Tanger Inc. (NYSE:SKT) Declares Quarterly Dividend of $0.28

Tanger Inc. (NYSE:SKT) announced a quarterly dividend on Thursday, October 10th, NASDAQ reports. Stockholders of record on Thursday, October 31st will be given a dividend of 0.275 per share by the real estate investment trust on Friday, November 15th. This represents a $1.10 annualized dividend and a dividend yield of 3.27%. The ex-dividend date is Thursday, October 31st.

Tanger has raised its dividend payment by an average of 10.8% annually over the last three years. Tanger has a dividend payout ratio of 123.6% 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 research analysts expect Tanger to earn $2.19 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 50.2%.

Tanger Trading Up 0.3 %

SKT opened at $33.63 on Friday. Tanger has a twelve month low of $21.42 and a twelve month high of $34.13. The company has a quick ratio of 0.13, a current ratio of 0.13 and a debt-to-equity ratio of 2.53. The company has a fifty day moving average of $30.68 and a 200-day moving average of $28.67. The stock has a market cap of $3.68 billion, a PE ratio of 36.96, a price-to-earnings-growth ratio of 3.42 and a beta of 1.89.

Analysts Set New Price Targets

SKT has been the subject of several recent analyst reports. Evercore ISI increased their price objective on shares of Tanger from $29.00 to $31.00 and gave the stock an “in-line” rating in a research report on Monday, September 16th. Compass Point increased their price objective on shares of Tanger from $32.00 to $34.00 and gave the stock a “buy” rating in a research report on Wednesday, September 11th. Bank of America raised their price target on shares of Tanger from $31.00 to $35.00 and gave the stock a “neutral” rating in a report on Friday. Finally, Scotiabank raised their price target on shares of Tanger from $28.00 to $30.00 and gave the stock a “sector perform” rating in a report on Monday, August 26th. Three research analysts have rated the stock with a hold rating and three have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $32.00.

About Tanger

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.