Tanger Factory Outlet Centers (NYSE:SKT) declared a quarterly dividend on Friday, April 13th, Wall Street Journal reports. Shareholders of record on Monday, April 30th will be paid a dividend of 0.35 per share by the real estate investment trust on Tuesday, May 15th. This represents a $1.40 dividend on an annualized basis and a yield of 6.17%. The ex-dividend date is Friday, April 27th. This is a boost from Tanger Factory Outlet Centers’s previous quarterly dividend of $0.34.
Tanger Factory Outlet Centers has raised its dividend payment by an average of 12.7% per year over the last three years and has increased its dividend annually for the last 25 consecutive years. Tanger Factory Outlet Centers has a dividend payout ratio of 56.4% meaning its dividend is sufficiently covered by earnings. Equities analysts expect Tanger Factory Outlet Centers to earn $2.52 per share next year, which means the company should continue to be able to cover its $1.37 annual dividend with an expected future payout ratio of 54.4%.
Shares of SKT opened at $22.68 on Friday. Tanger Factory Outlet Centers has a 12-month low of $21.14 and a 12-month high of $33.68. The company has a quick ratio of 0.07, a current ratio of 0.07 and a debt-to-equity ratio of 2.88. The stock has a market capitalization of $2,140.33, a price-to-earnings ratio of 10.78, a PEG ratio of 1.75 and a beta of 0.52.
SKT has been the subject of a number of recent research reports. ValuEngine cut Tanger Factory Outlet Centers from a “buy” rating to a “hold” rating in a report on Sunday, December 31st. Jefferies Group reaffirmed a “hold” rating and issued a $24.00 target price on shares of Tanger Factory Outlet Centers in a report on Friday, December 22nd. Boenning Scattergood reaffirmed a “hold” rating on shares of Tanger Factory Outlet Centers in a report on Thursday, February 15th. Zacks Investment Research cut Tanger Factory Outlet Centers from a “hold” rating to a “sell” rating in a report on Wednesday, January 10th. Finally, Evercore ISI cut Tanger Factory Outlet Centers from an “in-line” rating to an “underperform” rating in a report on Thursday, February 15th. Four investment analysts have rated the stock with a sell rating and five have issued a hold rating to the company. The company currently has an average rating of “Hold” and a consensus price target of $24.88.
In other Tanger Factory Outlet Centers news, COO Thomas E. Mcdonough sold 11,276 shares of the company’s stock in a transaction dated Tuesday, February 20th. The stock was sold at an average price of $22.55, for a total value of $254,273.80. Following the sale, the chief operating officer now owns 159,088 shares in the company, valued at approximately $3,587,434.40. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, VP Virginia R. Summerell sold 5,800 shares of the company’s stock in a transaction dated Monday, February 26th. The shares were sold at an average price of $22.90, for a total value of $132,820.00. Following the completion of the sale, the vice president now owns 32,025 shares in the company, valued at approximately $733,372.50. The disclosure for this sale can be found here. Insiders sold a total of 17,515 shares of company stock worth $396,945 in the last quarter. Corporate insiders own 4.80% of the company’s stock.
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 500 different brand name companies.
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