Tanger (NYSE:SKT) Updates FY24 Earnings Guidance

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

Tanger Stock Performance

SKT stock traded up $0.10 during trading hours on Friday, hitting $35.55. 1,439,423 shares of the stock were exchanged, compared to its average volume of 737,180. Tanger has a 12 month low of $23.82 and a 12 month high of $35.85. The company has a current ratio of 0.13, a quick ratio of 0.13 and a debt-to-equity ratio of 2.53. The firm has a market capitalization of $3.89 billion, a P/E ratio of 41.34, a P/E/G ratio of 2.87 and a beta of 1.88. The company has a 50-day simple moving average of $32.89 and a two-hundred day simple moving average of $29.54.

Tanger Dividend Announcement

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

Analyst Ratings Changes

SKT has been the topic of a number of analyst reports. 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. Compass Point increased their price target on shares of Tanger from $34.00 to $36.00 and gave the stock a “buy” rating in a research report on Friday, October 25th. 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. Finally, Scotiabank upped their target price on Tanger from $28.00 to $30.00 and gave the stock a “sector perform” rating in a research note on Monday, August 26th. Three analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $32.67.

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.