Tanger Inc. (NYSE:SKT) to Issue $0.28 Quarterly Dividend

Tanger Inc. (NYSE:SKT) declared a quarterly dividend on Tuesday, July 16th, Zacks reports. Stockholders of record on Wednesday, July 31st will be given a dividend of 0.275 per share by the real estate investment trust on Thursday, August 15th. This represents a $1.10 annualized dividend and a dividend yield of 3.84%. The ex-dividend date is Wednesday, July 31st.

Tanger has raised its dividend by an average of 10.8% annually over the last three years. Tanger has a dividend payout ratio of 127.9% 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 analysts expect Tanger to earn $2.16 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 50.9%.

Tanger Trading Up 1.0 %

Tanger stock opened at $28.63 on Tuesday. The stock has a market cap of $3.13 billion, a P/E ratio of 31.46, a PEG ratio of 3.02 and a beta of 1.90. The company has a debt-to-equity ratio of 2.54, a quick ratio of 0.20 and a current ratio of 0.20. Tanger has a fifty-two week low of $21.42 and a fifty-two week high of $29.98. The firm’s fifty day moving average price is $27.23 and its 200-day moving average price is $27.72.

Wall Street Analysts Forecast Growth

A number of research firms recently commented on SKT. Evercore ISI reduced their target price on Tanger from $29.00 to $28.00 and set an “in-line” rating on the stock in a research note on Wednesday, May 1st. Compass Point upgraded shares of Tanger from a “neutral” rating to a “buy” rating and upped their price target for the company from $31.00 to $32.00 in a research report on Thursday, May 2nd. Bank of America upgraded shares of Tanger from an “underperform” rating to a “neutral” rating and upped their price target for the company from $24.00 to $31.00 in a research report on Friday, April 5th. Finally, Scotiabank raised Tanger from a “sector underperform” rating to a “sector perform” rating and raised their target price for the stock from $20.00 to $28.00 in a research note on Friday, May 17th. Five investment analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. According to MarketBeat.com, Tanger presently has a consensus rating of “Hold” and a consensus price target of $29.57.

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.