Tanger (NYSE:SKT) Updates FY24 Earnings Guidance

Tanger (NYSE:SKT) updated its FY24 earnings guidance on Wednesday. The company provided earnings per share guidance of $2.09-$2.13 for the period, compared to the consensus earnings per share estimate of $2.10. Tanger also updated its FY 2024 guidance to 2.090-2.130 EPS.

Analyst Ratings Changes

Several analysts recently commented on the stock. Bank of America upped their price target on shares of Tanger from $31.00 to $35.00 and gave the company a “neutral” rating in a research report on Friday, October 11th. Evercore ISI upped their price objective on Tanger from $29.00 to $31.00 and gave the stock an “in-line” rating in a report on Monday, September 16th. Compass Point raised their target price on Tanger from $34.00 to $36.00 and gave the company a “buy” rating in a report on Friday, October 25th. Finally, Scotiabank upped their price target on shares of Tanger from $28.00 to $30.00 and gave the stock a “sector perform” rating in a research note on Monday, August 26th. Three research analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $32.33.

Tanger Price Performance

Shares of NYSE:SKT traded up $0.31 during midday trading on Wednesday, hitting $33.80. 1,359,151 shares of the stock were exchanged, compared to its average volume of 729,801. The stock has a market cap of $3.70 billion, a P/E ratio of 37.20, a PEG ratio of 2.84 and a beta of 1.88. Tanger has a twelve month low of $23.53 and a twelve month high of $34.81. The company has a 50 day moving average price of $32.61 and a 200-day moving average price of $29.42. The company has a current ratio of 0.13, a quick ratio of 0.13 and a debt-to-equity ratio of 2.53.

Tanger Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, November 15th. Stockholders of record on Thursday, October 31st will be given a $0.275 dividend. The ex-dividend date is Thursday, October 31st. This represents a $1.10 annualized dividend and a dividend yield of 3.25%. Tanger’s dividend payout ratio is presently 122.22%.

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.