Tanger Factory Outlet Centers Inc. SKT said Tuesday that it will raise its quarterly dividend by 11.4%, to 24.5 cents a share from 22 cents. The new dividend will be payable on May 15 to shareholders of record on April 28. Based on Monday’s closing price of $19.46, the new annual dividend rate implies a dividend yield of 5.04%, which compares with the implied yield for the S&P 500 SPX of 1.66%. Shares of the operator of open-air outlet centers, which were still inactive in premarket trading, has advanced 8.5% year to date while the S&P 500 has gained 7.0%.
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