Tanger (NYSE:SKT) Issues FY24 Earnings Guidance

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

Tanger Stock Up 0.2 %

NYSE:SKT traded up $0.08 during trading hours on Friday, reaching $35.53. The company had a trading volume of 1,439,429 shares, compared to its average volume of 737,180. Tanger has a twelve month low of $23.82 and a twelve month high of $35.85. 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 cap of $3.89 billion, a price-to-earnings ratio of 41.34, a P/E/G ratio of 2.87 and a beta of 1.88. The business’s 50-day simple moving average is $32.89 and its two-hundred day simple moving average is $29.54.

Tanger Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, November 15th. Investors 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 annualized dividend and a yield of 3.10%. Tanger’s payout ratio is 127.91%.

Analyst Upgrades and Downgrades

A number of equities analysts have recently weighed in on the company. Evercore ISI boosted their target price on Tanger from $31.00 to $33.00 and gave the stock an “in-line” rating in a research note on Thursday. Compass Point boosted their price objective on 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 research report on Friday, October 11th. Finally, Scotiabank boosted their price target on shares of Tanger from $28.00 to $30.00 and gave the stock a “sector perform” rating in a report on Monday, August 26th. Three equities research analysts have rated the stock with a hold rating and three have given a buy rating to the company. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $32.67.

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.