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

Tanger Inc. (NYSE:SKT) declared a quarterly dividend on Thursday, April 10th, Wall Street Journal reports. Shareholders of record on Wednesday, April 30th will be paid a dividend of 0.2925 per share by the real estate investment trust on Thursday, May 15th. This represents a $1.17 dividend on an annualized basis 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 dividend payout ratio of 108.9% indicating that the company cannot currently cover its dividend with earnings alone and is relying on its balance sheet to cover its dividend payments. 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 Price Performance

Shares of Tanger stock traded down $1.41 on Thursday, reaching $30.85. The company’s stock had a trading volume of 843,887 shares, compared to its average volume of 761,051. Tanger has a 52-week low of $25.94 and a 52-week high of $37.57. The company has a market capitalization of $3.49 billion, a P/E ratio of 35.46, a PEG ratio of 2.97 and a beta of 1.49. The company has a quick ratio of 0.13, a current ratio of 0.44 and a debt-to-equity ratio of 2.09. The stock has a 50-day moving average price of $33.43 and a 200-day moving average price of $34.03.

Tanger (NYSE:SKT) last posted its quarterly earnings data on Wednesday, February 19th. The real estate investment trust reported $0.54 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.52 by $0.02. Tanger had a return on equity of 16.16% and a net margin of 18.65%. The company had revenue of $132.17 million for the quarter, compared to analysts’ expectations of $129.10 million. Analysts expect that Tanger will post 2.24 EPS for the current year.

Insider Activity

In related news, COO Gallardo Leslie Swanson sold 12,500 shares of the firm’s stock in a transaction dated Tuesday, March 11th. The stock was sold at an average price of $32.38, for a total transaction of $404,750.00. Following the completion of the transaction, the chief operating officer now directly owns 113,158 shares in the company, valued at $3,664,056.04. This trade represents a 9.95 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Insiders own 5.80% of the company’s stock.

Analyst Upgrades and Downgrades

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

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.