Tanger Factory Outlet Centers Inc. Announces Quarterly Dividend of $0.35 (SKT)

Tanger Factory Outlet Centers Inc. (NYSE:SKT) announced a quarterly dividend on Thursday, January 10th, Zacks reports. Shareholders of record on Thursday, January 31st will be given a dividend of 0.35 per share by the real estate investment trust on Friday, February 15th. This represents a $1.40 annualized dividend and a yield of 6.34%. The ex-dividend date is Wednesday, January 30th.

Tanger Factory Outlet Centers has raised its dividend by an average of 8.3% annually over the last three years and has raised its dividend every year for the last 26 years. Tanger Factory Outlet Centers has a dividend payout ratio of 57.6% meaning its dividend is sufficiently covered by earnings. Equities analysts expect Tanger Factory Outlet Centers to earn $2.40 per share next year, which means the company should continue to be able to cover its $1.40 annual dividend with an expected future payout ratio of 58.3%.

Tanger Factory Outlet Centers stock opened at $22.08 on Friday. The company has a quick ratio of 0.06, a current ratio of 0.06 and a debt-to-equity ratio of 3.33. The firm has a market capitalization of $2.08 billion, a price-to-earnings ratio of 8.98, a price-to-earnings-growth ratio of 1.94 and a beta of 0.64. Tanger Factory Outlet Centers has a twelve month low of $19.76 and a twelve month high of $26.16.

Tanger Factory Outlet Centers (NYSE:SKT) last posted its quarterly earnings results on Thursday, November 1st. The real estate investment trust reported $0.63 earnings per share for the quarter, topping the consensus estimate of $0.60 by $0.03. The business had revenue of $124.24 million during the quarter, compared to the consensus estimate of $119.47 million. Tanger Factory Outlet Centers had a net margin of 11.16% and a return on equity of 9.57%. The firm’s revenue for the quarter was up 2.9% on a year-over-year basis. During the same period in the previous year, the firm posted $0.63 earnings per share. On average, equities analysts anticipate that Tanger Factory Outlet Centers will post 2.45 EPS for the current fiscal year.

SKT has been the topic of a number of analyst reports. Zacks Investment Research upgraded shares of Tanger Factory Outlet Centers from a “hold” rating to a “buy” rating and set a $25.00 price objective on the stock in a research report on Thursday, December 20th. JPMorgan Chase & Co. cut shares of Tanger Factory Outlet Centers from a “neutral” rating to an “underweight” rating and decreased their price objective for the company from $24.00 to $22.00 in a research report on Wednesday, December 19th. Scotiabank initiated coverage on shares of Tanger Factory Outlet Centers in a research report on Tuesday, October 16th. They issued an “underperform” rating on the stock. Finally, ValuEngine upgraded shares of Tanger Factory Outlet Centers from a “strong sell” rating to a “sell” rating in a research report on Thursday, December 6th. Five equities research analysts have rated the stock with a sell rating and three have issued a hold rating to the company’s stock. The stock currently has an average rating of “Sell” and an average price target of $22.13.

In related news, SVP Charles Allen Worsham sold 3,550 shares of the business’s stock in a transaction dated Tuesday, November 27th. The shares were sold at an average price of $23.63, for a total transaction of $83,886.50. Following the transaction, the senior vice president now owns 32,493 shares in the company, valued at $767,809.59. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, VP Lisa J. Morrison sold 8,500 shares of the business’s stock in a transaction dated Monday, November 12th. The shares were sold at an average price of $23.89, for a total transaction of $203,065.00. Following the transaction, the vice president now owns 41,167 shares in the company, valued at approximately $983,479.63. The disclosure for this sale can be found here. Insiders sold 16,146 shares of company stock worth $382,352 in the last 90 days. Corporate insiders own 2.10% of the company’s stock.

TRADEMARK VIOLATION NOTICE: This report was first published by WKRB News and is the sole property of of WKRB News. If you are viewing this report on another website, it was copied illegally and reposted in violation of U.S. and international copyright and trademark law. The original version of this report can be read at https://www.wkrb13.com/2019/01/11/tanger-factory-outlet-centers-inc-announces-quarterly-dividend-of-0-35-skt.html.

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 530 different brand name companies.

Further Reading: Cost of Capital Explained

Dividend History for Tanger Factory Outlet Centers (NYSE:SKT)

Receive News & Ratings for Tanger Factory Outlet Centers Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Tanger Factory Outlet Centers and related companies with MarketBeat.com's FREE daily email newsletter.

Leave a Reply