Tanger Inc. (NYSE:SKT) Declares Quarterly Dividend of $0.29

Tanger Inc. (NYSE:SKT) declared a quarterly dividend on Thursday, April 10th, Wall Street Journal reports. Investors of record on Wednesday, April 30th will be given a dividend of 0.2925 per share by the real estate investment trust on Thursday, May 15th. This represents a $1.17 annualized dividend and a yield of 3.79%. The ex-dividend date is Wednesday, April 30th. This is a 6.4% increase from Tanger’s previous quarterly dividend of $0.28.

Tanger has a payout ratio of 108.9% 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 $2.34 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 47.0%.

Tanger Trading Down 0.1 %

SKT opened at $30.91 on Friday. The firm has a 50 day simple moving average of $33.34 and a 200 day simple moving average of $34.01. The company has a market cap of $3.50 billion, a price-to-earnings ratio of 35.52, a price-to-earnings-growth ratio of 2.97 and a beta of 1.49. Tanger has a fifty-two week low of $25.94 and a fifty-two week high of $37.57. The company has a debt-to-equity ratio of 2.09, a current ratio of 0.44 and a quick ratio of 0.13.

Tanger (NYSE:SKT) last posted its earnings results on Wednesday, February 19th. The real estate investment trust reported $0.54 earnings per share for the quarter, topping the consensus estimate of $0.52 by $0.02. The company had revenue of $132.17 million for the quarter, compared to analyst estimates of $129.10 million. Tanger had a net margin of 18.65% and a return on equity of 16.16%. On average, sell-side analysts anticipate that Tanger will post 2.24 earnings per share for the current year.

Wall Street Analyst Weigh In

Several equities research analysts have recently issued reports on SKT shares. The Goldman Sachs Group raised shares of Tanger from a “neutral” rating to a “buy” rating and increased their price objective for the stock from $39.00 to $40.00 in a research report on Friday, March 28th. Deutsche Bank Aktiengesellschaft initiated coverage on Tanger in a research report on Tuesday, December 17th. They set a “hold” rating and a $37.00 price target for the company. Finally, BMO Capital Markets assumed coverage on shares of Tanger in a research note on Tuesday, January 28th. They issued a “market perform” rating and a $36.00 price target on the stock. Four equities research analysts have rated the stock with a hold rating and four have given a buy rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $36.63.

Insiders Place Their Bets

In other Tanger news, COO Gallardo Leslie Swanson sold 12,500 shares of the firm’s stock in a transaction that occurred on Tuesday, March 11th. The shares were sold at an average price of $32.38, for a total value of $404,750.00. Following the sale, the chief operating officer now owns 113,158 shares in the company, valued at $3,664,056.04. This trade represents a 9.95 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this link. 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.