Tanger (NYSE:SKT) Issues FY24 Earnings Guidance

Tanger (NYSE:SKT) updated its FY24 earnings guidance on Tuesday. The company provided EPS guidance of $2.03-2.11 for the period, compared to the consensus EPS estimate of $2.07. Tanger also updated its FY 2024 guidance to 2.030-2.110 EPS.

Analyst Ratings Changes

Several brokerages have commented on SKT. Evercore ISI raised their price target on shares of Tanger from $28.00 to $29.00 and gave the company an in-line rating in a research note on Wednesday, February 28th. Bank of America upgraded 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 note on Friday, April 5th. Finally, Citigroup upgraded shares of Tanger from a neutral rating to a buy rating and raised their price target for the company from $30.00 to $33.00 in a research note on Friday, March 22nd. Five investment analysts have rated the stock with a hold rating and two have issued a buy rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of Hold and a consensus target price of $29.00.

Tanger Price Performance

Shares of NYSE SKT traded down $0.26 during mid-day trading on Tuesday, reaching $28.35. 891,940 shares of the company traded hands, compared to its average volume of 768,750. Tanger has a fifty-two week low of $18.34 and a fifty-two week high of $29.98. The company has a debt-to-equity ratio of 2.43, a current ratio of 0.19 and a quick ratio of 0.19. The firm has a market cap of $3.10 billion, a PE ratio of 30.82, a price-to-earnings-growth ratio of 3.65 and a beta of 1.83. The stock has a fifty day simple moving average of $28.46 and a 200-day simple moving average of $26.90.

Tanger Increases Dividend

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

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.