Tanger (NYSE:SKT) Updates FY24 Earnings Guidance

Tanger (NYSE:SKT) updated its FY24 earnings guidance on Wednesday. The company provided earnings per share (EPS) guidance of $2.09-$2.13 for the period, compared to the consensus estimate of $2.10. Tanger also updated its FY 2024 guidance to 2.090-2.130 EPS.

Analyst Upgrades and Downgrades

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

Tanger Stock Up 0.3 %

SKT stock traded up $0.10 during trading on Friday, reaching $35.55. 1,439,423 shares of the stock were exchanged, compared to its average volume of 737,180. The firm’s 50 day moving average is $32.89 and its 200 day moving average is $29.54. The firm has a market cap of $3.89 billion, a P/E ratio of 41.34, a price-to-earnings-growth ratio of 2.87 and a beta of 1.88. 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 has a twelve month low of $23.82 and a twelve month high of $35.85.

Tanger Announces Dividend

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

About Tanger

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.