Tanger (NYSE:SKT) Issues FY 2024 Earnings Guidance

Tanger (NYSE:SKT) updated its FY 2024 earnings guidance on Tuesday. The company provided earnings per share (EPS) guidance of 2.030-2.110 for the period, compared to the consensus estimate of 2.070. The company issued revenue guidance of -. Tanger also updated its FY24 guidance to $2.03-2.11 EPS.

Tanger Stock Down 0.9 %

Shares of Tanger stock traded down $0.26 during trading on Tuesday, hitting $28.35. The company’s stock had a trading volume of 891,940 shares, compared to its average volume of 768,750. The company has a debt-to-equity ratio of 2.43, a quick ratio of 0.19 and a current ratio of 0.19. The company has a fifty day simple moving average of $28.46 and a two-hundred day simple moving average of $26.90. Tanger has a 52 week low of $18.34 and a 52 week high of $29.98. The company has a market capitalization of $3.10 billion, a PE ratio of 30.82, a P/E/G ratio of 3.65 and a beta of 1.83.

Tanger Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Wednesday, May 15th. Shareholders of record on Tuesday, April 30th will be issued a $0.275 dividend. This represents a $1.10 annualized dividend and a yield of 3.88%. This is an increase from Tanger’s previous quarterly dividend of $0.26. The ex-dividend date of this dividend is Monday, April 29th. Tanger’s payout ratio is 113.04%.

Analyst Ratings Changes

A number of research firms have weighed in on SKT. Citigroup upgraded shares of Tanger from a neutral rating to a buy rating and raised their price objective for the company from $30.00 to $33.00 in a research note on Friday, March 22nd. Bank of America raised shares of Tanger from an underperform rating to a neutral rating and raised their price target for the company from $24.00 to $31.00 in a research report on Friday, April 5th. Finally, Evercore ISI upped their price objective on Tanger from $28.00 to $29.00 and gave the company an in-line rating in a research report on Wednesday, February 28th. Five analysts have rated the stock with a hold rating and two have assigned a buy rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of Hold and an average target price of $29.00.

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.