Tanger Inc. (NYSE:SKT) Plans Dividend Increase – $0.31 Per Share

Tanger Inc. (NYSE:SKT) declared a quarterly dividend on Monday, April 13th. Investors of record on Thursday, April 30th will be paid a dividend of 0.3125 per share by the real estate investment trust on Friday, May 15th. This represents a c) dividend on an annualized basis and a yield of 3.4%. The ex-dividend date of this dividend is Thursday, April 30th. This is a 6.8% increase from Tanger’s previous quarterly dividend of $0.29.

Tanger has increased its dividend by an average of 0.1%annually over the last three years and has increased its dividend every year for the last 4 years. Tanger has a dividend payout ratio of 119.4% 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 $2.34 per share next year, which means the company should continue to be able to cover its $1.17 annual dividend with an expected future payout ratio of 50.0%.

Tanger Trading Down 0.2%

Shares of SKT stock opened at $36.41 on Tuesday. Tanger has a 1 year low of $28.69 and a 1 year high of $37.95. The firm’s fifty day simple moving average is $35.04 and its 200 day simple moving average is $33.94. The firm has a market capitalization of $4.17 billion, a P/E ratio of 36.41, a price-to-earnings-growth ratio of 1.75 and a beta of 1.20. The company has a current ratio of 0.40, a quick ratio of 0.40 and a debt-to-equity ratio of 2.17.

Wall Street Analysts Forecast Growth

A number of equities analysts recently issued reports on the stock. Scotiabank boosted their target price on shares of Tanger from $34.00 to $36.00 and gave the stock a “sector perform” rating in a research report on Tuesday, March 24th. Weiss Ratings reiterated a “buy (b)” rating on shares of Tanger in a research note on Wednesday, January 21st. Barclays lifted their price target on shares of Tanger from $36.00 to $38.00 and gave the stock an “equal weight” rating in a research note on Monday, March 2nd. Compass Point downgraded shares of Tanger from a “buy” rating to a “neutral” rating and set a $38.00 price target on the stock. in a research note on Thursday, February 26th. Finally, Bank of America reiterated a “neutral” rating and set a $39.00 price target on shares of Tanger in a research note on Friday, March 6th. One research analyst has rated the stock with a Strong Buy rating, one has given a Buy rating and six have issued a Hold rating to the company’s stock. Based on data from MarketBeat, Tanger presently has an average rating of “Hold” and a consensus target price of $36.71.

Tanger Company Profile

Tanger Factory Outlet Centers, Inc (NYSE: SKT) is a real estate investment trust specializing in the ownership, development and management of outlet shopping centers. The company’s portfolio comprises more than 40 outlet properties anchored by leading fashion and lifestyle brands. Tanger’s centers are designed to offer off-price retail experiences in open-air, community-oriented settings, providing value-focused shoppers with access to premium brands at reduced prices.

Founded in 1981 by Stanley K.