Tanger (NYSE:SKT) Releases FY24 Earnings Guidance

Tanger (NYSE:SKT) issued an update on its FY24 earnings guidance on Wednesday morning. 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.

Tanger Price Performance

Tanger stock traded up $0.10 during mid-day trading on Friday, hitting $35.55. The stock had a trading volume of 1,439,423 shares, compared to its average volume of 737,180. The firm has a market capitalization of $3.89 billion, a P/E ratio of 41.31, a P/E/G 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. The firm’s 50 day moving average is $32.78 and its 200 day moving average is $29.49. Tanger has a one year low of $23.82 and a one year high of $35.85.

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 paid a $0.275 dividend. This represents a $1.10 annualized dividend and a yield of 3.09%. The ex-dividend date of this dividend is Thursday, October 31st. Tanger’s payout ratio is currently 127.91%.

Analyst Upgrades and Downgrades

Several brokerages have commented on SKT. Evercore ISI boosted their price target on shares of Tanger from $31.00 to $33.00 and gave the stock an “in-line” rating in a research note on Thursday. Bank of America upped their target price on shares of Tanger from $31.00 to $35.00 and gave the company a “neutral” rating in a research report on Friday, October 11th. Scotiabank upped their target price on shares of Tanger from $28.00 to $30.00 and gave the company a “sector perform” rating in a research report on Monday, August 26th. Finally, Compass Point upped their target price on shares of Tanger from $34.00 to $36.00 and gave the company a “buy” rating in a research report on Friday, October 25th. Three investment analysts have rated the stock with a hold rating and three have issued a buy rating to the company. Based on data from MarketBeat, Tanger has an average 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.