Tanger (NYSE:SKT) Issues Quarterly Earnings Results

Tanger (NYSE:SKT) released its quarterly earnings data on Wednesday. The real estate investment trust reported $0.64 EPS for the quarter, beating the consensus estimate of $0.63 by $0.01, Zacks reports. Tanger had a net margin of 20.74% and a return on equity of 17.72%. The business’s revenue was up 8.6% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $0.60 EPS.

Tanger Price Performance

Shares of SKT traded up $0.87 during trading hours on Wednesday, reaching $38.48. 1,168,864 shares of the company’s stock traded hands, compared to its average volume of 942,182. The stock has a market cap of $4.42 billion, a PE ratio of 34.98, a price-to-earnings-growth ratio of 2.35 and a beta of 1.12. The company has a current ratio of 2.12, a quick ratio of 2.12 and a debt-to-equity ratio of 2.65. The firm’s 50 day simple moving average is $36.04 and its 200-day simple moving average is $36.72. Tanger has a 12 month low of $31.13 and a 12 month high of $42.53.

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 issued a $0.3125 dividend. The ex-dividend date of this dividend is Friday, October 30th. This represents a $1.25 annualized dividend and a dividend yield of 3.2%. Tanger’s dividend payout ratio (DPR) is presently 113.64%.

Analyst Ratings Changes

Several equities research analysts have issued reports on the company. Evercore set a $39.00 target price on Tanger in a research report on Tuesday, July 7th. Citigroup lifted their price target on Tanger from $39.00 to $41.00 and gave the company a “neutral” rating in a research report on Tuesday, August 11th. Weiss Ratings reiterated a “buy (b)” rating on shares of Tanger in a research report on Thursday, October 15th. JPMorgan Chase & Co. lowered Tanger from an “overweight” rating to a “neutral” rating and set a $39.00 price objective on the stock. in a research note on Thursday, September 24th. Finally, Barclays dropped their price objective on Tanger from $42.00 to $41.00 and set an “equal weight” rating on the stock in a report on Monday, September 28th. Two analysts have rated the stock with a Buy rating, seven have assigned a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat, the stock currently has an average rating of “Hold” and a consensus target price of $40.17.

Tanger Company Profile

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.