Tanger (NYSE:SKT) Issues FY 2024 Earnings Guidance

Tanger (NYSE:SKT) updated its FY 2024 earnings guidance on Wednesday. The company provided EPS guidance of 2.090-2.130 for the period, compared to the consensus EPS estimate of 2.090. The company issued revenue guidance of -. Tanger also updated its FY24 guidance to $2.09-$2.13 EPS.

Analyst Ratings Changes

A number of equities research analysts recently commented on SKT shares. Scotiabank upped their target price on Tanger from $28.00 to $30.00 and gave the company a “sector perform” rating in a research report on Monday, August 26th. Evercore ISI lifted their price objective on shares of Tanger from $31.00 to $33.00 and gave the company an “in-line” rating in a research note on Thursday. Bank of America increased their price objective on shares of Tanger from $31.00 to $35.00 and gave the stock a “neutral” rating in a research note on Friday, October 11th. Finally, Compass Point raised their target price on shares of Tanger from $34.00 to $36.00 and gave the stock a “buy” rating in a report on Friday, October 25th. Three analysts have rated the stock with a hold rating and three have given a buy rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $32.67.

Tanger Stock Performance

Tanger stock traded up $0.10 during mid-day trading on Friday, hitting $35.55. The company had a trading volume of 1,439,423 shares, compared to its average volume of 737,180. The company has a market capitalization of $3.89 billion, a price-to-earnings ratio of 41.34, a P/E/G ratio of 2.87 and a beta of 1.88. Tanger has a 12-month low of $23.82 and a 12-month high of $35.85. The company’s fifty day moving average is $32.89 and its 200-day moving average is $29.54. The company has a current ratio of 0.13, a quick ratio of 0.13 and a debt-to-equity ratio of 2.53.

Tanger Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, November 15th. Investors of record on Thursday, October 31st will be given a dividend of $0.275 per share. The ex-dividend date of this dividend is Thursday, October 31st. This represents a $1.10 annualized dividend and a yield of 3.09%. Tanger’s dividend payout ratio is presently 127.91%.

Tanger Company Profile

Tanger Inc (NYSE: SKT) is a leading owner and operator of outlet and open-air retail shopping destinations, with over 43 years of expertise in the retail and outlet shopping industries. Tanger’s portfolio of 38 outlet centers, one adjacent managed center and one open-air lifestyle center comprises over 15 million square feet well positioned across tourist destinations and vibrant markets in 20 U.S.