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.

Analyst Upgrades and Downgrades

A number of research firms recently weighed in on SKT. Scotiabank upgraded Tanger from a sector underperform rating to a sector perform rating and boosted their target price for the stock from $20.00 to $28.00 in a research report on Friday, May 17th. Compass Point upgraded Tanger from a neutral rating to a buy rating and boosted their price objective for the company from $31.00 to $32.00 in a research report on Thursday, May 2nd. Finally, Evercore ISI lowered their price objective on Tanger from $29.00 to $28.00 and set an in-line rating for the company in a research report on Wednesday, May 1st. Five equities research analysts have rated the stock with a hold rating and three have given a buy rating to the stock. Based on data from MarketBeat, the company has an average rating of Hold and an average price target of $29.57.

Tanger Stock Down 2.6 %

SKT stock traded down $0.76 during midday trading on Friday, hitting $27.98. The stock had a trading volume of 1,358,671 shares, compared to its average volume of 665,003. The firm has a market cap of $3.06 billion, a price-to-earnings ratio of 30.75, a price-to-earnings-growth ratio of 3.07 and a beta of 1.90. The business has a 50-day moving average of $27.36 and a two-hundred day moving average of $27.77. Tanger has a 52-week low of $21.42 and a 52-week high of $29.98. The company has a debt-to-equity ratio of 2.54, a current ratio of 0.20 and a quick ratio of 0.20.

Tanger Announces Dividend

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

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.