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

Key Points

• Tanger Inc. declared a quarterly dividend of $0.29 per share, set to be paid on November 14th to investors of record as of October 31st, reflecting an annual yield of 3.6%.
• The company has a payout ratio of 119.4%, indicating it currently relies on its balance sheet to maintain dividend payments, but is expected to have a more sustainable payout ratio of 50% in the future.
• Tanger's stock is trading at $32.54, with a recent earnings report showing a 9.2% year-over-year revenue growth and earnings per share of $0.58, exceeding analysts' estimates.

Tanger Inc. (NYSE:SKT - Get Free Report) announced a quarterly dividend on Tuesday, October 14th. Investors of record on Friday, October 31st will be paid a dividend of 0.2925 per share by the real estate investment trust on Friday, November 14th. This represents a c) annualized dividend and a yield of 3.6%. The ex-dividend date is Friday, October 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. 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 Trading Up 0.1%

SKT stock traded up $0.04 during mid-day trading on Tuesday, reaching $32.54. 919,471 shares of the stock traded hands, compared to its average volume of 936,765. The stock has a market capitalization of $3.68 billion, a PE ratio of 36.98, a PEG ratio of 2.05 and a beta of 1.36. Tanger has a one year low of $28.69 and a one year high of $37.57. The company has a debt-to-equity ratio of 2.31, a quick ratio of 0.11 and a current ratio of 0.11. The business has a 50-day moving average price of $33.32 and a two-hundred day moving average price of $31.73.

Tanger (NYSE:SKT - Get Free Report) last issued its earnings results on Monday, August 4th. The real estate investment trust reported $0.58 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.56 by $0.02. The firm had revenue of $133.44 million during the quarter, compared to analyst estimates of $132.02 million. Tanger had a net margin of 18.22% and a return on equity of 15.45%. The business's revenue was up 9.2% on a year-over-year basis. During the same period in the previous year, the firm earned $0.53 earnings per share. Tanger has set its FY 2025 guidance at 2.240-2.310 EPS. Equities research analysts expect that Tanger will post 2.24 EPS for the current year.

Insider Buying and Selling

In other Tanger news, EVP Gallardo Leslie Swanson sold 17,500 shares of the business's stock in a transaction dated Friday, September 5th. The shares were sold at an average price of $34.74, for a total value of $607,950.00. Following the completion of the transaction, the executive vice president directly owned 92,665 shares in the company, valued at approximately $3,219,182.10. The trade was a 15.89% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Corporate insiders own 5.70% of the company's stock.

Hedge Funds Weigh In On Tanger

A number of large investors have recently added to or reduced their stakes in the company. Vanguard Group Inc. raised its holdings in Tanger by 1.1% in the first quarter. Vanguard Group Inc. now owns 17,511,443 shares of the real estate investment trust's stock worth $591,712,000 after purchasing an additional 193,141 shares in the last quarter. State Street Corp increased its holdings in shares of Tanger by 3.4% during the second quarter. State Street Corp now owns 6,635,830 shares of the real estate investment trust's stock valued at $202,924,000 after acquiring an additional 215,174 shares in the last quarter. Geode Capital Management LLC increased its holdings in shares of Tanger by 2.4% during the second quarter. Geode Capital Management LLC now owns 2,841,121 shares of the real estate investment trust's stock valued at $86,892,000 after acquiring an additional 65,599 shares in the last quarter. Invesco Ltd. increased its holdings in shares of Tanger by 127.0% during the second quarter. Invesco Ltd. now owns 2,036,716 shares of the real estate investment trust's stock valued at $62,283,000 after acquiring an additional 1,139,288 shares in the last quarter. Finally, GRS Advisors LLC increased its holdings in shares of Tanger by 98.9% during the second quarter. GRS Advisors LLC now owns 1,889,097 shares of the real estate investment trust's stock valued at $57,769,000 after acquiring an additional 939,424 shares in the last quarter. 85.23% of the stock is currently owned by institutional investors.

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.

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