Tanger (NYSE:SKT) Issues FY 2024 Earnings Guidance

Tanger (NYSE:SKT) updated its FY 2024 earnings guidance on Thursday. The company provided EPS guidance of 2.050-2.120 for the period, compared to the consensus EPS estimate of 2.070. The company issued revenue guidance of -. Tanger also updated its FY24 guidance to $2.05-2.12 EPS.

Wall Street Analysts Forecast Growth

Several analysts have recently commented on the stock. Compass Point upgraded shares of Tanger from a neutral rating to a buy rating and increased their price target for the company from $31.00 to $32.00 in a research report on Thursday, May 2nd. Scotiabank upgraded shares of Tanger from a sector underperform rating to a sector perform rating and increased their price target for the company from $20.00 to $28.00 in a research report on Friday, May 17th. Bank of America upgraded shares of Tanger from an underperform rating to a neutral rating and increased their price target for the company from $24.00 to $31.00 in a research report on Friday, April 5th. Finally, Evercore ISI lowered their price target on shares of Tanger from $29.00 to $28.00 and set an in-line rating on the stock in a research report on Wednesday, May 1st. Five investment analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. According to MarketBeat, Tanger currently has a consensus rating of Hold and an average target price of $29.57.

Tanger Trading Down 2.6 %

NYSE SKT traded down $0.76 during mid-day trading on Friday, reaching $27.98. 1,358,671 shares of the stock were exchanged, compared to its average volume of 665,003. Tanger has a 1-year low of $21.42 and a 1-year high of $29.98. The business’s fifty day simple moving average is $27.36 and its 200 day simple moving average is $27.76. The stock has a market capitalization of $3.06 billion, a PE ratio of 30.75, a PEG ratio of 3.07 and a beta of 1.90. The company has a debt-to-equity ratio of 2.54, a quick ratio of 0.20 and a current ratio of 0.20.

Tanger Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, August 15th. Investors of record on Wednesday, July 31st will be given a dividend of $0.275 per share. The ex-dividend date of this dividend is Wednesday, July 31st. This represents a $1.10 dividend on an annualized basis and a yield of 3.93%. Tanger’s dividend payout ratio (DPR) is currently 120.88%.

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.