Tanger (NYSE:SKT) Updates FY 2024 Earnings Guidance

Tanger (NYSE:SKT) updated its FY 2024 earnings guidance on Thursday. The company provided earnings per share guidance of 2.050-2.120 for the period, compared to the consensus earnings per share 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

Shares of Tanger stock traded down $0.76 on Friday, hitting $27.98. 1,358,671 shares of the company were exchanged, compared to its average volume of 665,003. The stock has a market capitalization of $3.06 billion, a price-to-earnings ratio of 30.75, a price-to-earnings-growth ratio of 3.07 and a beta of 1.90. The company has a 50-day moving average price of $27.36 and a 200 day moving average price of $27.76. Tanger has a 1-year low of $21.42 and a 1-year high of $29.98. The company has a quick ratio of 0.20, a current ratio of 0.20 and a debt-to-equity ratio of 2.54.

Tanger Dividend Announcement

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

Analysts Set New Price Targets

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