Tanger (NYSE:SKT) Releases FY 2024 Earnings Guidance

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

Tanger Price Performance

Shares of NYSE:SKT traded up $0.08 during trading hours on Friday, hitting $35.53. 1,439,429 shares of the company’s stock traded hands, compared to its average volume of 737,180. The company has a debt-to-equity ratio of 2.53, a quick ratio of 0.13 and a current ratio of 0.13. The company’s fifty day simple moving average is $32.89 and its two-hundred day simple moving average is $29.54. Tanger has a 52 week low of $23.82 and a 52 week high of $35.85. The company has a market cap of $3.89 billion, a price-to-earnings ratio of 41.34, a price-to-earnings-growth ratio of 2.87 and a beta of 1.88.

Tanger Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, November 15th. Shareholders of record on Thursday, October 31st will be issued a $0.275 dividend. The ex-dividend date is Thursday, October 31st. This represents a $1.10 annualized dividend and a dividend yield of 3.10%. Tanger’s dividend payout ratio is currently 127.91%.

Wall Street Analysts Forecast Growth

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

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.