Tanger Factory Outlet Centers, Inc. (NYSE:SKT) announced a quarterly dividend on Friday, July 7th, Wall Street Journal reports. Shareholders 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 5.05%. The ex-dividend date of this dividend is Thursday, July 27th.
Tanger Factory Outlet Centers has increased its dividend payment by an average of 12.5% annually 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 57.1% indicating that its dividend is sufficiently covered by earnings. Equities research analysts expect Tanger Factory Outlet Centers to earn $2.55 per share next year, which means the company should continue to be able to cover its $1.37 annual dividend with an expected future payout ratio of 53.7%.
Shares of Tanger Factory Outlet Centers (NYSE SKT) opened at 27.12 on Friday. Tanger Factory Outlet Centers has a 12-month low of $24.71 and a 12-month high of $42.20. The stock has a market cap of $2.58 billion, a PE ratio of 13.84 and a beta of 0.45. The firm has a 50 day moving average price of $26.18 and a 200 day moving average price of $30.67.
Tanger Factory Outlet Centers (NYSE:SKT) last released its quarterly earnings data on Monday, May 1st. The real estate investment trust reported $0.23 earnings per share for the quarter, missing analysts’ consensus estimates of $0.58 by $0.35. The business had revenue of $121.37 million during the quarter, compared to the consensus estimate of $122.59 million. Tanger Factory Outlet Centers had a return on equity of 27.05% and a net margin of 39.32%. The business’s revenue was up 9.5% on a year-over-year basis. During the same period last year, the company earned $0.56 EPS. On average, equities analysts expect that Tanger Factory Outlet Centers will post $1.01 EPS for the current year.
A number of research firms have recently weighed in on SKT. Zacks Investment Research raised Tanger Factory Outlet Centers from a “sell” rating to a “hold” rating in a research note on Saturday, July 15th. BidaskClub raised Tanger Factory Outlet Centers from a “strong sell” rating to a “sell” rating in a research note on Thursday, June 29th. Bank of America Corporation lowered Tanger Factory Outlet Centers from a “neutral” rating to an “underperform” rating and dropped their price objective for the stock from $28.00 to $25.50 in a research note on Friday, June 23rd. Jefferies Group LLC lowered Tanger Factory Outlet Centers from a “buy” rating to a “hold” rating and dropped their price objective for the stock from $38.00 to $29.00 in a research note on Friday, June 16th. Finally, Citigroup Inc. raised Tanger Factory Outlet Centers from a “sell” rating to a “neutral” rating in a research note on Monday, June 12th. Two investment analysts have rated the stock with a sell rating, six have issued a hold rating and three have assigned a buy rating to the company’s stock. Tanger Factory Outlet Centers has a consensus rating of “Hold” and an average price target of $35.71.
Tanger Factory Outlet Centers declared that its board has authorized a share repurchase program on Friday, May 19th that allows the company to repurchase $125.00 million in shares. This repurchase authorization allows the real estate investment trust to reacquire up to 54% of its shares through open market purchases. Shares repurchase programs are typically an indication that the company’s leadership believes its stock is undervalued.
In related news, EVP Chad Perry sold 8,000 shares of the business’s 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 sale, the executive vice president now directly owns 78,112 shares in the company, valued at $2,153,547.84. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director Allan L. Schuman sold 32,930 shares of the business’s 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 sale, the director now owns 43,953 shares in the company, valued at $1,253,539.56. The disclosure for this sale can be found here. 2.10% of the stock is currently owned by insiders.
About Tanger Factory Outlet Centers
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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