Tanger (NYSE:SKT) Updates FY24 Earnings Guidance

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

Wall Street Analysts Forecast Growth

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

Tanger Stock Performance

Shares of SKT stock traded down $0.26 during trading hours on Tuesday, reaching $28.35. The stock had a trading volume of 892,031 shares, compared to its average volume of 768,747. The firm has a market capitalization of $3.10 billion, a PE ratio of 30.77, a price-to-earnings-growth ratio of 3.65 and a beta of 1.83. 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 50-day simple moving average of $28.46 and a 200-day simple moving average of $26.90. Tanger has a twelve month low of $18.34 and a twelve month high of $29.98.

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 paid a dividend of $0.275 per share. This is a boost from Tanger’s previous quarterly dividend of $0.26. The ex-dividend date of this dividend is Monday, April 29th. This represents a $1.10 annualized dividend and a yield of 3.88%. Tanger’s dividend payout ratio (DPR) is presently 113.04%.

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.