Tanger (NYSE:SKT) Releases FY 2024 Earnings Guidance

Tanger (NYSE:SKT) updated its FY 2024 earnings guidance on Thursday. The company provided earnings per share (EPS) guidance of 2.050-2.120 for the period, compared to the consensus estimate of 2.070. The company issued revenue guidance of -. Tanger also updated its FY24 guidance to $2.05-2.12 EPS.

Analyst Upgrades and Downgrades

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

Tanger Trading Down 2.6 %

Shares of SKT opened at $27.98 on Friday. The business’s 50-day moving average price is $27.36 and its 200-day moving average price is $27.76. Tanger has a twelve month low of $21.42 and a twelve month high of $29.98. The stock has a market cap of $3.06 billion, a PE ratio of 30.75, a P/E/G ratio of 3.07 and a beta of 1.90. The company has a quick ratio of 0.20, a current ratio of 0.20 and a debt-to-equity ratio of 2.54.

Tanger Dividend Announcement

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