Tanger Factory Outlet Centers Inc. (NYSE:SKT) declared a quarterly dividend on Thursday, January 10th, Zacks reports. Investors of record on Thursday, January 31st will be paid a dividend of 0.35 per share by the real estate investment trust on Friday, February 15th. This represents a $1.40 annualized dividend and a yield of 6.34%. The ex-dividend date is Wednesday, January 30th.
Tanger Factory Outlet Centers has increased its dividend payment by an average of 8.3% per year over the last three years and has increased its dividend annually for the last 26 consecutive years. Tanger Factory Outlet Centers has a dividend payout ratio of 57.6% indicating that its dividend is sufficiently covered by earnings. Equities research analysts expect Tanger Factory Outlet Centers to earn $2.40 per share next year, which means the company should continue to be able to cover its $1.40 annual dividend with an expected future payout ratio of 58.3%.
Shares of NYSE SKT opened at $22.08 on Friday. Tanger Factory Outlet Centers has a fifty-two week low of $19.76 and a fifty-two week high of $26.16. The stock has a market capitalization of $2.08 billion, a P/E ratio of 8.98, a price-to-earnings-growth ratio of 1.94 and a beta of 0.64. The company has a current ratio of 0.06, a quick ratio of 0.06 and a debt-to-equity ratio of 3.33.
Tanger Factory Outlet Centers (NYSE:SKT) last announced its quarterly earnings results on Thursday, November 1st. The real estate investment trust reported $0.63 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.60 by $0.03. The business had revenue of $124.24 million for the quarter, compared to analysts’ expectations of $119.47 million. Tanger Factory Outlet Centers had a net margin of 11.16% and a return on equity of 9.57%. The firm’s revenue for the quarter was up 2.9% compared to the same quarter last year. During the same quarter last year, the firm earned $0.63 EPS. As a group, sell-side analysts expect that Tanger Factory Outlet Centers will post 2.45 earnings per share for the current year.
Several equities research analysts have commented on SKT shares. Zacks Investment Research upgraded shares of Tanger Factory Outlet Centers from a “hold” rating to a “buy” rating and set a $26.00 price objective for the company in a research note on Thursday, November 22nd. ValuEngine upgraded shares of Tanger Factory Outlet Centers from a “strong sell” rating to a “sell” rating in a research note on Thursday, December 6th. Scotiabank started coverage on shares of Tanger Factory Outlet Centers in a research note on Tuesday, October 16th. They issued an “underperform” rating for the company. Finally, JPMorgan Chase & Co. lowered shares of Tanger Factory Outlet Centers from a “neutral” rating to an “underweight” rating and decreased their price objective for the company from $24.00 to $22.00 in a research note on Wednesday, December 19th. Five analysts have rated the stock with a sell rating and three have given a hold rating to the company’s stock. The company currently has a consensus rating of “Sell” and a consensus price target of $22.13.
In other news, EVP Chad Perry sold 2,500 shares of the firm’s stock in a transaction that occurred on Monday, November 26th. The shares were sold at an average price of $23.26, for a total transaction of $58,150.00. Following the completion of the sale, the executive vice president now owns 86,517 shares in the company, valued at approximately $2,012,385.42. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, SVP Carrie A. Warren sold 1,596 shares of the firm’s stock in a transaction that occurred on Thursday, November 29th. The stock was sold at an average price of $23.34, for a total transaction of $37,250.64. Following the sale, the senior vice president now owns 51,905 shares of the company’s stock, valued at approximately $1,211,462.70. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 16,146 shares of company stock valued at $382,352. 2.10% of the stock is currently owned by company insiders.
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Tanger Factory Outlet Centers Company Profile
Tanger Factory Outlet Centers, Inc (NYSE:SKT), is a publicly-traded REIT headquartered in Greensboro, North Carolina that operates and owns, or has an ownership interest in, a portfolio of 44 upscale outlet shopping centers. Tanger's operating properties are located in 22 states coast to coast and in Canada, totaling approximately 15.3 million square feet leased to over 3,100 stores operated by more than 530 different brand name companies.
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