Tanger (NYSE:SKT) Posts Quarterly Earnings Results, Beats Estimates By $0.01 EPS

by · The Cerbat Gem

Tanger (NYSE:SKT – Get Free Report) issued its earnings results on Wednesday. The real estate investment trust reported $0.64 earnings per share for the quarter, topping the consensus estimate of $0.63 by $0.01, Zacks reports. The business had revenue of $149.05 million for the quarter, compared to analysts’ expectations of $148.87 million. Tanger had a return on equity of 17.72% and a net margin of 20.74%. The business’s revenue for the quarter was up 8.6% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.60 EPS.

Tanger Trading Up 2.3%

Shares of Tanger stock opened at $38.48 on Thursday. The firm has a market capitalization of $4.42 billion, a price-to-earnings ratio of 34.98, a PEG ratio of 2.35 and a beta of 1.12. Tanger has a fifty-two week low of $31.13 and a fifty-two week high of $42.53. The company has a debt-to-equity ratio of 2.65, a quick ratio of 2.12 and a current ratio of 2.12. The stock has a 50 day moving average of $36.04 and a 200 day moving average of $36.72.

Tanger Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, November 13th. Investors of record on Friday, October 30th will be issued a $0.3125 dividend. The ex-dividend date is Friday, October 30th. This represents a $1.25 dividend on an annualized basis and a yield of 3.2%. Tanger’s dividend payout ratio is currently 113.64%.

Analysts Set New Price Targets

SKT has been the topic of a number of analyst reports. The Goldman Sachs Group set a $40.00 price objective on Tanger in a research report on Wednesday, October 7th. Weiss Ratings restated a “buy (b)” rating on shares of Tanger in a report on Thursday, October 15th. Barclays cut their target price on Tanger from $42.00 to $41.00 and set an “equal weight” rating for the company in a research note on Monday, September 28th. JPMorgan Chase & Co. lowered Tanger from an “overweight” rating to a “neutral” rating and set a $39.00 price target on the stock. in a report on Thursday, September 24th. Finally, Citigroup boosted their price target on shares of Tanger from $39.00 to $41.00 and gave the company a “neutral” rating in a research report on Tuesday, August 11th. Two equities 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 company. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average target price of $40.17.

Read Our Latest Stock Report on SKT

Tanger Company Profile

(Get Free Report)

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.

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