Tanger Factory Outlet Centers, Inc. (SKT) to Issue Quarterly Dividend of $0.18 on February 15th

Tanger Factory Outlet Centers, Inc. (NYSE:SKT) announced a quarterly dividend on Thursday, January 13th, Zacks reports. Shareholders of record on Monday, January 31st will be paid a dividend of 0.183 per share by the real estate investment trust on Tuesday, February 15th. This represents a $0.73 dividend on an annualized basis and a yield of 3.77%. The ex-dividend date is Friday, January 28th.

Tanger Factory Outlet Centers has decreased its dividend by 48.7% over the last three years and has increased its dividend annually for the last 1 consecutive years. Tanger Factory Outlet Centers has a dividend payout ratio of 94.8% indicating that its dividend is currently covered by earnings, but may not be in the future if the company’s earnings decline. Research analysts expect Tanger Factory Outlet Centers to earn $1.71 per share next year, which means the company should continue to be able to cover its $0.73 annual dividend with an expected future payout ratio of 42.7%.

Tanger Factory Outlet Centers stock opened at $19.44 on Friday. The company has a debt-to-equity ratio of 2.94, a quick ratio of 1.59 and a current ratio of 1.59. Tanger Factory Outlet Centers has a 12 month low of $11.81 and a 12 month high of $22.51. The stock’s 50-day moving average is $19.92 and its 200-day moving average is $18.40.

Tanger Factory Outlet Centers (NYSE:SKT) last issued its quarterly earnings data on Sunday, October 31st. The real estate investment trust reported ($0.11) earnings per share for the quarter, missing analysts’ consensus estimates of $0.04 by ($0.15). The business had revenue of $112.47 million for the quarter, compared to analyst estimates of $92.96 million. Tanger Factory Outlet Centers had a negative net margin of 0.87% and a negative return on equity of 0.80%. Tanger Factory Outlet Centers’s revenue for the quarter was up 9.0% compared to the same quarter last year. During the same quarter last year, the business earned $0.44 EPS. Sell-side analysts expect that Tanger Factory Outlet Centers will post 1.26 EPS for the current year.

SKT has been the topic of several recent analyst reports. Compass Point raised Tanger Factory Outlet Centers from a “neutral” rating to a “buy” rating in a research note on Wednesday, November 3rd. Zacks Investment Research upgraded Tanger Factory Outlet Centers from a “hold” rating to a “buy” rating and set a $24.00 price target on the stock in a report on Tuesday, November 9th. Two equities research analysts have rated the stock with a sell rating and two have given a buy rating to the stock. Based on data from MarketBeat, Tanger Factory Outlet Centers presently has a consensus rating of “Hold” and an average target price of $17.17.

In other Tanger Factory Outlet Centers news, EVP Chad Perry sold 5,000 shares of the business’s stock in a transaction that occurred on Thursday, November 4th. The shares were sold at an average price of $21.28, for a total transaction of $106,400.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. 2.20% of the stock is currently owned by insiders.

Hedge funds have recently modified their holdings of the business. Royal Bank of Canada boosted its holdings in Tanger Factory Outlet Centers by 69.4% in the 3rd quarter. Royal Bank of Canada now owns 23,820 shares of the real estate investment trust’s stock worth $388,000 after buying an additional 9,762 shares during the period. Millennium Management LLC bought a new position in shares of Tanger Factory Outlet Centers during the 3rd quarter valued at $461,000. Finally, Bank of New York Mellon Corp grew its holdings in Tanger Factory Outlet Centers by 4.2% in the 3rd quarter. Bank of New York Mellon Corp now owns 1,138,946 shares of the real estate investment trust’s stock worth $18,565,000 after acquiring an additional 45,833 shares during the last quarter. 82.50% of the stock is owned by institutional investors and hedge funds.

Tanger Factory Outlet Centers Company Profile

Tanger Factory Outlet Centers, Inc is a fully-integrated, self-administered and self-managed real estate investment trust. It focuses on developing, acquiring, owning, operating and managing outlet shopping centers. The company was founded by Stanley K. Tanger in 1981 and is headquartered in Greensboro, NC.

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

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