GREENSBORO, N.C. - Tanger Factory (NYSE:SKT) Outlet Centers Inc. (NYSE: SKT), a prominent operator of outlet shopping centers, has increased its annual dividend by 5.8%, elevating the payout from $1.04 to $1.10 per share. The company's Board of Directors also announced a quarterly dividend of $0.275 per share, set to be paid on May 15, 2024, to shareholders on record as of April 30, 2024.
Stephen Yalof, President and CEO of Tanger, stated that the company's robust balance sheet and operational strength afford the liquidity and flexibility to enhance the dividend and continue rewarding its shareholders. He emphasized Tanger's commitment to driving shareholder value as part of its long-term growth initiatives.
Tanger has been a publicly traded Real Estate Investment Trust (REIT) since 1993 and boasts over four decades of retail and outlet shopping industry experience. The company's portfolio includes 38 outlet centers, one adjacent managed center, and one open-air lifestyle center, totaling over 15 million square feet.
This news article is based on a press release statement from Tanger.
InvestingPro Insights
Tanger Factory Outlet Centers Inc. (NYSE: SKT) recently announced an increase in its annual dividend, reflecting confidence in its financial stability and commitment to shareholder returns. An analysis of real-time data from InvestingPro provides additional insights into the company's financial health and market performance.
InvestingPro data highlights a market capitalization of $3.17 billion, with a P/E ratio of 29.72, indicating a premium valuation relative to the company's earnings. The adjusted P/E ratio for the last twelve months as of Q4 2023 stands at 31.32. Despite this high valuation, Tanger has demonstrated a consistent ability to maintain and grow dividends, having raised its dividend for the past 3 consecutive years and maintaining dividend payments for 32 consecutive years. This is further substantiated by a dividend yield of 3.71% as of early 2024.
The company's revenue growth also appears steady, with a 4.75% increase over the last twelve months as of Q4 2023, and a gross profit margin of 73.55%, indicating robust profitability. Investors should note that Tanger's stock price has been quite volatile, but it has delivered a high return over the last year, with a one-year price total return of 50.64%, trading near its 52-week high at 93.43% of the peak value.
For those looking to delve deeper into Tanger's financials and stock performance, additional InvestingPro Tips reveal that analysts predict the company will be profitable this year and that it has been profitable over the last twelve months. With these insights, investors may consider whether Tanger's current stock price and market performance align with their investment strategy. To explore further, visit InvestingPro for SKT, which includes 9 additional InvestingPro Tips for a comprehensive analysis. Use coupon code PRONEWS24 to get an additional 10% off a yearly or biyearly Pro and Pro+ subscription, enhancing your investment research with valuable insights.
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