Tanger Factory Outlet Centers, Inc. (NYSE:SKT) announced a quarterly dividend on Friday, October 6th, Wall Street Journal reports. Stockholders of record on Tuesday, October 31st will be given a dividend of 0.3425 per share by the real estate investment trust on Wednesday, November 15th. This represents a $1.37 annualized dividend and a dividend yield of 5.52%. The ex-dividend date is Monday, October 30th.

Tanger Factory Outlet Centers has raised its dividend by an average of 12.5% per year over the last three years and has increased its dividend annually for the last 24 consecutive years. Tanger Factory Outlet Centers has a payout ratio of 56.8% indicating that its dividend is sufficiently covered by earnings. Analysts expect Tanger Factory Outlet Centers to earn $1.06 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 129.2%.

Shares of Tanger Factory Outlet Centers (NYSE:SKT) traded down 0.76% during mid-day trading on Friday, reaching $24.82. 820,542 shares of the company were exchanged. Tanger Factory Outlet Centers has a 12 month low of $23.06 and a 12 month high of $37.54. The stock has a market capitalization of $2.36 billion, a P/E ratio of 16.48 and a beta of 0.49. The stock has a 50 day moving average price of $24.31 and a 200-day moving average price of $27.21.

Tanger Factory Outlet Centers (NYSE:SKT) last posted its quarterly earnings data on Tuesday, August 1st. The real estate investment trust reported $0.59 earnings per share for the quarter, beating analysts’ consensus estimates of $0.58 by $0.01. The firm had revenue of $119.60 million for the quarter, compared to analyst estimates of $122.00 million. Tanger Factory Outlet Centers had a net margin of 29.65% and a return on equity of 20.75%. Tanger Factory Outlet Centers’s quarterly revenue was up 7.5% on a year-over-year basis. During the same period last year, the firm posted $0.59 EPS. Analysts predict that Tanger Factory Outlet Centers will post $0.77 earnings per share for the current year.

Several equities research analysts have commented on SKT shares. Bank of America Corporation lowered shares of Tanger Factory Outlet Centers from a “neutral” rating to an “underperform” rating and decreased their target price for the stock from $28.00 to $25.50 in a research report on Friday, June 23rd. Zacks Investment Research upgraded shares of Tanger Factory Outlet Centers from a “sell” rating to a “hold” rating in a research report on Saturday, July 15th. Boenning Scattergood set a $25.00 target price on shares of Tanger Factory Outlet Centers and gave the stock a “sell” rating in a research report on Thursday, August 3rd. Jefferies Group LLC lowered shares of Tanger Factory Outlet Centers from a “buy” rating to a “hold” rating and decreased their target price for the stock from $38.00 to $29.00 in a research report on Friday, June 16th. Finally, BidaskClub upgraded shares of Tanger Factory Outlet Centers from a “strong sell” rating to a “sell” rating in a research report on Thursday, June 29th. Three investment analysts have rated the stock with a sell rating, seven have given a hold rating and two have assigned a buy rating to the company’s stock. The stock has a consensus rating of “Hold” and a consensus price target of $30.50.

In related news, SVP Carrie A. Geldner sold 1,800 shares of the business’s stock in a transaction dated Wednesday, August 23rd. The shares were sold at an average price of $24.18, for a total value of $43,524.00. Following the sale, the senior vice president now directly owns 53,511 shares in the company, valued at approximately $1,293,895.98. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, COO Thomas E. Mcdonough sold 10,734 shares of the business’s stock in a transaction dated Tuesday, August 1st. The stock was sold at an average price of $26.74, for a total transaction of $287,027.16. Following the completion of the sale, the chief operating officer now owns 180,551 shares in the company, valued at $4,827,933.74. The disclosure for this sale can be found here. 4.80% of the stock is owned by insiders.

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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.

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

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