Tanger Inc. (NYSE:SKT) to Issue $0.28 Quarterly Dividend

Tanger Inc. (NYSE:SKTGet Free Report) announced a quarterly dividend on Friday, October 11th, NASDAQ reports. Shareholders of record on Thursday, October 31st will be given a dividend of 0.275 per share by the real estate investment trust on Friday, November 15th. This represents a $1.10 dividend on an annualized basis and a yield of 3.27%. The ex-dividend date is Thursday, October 31st.

Tanger has raised its dividend payment by an average of 10.8% annually 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 Stock Up 0.3 %

Shares of SKT traded up $0.10 during mid-day trading on Friday, reaching $33.63. The company’s stock had a trading volume of 497,929 shares, compared to its average volume of 744,797. Tanger has a 1 year low of $21.42 and a 1 year high of $34.13. The company has a market cap of $3.68 billion, a price-to-earnings ratio of 37.39, 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 business has a fifty day moving average of $30.56 and a 200 day moving average of $28.64.

Analyst Upgrades and Downgrades

SKT has been the subject of several research reports. Bank of America lifted their price target on Tanger from $31.00 to $35.00 and gave the company a “neutral” rating in a report on Friday. Evercore ISI lifted their price target on shares of Tanger from $29.00 to $31.00 and gave the company an “in-line” rating in a research report on Monday, September 16th. Compass Point upped their price objective on shares of Tanger from $32.00 to $34.00 and gave the stock a “buy” rating in a report on Wednesday, September 11th. Finally, Scotiabank lifted their target price on shares of Tanger from $28.00 to $30.00 and gave the stock a “sector perform” rating in a report on Monday, August 26th. Three analysts have rated the stock with a hold rating and three have given a buy rating to the stock. According to MarketBeat, Tanger currently has a consensus rating of “Moderate Buy” and a consensus target price of $32.00.

Read Our Latest Research Report on Tanger

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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Dividend History for Tanger (NYSE:SKT)

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