Tanger (NYSE:SKT) Issues Earnings Results, Beats Expectations By $0.01 EPS

Key Points

• Tanger reported quarterly EPS of $0.64, beating the $0.63 consensus estimate and rising from $0.60 a year earlier; revenue increased 8.6% year over year.
• The company declared a quarterly dividend of $0.3125 per share, equivalent to an annualized $1.25 and a 3.2% yield.
• Analysts’ consensus rating is Hold, with an average price target of $40.17; shares traded at $38.48 after rising $0.87.

Tanger (NYSE:SKT - Get Free Report) issued its quarterly earnings results on Wednesday. The real estate investment trust reported $0.64 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.63 by $0.01, Zacks reports. Tanger had a return on equity of 17.72% and a net margin of 20.74%. During the same quarter last year, the business earned $0.60 EPS. The firm's quarterly revenue was up 8.6% on a year-over-year basis.

Tanger Price Performance

SKT traded up $0.87 during midday trading on Wednesday, reaching $38.48. 1,168,864 shares of the company's stock were exchanged, compared to its average volume of 942,182. The firm has a market capitalization of $4.42 billion, a price-to-earnings ratio of 15.29, a price-to-earnings-growth ratio of 2.35 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 one year low of $31.13 and a one year high of $42.53. The business has a 50-day simple moving average of $36.04 and a two-hundred day simple moving average of $36.72.

Tanger Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, November 13th. Shareholders of record on Friday, October 30th will be paid a dividend of $0.3125 per share. 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 (DPR) is currently 113.64%.

Analysts Set New Price Targets

SKT has been the topic of several recent research reports. The Goldman Sachs Group set a $40.00 price objective on Tanger in a report on Wednesday, October 7th. Citigroup upped their target price on Tanger from $39.00 to $41.00 and gave the company a "neutral" rating in a research note on Tuesday, August 11th. 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. Weiss Ratings reaffirmed a "buy (b)" rating on shares of Tanger in a research report on Thursday, October 15th. Finally, Evercore set a $39.00 price target on shares of Tanger in a research note on Tuesday, July 7th. 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 company's stock. According to data from MarketBeat, the stock presently has a consensus 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.

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