Tanger Factory Outlet raises dividend to boost implied yield above 5%

Tanger Factory Outlet Centers Inc.
SKT,
+0.77%
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,
-0.02%
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%.