Tanger Inc. (NYSE:SKT - Get Free Report) announced a quarterly dividend on Wednesday, July 16th, Wall Street Journal reports. Shareholders of record on Thursday, July 31st will be paid a dividend of 0.2925 per share by the real estate investment trust on Friday, August 15th. This represents a $1.17 annualized dividend and a dividend yield of 3.67%. The ex-dividend date is Thursday, July 31st.
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. Research 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 Price Performance
Shares of Tanger stock traded up $0.17 on Thursday, hitting $31.88. The company's stock had a trading volume of 1,138,211 shares, compared to its average volume of 842,934. Tanger has a 52-week low of $26.62 and a 52-week high of $37.57. The company has a quick ratio of 0.14, a current ratio of 0.14 and a debt-to-equity ratio of 2.37. The firm has a fifty day moving average price of $30.50 and a 200-day moving average price of $32.06. The company has a market capitalization of $3.61 billion, a P/E ratio of 37.95, a price-to-earnings-growth ratio of 2.10 and a beta of 1.17.
Tanger (NYSE:SKT - Get Free Report) last released its quarterly earnings data on Wednesday, April 30th. The real estate investment trust reported $0.53 EPS for the quarter, hitting the consensus estimate of $0.53. Tanger had a net margin of 17.65% and a return on equity of 15.13%. The business had revenue of $129.29 million for the quarter, compared to analyst estimates of $128.24 million. During the same period in the previous year, the firm earned $0.52 EPS. The business's revenue for the quarter was up 9.7% compared to the same quarter last year. On average, equities research analysts expect that Tanger will post 2.24 earnings per share for the current fiscal year.
Analyst Upgrades and Downgrades
Several research analysts recently weighed in on SKT shares. The Goldman Sachs Group raised shares of Tanger from a "neutral" rating to a "buy" rating and boosted their target price for the company from $39.00 to $40.00 in a research note on Friday, March 28th. Evercore ISI raised shares of Tanger to a "hold" rating in a research note on Friday, May 2nd. Barclays started coverage on shares of Tanger in a research note on Wednesday, July 2nd. They issued an "equal weight" rating and a $33.00 target price for the company. Finally, Scotiabank cut their target price on shares of Tanger from $38.00 to $33.00 and set a "sector perform" rating for the company in a research note on Wednesday, April 23rd. Five equities research analysts have rated the stock with a hold rating and four have issued a buy rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of "Hold" and a consensus target price of $36.56.
Get Our Latest Report on SKT
Institutional Inflows and Outflows
A number of institutional investors and hedge funds have recently modified their holdings of SKT. United Services Automobile Association acquired a new position in shares of Tanger during the 1st quarter valued at about $233,000. AQR Capital Management LLC increased its stake in shares of Tanger by 17.8% during the 1st quarter. AQR Capital Management LLC now owns 38,209 shares of the real estate investment trust's stock valued at $1,291,000 after acquiring an additional 5,765 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its stake in shares of Tanger by 6.0% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 64,251 shares of the real estate investment trust's stock valued at $2,171,000 after acquiring an additional 3,631 shares during the last quarter. Royal Bank of Canada increased its stake in shares of Tanger by 2.8% during the 1st quarter. Royal Bank of Canada now owns 145,184 shares of the real estate investment trust's stock valued at $4,905,000 after acquiring an additional 3,995 shares during the last quarter. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its stake in shares of Tanger by 436.9% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 801,200 shares of the real estate investment trust's stock valued at $27,073,000 after acquiring an additional 651,961 shares during the last quarter. Institutional investors and hedge funds own 85.23% of the company's stock.
About Tanger
(
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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.
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