Steven B. Tanger, the son of the founder of outlet center operator Tanger Inc. (NYSE:SKT), is known for the saying, "In good times people love a bargain, and in tough times people need a bargain."
So, whether times are good or bad, outlet stores are a sought after destination for shoppers.
With this in mind, let's take a closer look at Tanger and why it represents an attractive long-term investment opportunity for dividend and income investors.
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Tanger Inc.
Tanger owns and operates a portfolio of 38 outlet centers and one open-air lifestyle center consisting of over 15 million square feet across tourist destinations and other high-traffic markets in 20 U.S. states and Canada. Its outlet centers have over 3,000 stores operated by more than 700 brand name companies, including Nike, Ulta, Lululemon, Dick's, Disney, and Crocs.
Tanger currently pays a quarterly dividend of $0.26 per share, equating to an annualized dividend of $1.04 per share and giving its stock a yield of about 3.7% at the time of this writing.
In addition to its high yield, Tanger has been growing its dividend. It has raised its annual dividend each of the last two years, and its 6.1% hike last October has it on track for 2024 to mark the third consecutive year with an increase.
Regardless of where the economy goes in the years ahead, Tanger should continue to deliver a steady stream of income for its shareholders.
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