Tanger (NYSE:SKT) Updates 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.

Analyst Ratings Changes

A number of brokerages have recently commented on SKT. Compass Point raised Tanger from a neutral rating to a buy rating and lifted their price objective for the company from $31.00 to $32.00 in a research report on Thursday, May 2nd. Scotiabank upgraded Tanger from a sector underperform rating to a sector perform rating and upped their price objective for the stock from $20.00 to $28.00 in a report on Friday, May 17th. Bank of America upgraded Tanger from an underperform rating to a neutral rating and lifted their target price for the company from $24.00 to $31.00 in a report on Friday, April 5th. Finally, Evercore ISI cut their price objective on Tanger from $29.00 to $28.00 and set an in-line rating on the stock in a report on Wednesday, May 1st. Five research analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. According to data from MarketBeat, the stock presently has an average rating of Hold and an average target price of $29.57.

Tanger Stock Down 0.5 %

Tanger stock traded down $0.15 during midday trading on Thursday, hitting $28.75. 732,659 shares of the company were exchanged, compared to its average volume of 749,431. The company has a market cap of $3.14 billion, a PE ratio of 31.21, a price-to-earnings-growth ratio of 3.11 and a beta of 1.90. Tanger has a fifty-two week low of $21.42 and a fifty-two week high of $29.98. The company’s fifty day moving average price is $27.31 and its 200-day moving average price is $27.75. 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 Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, August 15th. Shareholders of record on Wednesday, July 31st will be given a $0.275 dividend. The ex-dividend date of this dividend is Wednesday, July 31st. This represents a $1.10 dividend on an annualized basis and a yield of 3.83%. Tanger’s payout ratio is currently 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.