Tanger (NYSE:SKT) Releases Earnings Results, Misses Expectations By $0.34 EPS

Tanger (NYSE:SKT) announced its earnings results on Wednesday. The real estate investment trust reported $0.29 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.63 by ($0.34), Zacks reports. Tanger had a net margin of 20.74% and a return on equity of 17.72%. The company had revenue of $157.72 million during the quarter, compared to analyst estimates of $148.87 million. During the same quarter last year, the business earned $0.60 EPS. The firm’s revenue for the quarter was up 8.6% compared to the same quarter last year.

Tanger Stock Performance

Shares of SKT stock opened at $38.70 on Friday. The firm has a market cap of $4.45 billion, a price-to-earnings ratio of 15.34, a PEG ratio of 2.36 and a beta of 1.12. Tanger has a 52-week low of $31.13 and a 52-week high of $42.53. The company has a quick ratio of 2.12, a current ratio of 2.12 and a debt-to-equity ratio of 2.65. The company’s 50 day moving average is $36.07 and its 200 day moving average is $36.77.

Tanger Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, November 13th. Stockholders of record on Friday, October 30th will be issued a $0.3125 dividend. This represents a $1.25 annualized dividend and a dividend yield of 3.2%. The ex-dividend date is Friday, October 30th. Tanger’s dividend payout ratio (DPR) is 112.61%.

Analysts Set New Price Targets

A number of research firms have weighed in on SKT. JPMorgan Chase & Co. cut shares of Tanger from an “overweight” rating to a “neutral” rating and set a $39.00 price objective for the company. in a research report on Thursday, September 24th. Citigroup increased their price target on Tanger from $39.00 to $41.00 and gave the stock a “neutral” rating in a research report on Tuesday, August 11th. Weiss Ratings restated a “buy (b)” rating on shares of Tanger in a research report on Thursday, October 15th. The Goldman Sachs Group set a $40.00 price objective on Tanger in a research note on Wednesday, October 7th. Finally, Barclays dropped their price objective on Tanger from $42.00 to $41.00 and set an “equal weight” rating for the company in a research report on Monday, September 28th. Two research analysts have rated the stock with a Buy rating, seven have issued a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, Tanger has an average rating of “Hold” and an average price target of $40.17.

About Tanger

Tanger Inc (NYSE:SKT) is a real estate investment trust that owns, operates and develops open-air shopping centers, primarily outlet centers, in the United States and Canada. Its properties provide retail space for a broad range of brand-name and designer retailers, including apparel, footwear, accessories, home goods and specialty products.

The company generates revenue primarily by leasing retail space to tenants and providing related property-management services. Tanger’s shopping centers are generally located near major highways, tourist destinations and metropolitan areas, where they serve both local shoppers and visiting consumers.

Founded by Stanley Tanger, the company opened its first outlet center in Burlington, North Carolina, in 1981.