Tanger (NYSE:SKT) Issues FY24 Earnings Guidance

Tanger (NYSE:SKT) issued an update on its FY24 earnings guidance on Wednesday morning. 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 Stock Up 0.3 %

Shares of NYSE SKT traded up $0.10 during midday trading on Friday, reaching $35.55. 1,439,423 shares of the company’s stock traded hands, compared to its average volume of 737,180. The company has a quick ratio of 0.13, a current ratio of 0.13 and a debt-to-equity ratio of 2.53. The stock’s 50 day simple moving average is $32.78 and its 200-day simple moving average is $29.49. Tanger has a one year low of $23.82 and a one year high of $35.85. The company has a market cap of $3.89 billion, a price-to-earnings ratio of 41.31, a P/E/G ratio of 2.87 and a beta of 1.88.

Tanger Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, November 15th. Stockholders of record on Thursday, October 31st will be paid a dividend of $0.275 per share. The ex-dividend date is Thursday, October 31st. This represents a $1.10 dividend on an annualized basis and a dividend yield of 3.09%. Tanger’s dividend payout ratio is presently 127.91%.

Analysts Set New Price Targets

A number of equities analysts have recently issued reports on SKT shares. Scotiabank increased their price objective on shares of Tanger from $28.00 to $30.00 and gave the company a “sector perform” rating in a research note on Monday, August 26th. Bank of America raised their target price on shares of Tanger from $31.00 to $35.00 and gave the company a “neutral” rating in a research note on Friday, October 11th. Evercore ISI raised their target price on shares of Tanger from $31.00 to $33.00 and gave the company an “in-line” rating in a research note on Thursday. Finally, Compass Point raised their target price on shares of Tanger from $34.00 to $36.00 and gave the company a “buy” rating in a research note on Friday, October 25th. Three equities research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company’s stock. According to MarketBeat.com, the stock currently has a consensus 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.