Tanger Factory Outlet Centers, Inc. (NYSE:SKT) declared a quarterly dividend on Thursday, January 13th, Zacks reports. Stockholders 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 dividend yield of 3.77%. The ex-dividend date of this dividend is Friday, January 28th.
Tanger Factory Outlet Centers has decreased its dividend payment by 48.7% over the last three years and has raised its dividend every year for the last 1 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 tumble. 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 business has a 50 day simple moving average of $19.92 and a 200-day simple moving average of $18.40.
Tanger Factory Outlet Centers (NYSE:SKT) last announced its earnings results on Sunday, October 31st. The real estate investment trust reported ($0.11) EPS for the quarter, missing the consensus estimate of $0.04 by ($0.15). Tanger Factory Outlet Centers had a negative net margin of 0.87% and a negative return on equity of 0.80%. The company had revenue of $112.47 million for the quarter, compared to analysts’ expectations of $92.96 million. During the same quarter in the previous year, the business posted $0.44 earnings per share. The business’s quarterly revenue was up 9.0% compared to the same quarter last year. As a group, research analysts anticipate that Tanger Factory Outlet Centers will post 1.26 EPS for the current fiscal year.
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In other Tanger Factory Outlet Centers news, EVP Chad Perry sold 5,000 shares of the firm’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 the SEC website. 2.20% of the stock is owned by company insiders.
Several institutional investors have recently added to or reduced their stakes in the company. Royal Bank of Canada raised its position in shares of Tanger Factory Outlet Centers by 69.4% during the 3rd quarter. Royal Bank of Canada now owns 23,820 shares of the real estate investment trust’s stock valued at $388,000 after buying an additional 9,762 shares in the last quarter. Millennium Management LLC purchased a new position in Tanger Factory Outlet Centers in the third quarter worth about $461,000. Finally, Bank of New York Mellon Corp raised its holdings in shares of Tanger Factory Outlet Centers by 4.2% during the third quarter. Bank of New York Mellon Corp now owns 1,138,946 shares of the real estate investment trust’s stock valued at $18,565,000 after purchasing an additional 45,833 shares during the last quarter. 82.50% of the stock is owned by hedge funds and other institutional investors.
SKT has been the topic of a number of recent research reports. Zacks Investment Research upgraded Tanger Factory Outlet Centers from a “hold” rating to a “buy” rating and set a $24.00 target price on the stock in a research note on Tuesday, November 9th. Compass Point upgraded Tanger Factory Outlet Centers from a “neutral” rating to a “buy” rating in a research report on Wednesday, November 3rd. Two equities research analysts have rated the stock with a sell rating and two have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus target price of $17.17.
About Tanger Factory Outlet Centers
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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