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

Tanger (NYSE:SKT) released its quarterly earnings data on Wednesday. The real estate investment trust reported $0.29 EPS for the quarter, missing analysts’ consensus estimates of $0.63 by ($0.34), Zacks reports. The firm had revenue of $149.05 million during the quarter, compared to the consensus estimate of $148.87 million. Tanger had a net margin of 20.58% and a return on equity of 18.08%. Tanger’s revenue was up 8.6% compared to the same quarter last year. During the same quarter last year, the business posted $0.60 earnings per share.

Tanger Stock Down 0.1%

SKT opened at $38.40 on Friday. The stock has a market cap of $4.41 billion, a PE ratio of 15.38, a P/E/G ratio of 2.40 and a beta of 1.12. The company has a quick ratio of 2.12, a current ratio of 2.12 and a debt-to-equity ratio of 2.65. Tanger has a 52 week low of $31.13 and a 52 week high of $42.53. The business’s fifty day simple moving average is $36.05 and its 200 day simple moving average is $36.75.

Tanger Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, November 13th. Investors of record on Friday, October 30th will be given a $0.3125 dividend. The ex-dividend date is Friday, October 30th. This represents a $1.25 annualized dividend and a yield of 3.3%. Tanger’s payout ratio is 113.64%.

Wall Street Analysts Forecast Growth

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