Tanger (NYSE:SKT) Issues FY24 Earnings Guidance

Tanger (NYSE:SKT) issued an update on its FY24 earnings guidance on Thursday morning. The company provided EPS guidance of $2.05-2.12 for the period, compared to the consensus EPS estimate of $2.07. Tanger also updated its FY 2024 guidance to 2.050-2.120 EPS.

Tanger Price Performance

Shares of Tanger stock traded down $0.76 during trading hours on Friday, reaching $27.98. The stock had a trading volume of 1,358,671 shares, compared to its average volume of 665,003. Tanger has a twelve month low of $21.42 and a twelve month 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 PE ratio of 30.75, a PEG ratio of 3.07 and a beta of 1.90. The stock’s 50 day moving average is $27.36 and its 200 day moving average is $27.77.

Tanger Dividend Announcement

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

Analyst Upgrades and Downgrades

Several research analysts have recently weighed in on the company. Scotiabank upgraded Tanger from a sector underperform rating to a sector perform rating and increased their target price for the company from $20.00 to $28.00 in a research report on Friday, May 17th. Evercore ISI reduced 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 report on Wednesday, May 1st. 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 research report on Thursday, May 2nd. Five research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. According to MarketBeat, the stock has an average rating of Hold and a consensus price target 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.