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

Tanger Inc. (NYSE:SKT) declared a quarterly dividend on Thursday, October 10th, NASDAQ reports. Investors of record on Thursday, October 31st will be paid 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 yield of 3.27%. The ex-dividend date is Thursday, October 31st.

Tanger has raised its dividend by an average of 10.8% per year 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. 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. 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. Tanger has a twelve month low of $21.42 and a twelve month high of $34.13.

Analysts Set New Price Targets

A number of equities analysts have issued reports on SKT shares. Evercore ISI increased their price target on Tanger from $29.00 to $31.00 and gave the stock an “in-line” rating in a report on Monday, September 16th. Scotiabank increased their price target on Tanger from $28.00 to $30.00 and gave the company a “sector perform” rating in a research report on Monday, August 26th. Compass Point upped their target price on shares of Tanger from $32.00 to $34.00 and gave the stock a “buy” rating in a research note on Wednesday, September 11th. Finally, Bank of America boosted 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. Three equities research analysts have rated the stock with a hold rating and three have given a buy rating to the company’s stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $32.00.

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.