Tanger (NYSE:SKT) Issues FY24 Earnings Guidance

Tanger (NYSE:SKT) updated its FY24 earnings guidance on Thursday. 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.

Analyst Upgrades and Downgrades

A number of research firms have recently commented on SKT. Scotiabank raised shares of Tanger from a sector underperform rating to a sector perform rating and lifted their price target for the company from $20.00 to $28.00 in a research report on Friday, May 17th. Evercore ISI dropped their target price 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. Finally, Compass Point raised shares of Tanger from a neutral rating to a buy rating and boosted their target price 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 assigned a buy rating to the company. According to data from MarketBeat.com, Tanger has an average rating of Hold and an average target price of $29.57.

Tanger Stock Performance

SKT traded down $0.76 during trading on Friday, reaching $27.98. 1,358,671 shares of the company’s stock were exchanged, compared to its average volume of 665,003. Tanger has a fifty-two week low of $21.42 and a fifty-two week 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. The business has a 50 day moving average price of $27.36 and a 200 day moving average price of $27.77. The company has a market capitalization of $3.06 billion, a P/E ratio of 30.75, a PEG ratio of 3.07 and a beta of 1.90.

Tanger Dividend Announcement

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

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.