Tanger Factory Outlet Centers Inc. (NYSE:SKT) announced a quarterly dividend on Friday, January 10th, Wall Street Journal reports. Investors of record on Friday, January 31st will be paid a dividend of 0.355 per share by the real estate investment trust on Friday, February 14th. This represents a $1.42 annualized dividend and a dividend yield of 8.90%. The ex-dividend date of this dividend is Thursday, January 30th.
Tanger Factory Outlet Centers has raised its dividend payment by an average of 0.0% annually over the last three years and has increased its dividend every year for the last 26 years. Tanger Factory Outlet Centers has a payout ratio of 111.8% indicating that the company cannot currently cover its dividend with earnings alone and is relying on its balance sheet to cover its dividend payments. Analysts expect Tanger Factory Outlet Centers to earn $2.17 per share next year, which means the company should continue to be able to cover its $1.42 annual dividend with an expected future payout ratio of 65.4%.
Shares of Tanger Factory Outlet Centers stock opened at $15.95 on Friday. The firm has a market capitalization of $1.52 billion, a PE ratio of 6.93 and a beta of 0.64. The company has a current ratio of 0.06, a quick ratio of 0.06 and a debt-to-equity ratio of 3.34. The firm’s 50 day moving average is $15.13 and its 200 day moving average is $15.60. Tanger Factory Outlet Centers has a 1 year low of $13.61 and a 1 year high of $23.14.
Several research firms recently commented on SKT. Zacks Investment Research upgraded shares of Tanger Factory Outlet Centers from a “hold” rating to a “buy” rating and set a $18.00 target price on the stock in a research report on Wednesday, September 18th. ValuEngine upgraded shares of Tanger Factory Outlet Centers from a “sell” rating to a “hold” rating in a research report on Friday, January 3rd. Finally, KeyCorp cut their target price on shares of Tanger Factory Outlet Centers from $14.00 to $13.00 and set an “underweight” rating on the stock in a research report on Tuesday, December 17th. Two equities research analysts have rated the stock with a sell rating, two have issued a hold rating and two have assigned a buy rating to the company. Tanger Factory Outlet Centers currently has an average rating of “Hold” and a consensus price target of $17.80.
In related news, insider Stewart Martin 800,000 shares of the firm’s stock in a transaction dated Wednesday, October 30th. 2.30% of the stock is owned by company insiders.
About Tanger Factory Outlet Centers
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 40 upscale outlet shopping centers. Tanger's operating properties are located in 20 states coast to coast and in Canada, totaling approximately 14.4 million square feet leased to over 2,900 stores operated by more than 500 different brand name companies.
Further Reading: Market Indexes
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.