Tanger Factory Outlet Centers, Inc. Announces Quarterly Dividend of $0.34 (NYSE:SKT)
Tanger Factory Outlet Centers, Inc. (NYSE:SKT) declared a quarterly dividend on Friday, July 7th, Wall Street Journal reports. Stockholders of record on Monday, July 31st will be given a dividend of 0.3425 per share by the real estate investment trust on Tuesday, August 15th. This represents a $1.37 annualized dividend and a dividend yield of 5.28%. The ex-dividend date is Thursday, July 27th.
Tanger Factory Outlet Centers has raised its dividend payment by an average of 12.5% per year over the last three years and has raised its dividend annually for the last 24 consecutive years. Tanger Factory Outlet Centers has a dividend payout ratio of 57.1% indicating that its dividend is sufficiently covered by earnings. Equities research analysts expect Tanger Factory Outlet Centers to earn $1.09 per share next year, which means the company may not be able to cover its $1.37 annual dividend with an expected future payout ratio of 125.7%.
Tanger Factory Outlet Centers (NYSE:SKT) traded up 1.37% on Friday, hitting $25.95. The stock had a trading volume of 1,374,958 shares. Tanger Factory Outlet Centers has a one year low of $24.71 and a one year high of $42.20. The company’s 50-day moving average is $26.12 and its 200-day moving average is $31.56. The stock has a market cap of $2.47 billion, a P/E ratio of 13.25 and a beta of 0.45. Tanger Factory Outlet Centers also was the target of unusually large options trading on Tuesday. Investors purchased 3,004 put options on the company. This is an increase of 954% compared to the typical daily volume of 285 put options.
Tanger Factory Outlet Centers (NYSE:SKT) last announced its earnings results on Monday, May 1st. The real estate investment trust reported $0.23 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.58 by $0.35. Tanger Factory Outlet Centers had a return on equity of 27.05% and a net margin of 39.32%. The business had revenue of $121.37 million for the quarter, compared to analysts’ expectations of $122.59 million. During the same period in the previous year, the firm posted $0.56 earnings per share. The firm’s revenue was up 9.5% compared to the same quarter last year. On average, analysts anticipate that Tanger Factory Outlet Centers will post $1.01 earnings per share for the current fiscal year.
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A number of analysts have recently issued reports on SKT shares. Zacks Investment Research raised Tanger Factory Outlet Centers from a “sell” rating to a “hold” rating in a research report on Thursday, March 16th. ValuEngine lowered Tanger Factory Outlet Centers from a “buy” rating to a “hold” rating in a research report on Friday, June 2nd. Citigroup Inc. raised Tanger Factory Outlet Centers from a “sell” rating to a “neutral” rating in a research report on Monday, June 12th. Jefferies Group LLC lowered Tanger Factory Outlet Centers from a “buy” rating to a “hold” rating and dropped their target price for the stock from $38.00 to $29.00 in a research report on Friday, June 16th. Finally, Bank of America Corporation lowered Tanger Factory Outlet Centers from a “neutral” rating to an “underperform” rating and dropped their target price for the stock from $28.00 to $25.50 in a research report on Friday, June 23rd. Three research analysts have rated the stock with a sell rating, four have issued a hold rating and three have given a buy rating to the company’s stock. The company presently has a consensus rating of “Hold” and a consensus price target of $36.08.
In related news, Director Allan L. Schuman sold 32,930 shares of Tanger Factory Outlet Centers stock in a transaction dated Thursday, May 4th. The stock was sold at an average price of $28.52, for a total value of $939,163.60. Following the completion of the transaction, the director now directly owns 43,953 shares in the company, valued at $1,253,539.56. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Chad Perry sold 8,000 shares of Tanger Factory Outlet Centers stock in a transaction dated Monday, May 8th. The stock was sold at an average price of $27.57, for a total value of $220,560.00. Following the completion of the transaction, the executive vice president now owns 78,112 shares of the company’s stock, valued at $2,153,547.84. The disclosure for this sale can be found here. 2.10% of the stock is currently owned by company insiders.
Tanger Factory Outlet Centers Company Profile
Tanger Factory Outlet Centers, Inc is an owner and operator of outlet centers in the United States and Canada. The Company is a fully-integrated, self-administered and self-managed real estate investment trust (REIT), which focuses on developing, acquiring, owning, operating and managing outlet shopping centers.
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