Tanger Inc. Declares Quarterly Dividend of $0.29 (NYSE:SKT)

Tanger Inc. (NYSE:SKT - Get Free Report) declared a quarterly dividend on Wednesday, July 16th, Wall Street Journal reports. Stockholders of record on Thursday, July 31st will be given 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 3.71%. The ex-dividend date is Thursday, July 31st.

Tanger has a payout ratio of 119.4% meaning 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 Stock Down 0.9%

Shares of NYSE SKT traded down $0.29 during mid-day trading on Friday, hitting $31.53. The company had a trading volume of 961,054 shares, compared to its average volume of 843,992. The company has a market capitalization of $3.57 billion, a PE ratio of 37.54, a price-to-earnings-growth ratio of 2.10 and a beta of 1.17. The company has a debt-to-equity ratio of 2.37, a current ratio of 0.14 and a quick ratio of 0.14. Tanger has a 1-year low of $26.62 and a 1-year high of $37.57. The business's 50-day simple moving average is $30.53 and its 200 day simple moving average is $32.04.

Tanger (NYSE:SKT - Get Free Report) last announced its quarterly earnings data on Wednesday, April 30th. The real estate investment trust reported $0.53 earnings per share (EPS) for the quarter, meeting the consensus estimate of $0.53. The business had revenue of $129.29 million for the quarter, compared to analysts' expectations of $128.24 million. Tanger had a return on equity of 15.13% and a net margin of 17.65%. The company's revenue for the quarter was up 9.7% compared to the same quarter last year. During the same period last year, the firm earned $0.52 earnings per share. On average, analysts predict that Tanger will post 2.24 earnings per share for the current year.

Institutional Investors Weigh In On Tanger

Institutional investors have recently added to or reduced their stakes in the business. United Services Automobile Association purchased a new stake in shares of Tanger during the 1st quarter worth approximately $233,000. AQR Capital Management LLC boosted 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 worth $1,291,000 after acquiring an additional 5,765 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted 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 worth $2,171,000 after acquiring an additional 3,631 shares in the last quarter. Royal Bank of Canada boosted 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 worth $4,905,000 after acquiring an additional 3,995 shares in the last quarter. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted 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 worth $27,073,000 after acquiring an additional 651,961 shares in the last quarter. Hedge funds and other institutional investors own 85.23% of the company's stock.

Analyst Upgrades and Downgrades

A number of analysts have recently commented on SKT shares. Scotiabank cut their target price on Tanger from $38.00 to $33.00 and set a "sector perform" rating on the stock in a research report on Wednesday, April 23rd. Evercore ISI upgraded Tanger to a "hold" rating in a research report on Friday, May 2nd. LADENBURG THALM/SH SH assumed coverage on Tanger in a research report on Friday. They set a "buy" rating and a $35.00 target price on the stock. The Goldman Sachs Group raised Tanger from a "neutral" rating to a "buy" rating and upped their price objective for the company from $39.00 to $40.00 in a research note on Friday, March 28th. Finally, Barclays assumed coverage on Tanger in a research note on Wednesday, July 2nd. They set an "equal weight" rating and a $33.00 price objective for the company. Five equities research analysts have rated the stock with a hold rating and five have issued a buy rating to the company. According to data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus price target of $36.40.

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.