Tanger (NYSE:SKT) Releases FY24 Earnings Guidance

Tanger (NYSE:SKT) issued an update on its FY24 earnings guidance on Tuesday morning. The company provided earnings per share (EPS) guidance of $2.03-2.11 for the period, compared to the consensus estimate of $2.07.

Tanger Stock Performance

Shares of SKT stock traded down $0.26 during trading hours on Tuesday, reaching $28.35. 892,031 shares of the company’s stock were exchanged, compared to its average volume of 768,747. Tanger has a fifty-two week low of $18.34 and a fifty-two week high of $29.98. The stock has a market capitalization of $3.10 billion, a P/E ratio of 30.77, a P/E/G ratio of 3.65 and a beta of 1.83. The business has a fifty day moving average price of $28.46 and a 200-day moving average price of $26.90. The company has a quick ratio of 0.19, a current ratio of 0.19 and a debt-to-equity ratio of 2.43.

Tanger Increases Dividend

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

Wall Street Analysts Forecast Growth

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

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.