of this dividend 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. Equities 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 NYSE:SKT opened at $33.17 on Friday. The company 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 business has a fifty day simple moving average of $35.08 and a 200-day simple moving average of $32.22. Tanger has a 52 week low of $25.67 and a 52 week high of $37.57. 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). The business had revenue of $133.00 million during the quarter, compared to analysts’ expectations of $125.80 million. Tanger had a net margin of 18.55% and a return on equity of 16.25%. The firm’s quarterly revenue was up 13.3% compared to the same quarter last year. During the same quarter last year, the firm earned $0.50 EPS. Equities research analysts forecast that Tanger will post 2.11 EPS for the current year.

Insiders Place Their Bets

In related news, CAO Thomas Joseph Guerrieri, Jr. sold 3,000 shares of the firm’s stock in a transaction on Tuesday, November 19th. The shares were sold at an average price of $36.27, for a total transaction of $108,810.00. Following the completion of the sale, the chief accounting officer now directly 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 transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. 5.80% of the stock is currently owned by insiders.

Analyst Ratings Changes

Several equities analysts recently commented on the stock. Evercore ISI upped their price target on shares of Tanger from $31.00 to $33.00 and gave the stock an “in-line” rating in a research report on Thursday, November 7th. Compass Point upped their price objective on Tanger from $34.00 to $36.00 and gave the stock a “buy” rating in a report on Friday, October 25th. Bank of America upgraded Tanger from a “neutral” rating to a “buy” rating and lifted their target price for the company from $35.00 to $40.00 in a report on Monday, November 11th. Citigroup upped their price target on Tanger from $34.00 to $41.00 and gave the stock a “buy” rating in a research note on Wednesday, November 13th. Finally, The Goldman Sachs Group lifted their price objective on Tanger from $31.00 to $35.00 and gave the company a “neutral” rating in a research note on Friday, November 15th. Four analysts have rated the stock with a hold rating and three have issued a buy rating to the company. According to data from MarketBeat, Tanger has a consensus rating of “Hold” and an average price target of $36.00.

About Tanger

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.