Tanger (NYSE:SKT) Issues FY 2024 Earnings Guidance

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

Tanger Stock Performance

Shares of SKT stock traded up $0.29 on Wednesday, reaching $33.78. The stock had a trading volume of 1,512,714 shares, compared to its average volume of 730,181. Tanger has a 12 month low of $23.53 and a 12 month high of $34.81. The company has a quick ratio of 0.13, a current ratio of 0.13 and a debt-to-equity ratio of 2.53. The firm has a market capitalization of $3.69 billion, a price-to-earnings ratio of 37.20, a P/E/G ratio of 2.84 and a beta of 1.88. The firm’s 50-day moving average is $32.61 and its two-hundred day moving average is $29.42.

Tanger Dividend Announcement

The firm also recently announced 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 of this dividend is Thursday, October 31st. This represents a $1.10 dividend on an annualized basis and a dividend yield of 3.26%. Tanger’s payout ratio is presently 122.22%.

Wall Street Analyst Weigh In

Several research firms have recently issued reports on SKT. Evercore ISI increased their target price 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 increased their price target on shares of Tanger from $34.00 to $36.00 and gave the stock a “buy” rating in a research report on Friday, October 25th. Bank of America raised their target price on Tanger from $31.00 to $35.00 and gave the company a “neutral” rating in a report on Friday, October 11th. Finally, Scotiabank upped their price objective on Tanger from $28.00 to $30.00 and gave the stock a “sector perform” rating in a research report on Monday, August 26th. Three investment 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, Tanger has an average rating of “Moderate Buy” and an average target price of $32.33.

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.