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 Price Performance

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

Tanger Announces Dividend

The firm 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 annualized dividend and a yield of 3.93%. Tanger’s dividend payout ratio is presently 120.88%.

Analysts Set New Price Targets

SKT has been the topic of a number of recent analyst reports. Bank of America upgraded shares of Tanger from an underperform rating to a neutral rating and boosted their price target for the stock from $24.00 to $31.00 in a research report on Friday, April 5th. Evercore ISI dropped 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. Scotiabank upgraded shares of Tanger from a sector underperform rating to a sector perform rating and boosted their price target for the stock from $20.00 to $28.00 in a research report on Friday, May 17th. Finally, Compass Point upgraded shares of Tanger from a neutral rating to a buy rating and boosted their price target for the stock from $31.00 to $32.00 in a research report on Thursday, May 2nd. Five research analysts have rated the stock with a hold rating and three have given a buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has a consensus rating of Hold and a consensus price target of $29.57.

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.