Tanger (NYSE:SKT) Issues FY 2024 Earnings Guidance

Tanger (NYSE:SKT) updated its FY 2024 earnings guidance on Tuesday. The company provided EPS guidance of 2.030-2.110 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 $2.03-2.11 EPS.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently commented on the company. Citigroup raised Tanger from a neutral rating to a buy rating and lifted their target price for the stock from $30.00 to $33.00 in a report on Friday, March 22nd. Bank of America raised Tanger from an underperform rating to a neutral rating and lifted their target price for the stock from $24.00 to $31.00 in a report on Friday, April 5th. Finally, Evercore ISI lifted their price target on Tanger from $28.00 to $29.00 and gave the company an in-line rating in a research report on Wednesday, February 28th. Five research analysts have rated the stock with a hold rating and two have issued a buy rating to the company. According to MarketBeat.com, the company has an average rating of Hold and a consensus price target of $29.00.

Tanger Stock Performance

SKT stock traded down $0.26 during trading on Tuesday, hitting $28.35. 891,940 shares of the company traded hands, compared to its average volume of 768,750. The stock’s 50-day simple moving average is $28.46 and its 200 day simple moving average is $26.90. The company has a debt-to-equity ratio of 2.43, a current ratio of 0.19 and a quick ratio of 0.19. The company has a market cap of $3.10 billion, a PE ratio of 30.82, a P/E/G ratio of 3.65 and a beta of 1.83. Tanger has a 1 year low of $18.34 and a 1 year high of $29.98.

Tanger Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, May 15th. Stockholders of record on Tuesday, April 30th will be given a $0.275 dividend. The ex-dividend date of this dividend is Monday, April 29th. This is a boost from Tanger’s previous quarterly dividend of $0.26. This represents a $1.10 dividend on an annualized basis and a dividend yield of 3.88%. Tanger’s payout ratio is 113.04%.

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.