Tanger (NYSE:SKT) Releases FY24 Earnings Guidance

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

Tanger Trading Up 0.9 %

Shares of NYSE SKT traded up $0.31 during trading hours on Wednesday, hitting $33.80. 1,359,151 shares of the company traded hands, compared to its average volume of 729,801. The company’s 50 day moving average price is $32.61 and its 200 day moving average price is $29.42. Tanger has a 12 month low of $23.53 and a 12 month high of $34.81. The stock has a market capitalization of $3.70 billion, a price-to-earnings ratio of 37.20, a price-to-earnings-growth ratio of 2.84 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.

Tanger Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, November 15th. Investors of record on Thursday, October 31st will be issued a dividend of $0.275 per share. This represents a $1.10 dividend on an annualized basis and a yield of 3.25%. The ex-dividend date of this dividend is Thursday, October 31st. Tanger’s payout ratio is currently 122.22%.

Wall Street Analyst Weigh In

Several brokerages recently issued reports on SKT. Compass Point increased their price objective on Tanger from $34.00 to $36.00 and gave the stock a “buy” rating in a research note on Friday, October 25th. Bank of America upped their price target 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. Scotiabank upped 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. Finally, Evercore ISI lifted their price objective on shares of Tanger from $29.00 to $31.00 and gave the stock an “in-line” rating in a research report on Monday, September 16th. Three investment analysts have rated the stock with a hold rating and three have given a buy rating to the company. Based on data from MarketBeat, Tanger currently has a consensus rating of “Moderate Buy” and a consensus price target of $32.33.

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.