Tanger (NYSE:SKT) Releases FY 2024 Earnings Guidance

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

Tanger Stock Performance

SKT traded down $0.76 during trading on Friday, reaching $27.98. 1,358,671 shares of the company were exchanged, compared to its average volume of 665,003. The stock has a market cap of $3.06 billion, a P/E ratio of 30.75, a PEG ratio of 3.07 and a beta of 1.90. The firm has a 50 day moving average of $27.36 and a 200 day moving average of $27.76. The company has a current ratio of 0.20, a quick ratio of 0.20 and a debt-to-equity ratio of 2.54. Tanger has a 52 week low of $21.42 and a 52 week high of $29.98.

Tanger Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, August 15th. Stockholders of record on Wednesday, July 31st will be paid a $0.275 dividend. The ex-dividend date of this dividend is Wednesday, July 31st. This represents a $1.10 annualized dividend and a dividend yield of 3.93%. Tanger’s payout ratio is 120.88%.

Analyst Ratings Changes

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

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.