Here's Why Tanger Factory Outlet Stock Is Soaring on Thursday
The stock market was modestly higher on Thursday, with all three major indexes up by 0.5% or less as of 11:45 a.m. EST. However, retail real estate investment trust Tanger Factory Outlet Centers (NYSE: SKT) was a major standout, with shares up by more than 13% for the day.
Tanger's business was hit hard by the pandemic. Most of its properties were closed for several months in 2020, and several of its largest tenants went bankrupt. So it came as a pleasant surprise to investors today when the company announced that it will reinstate dividend payments after having suspending them indefinitely as the pandemic spread.
Image source: Getty Images.
Source Fool.com
