GREENSBORO, N.C. - Tanger Inc. (NYSE: SKT), a prominent operator of outlet and open-air retail shopping destinations, announced the election of Sonia Syngal to its board of directors, effective today. The appointment increases the board's size from nine to ten members.
Sonia Syngal, recognized for her nearly three decades of experience in the retail industry, served as the CEO of Gap Inc (NYSE:GAP). from 2020 to 2022. During her tenure, she played a pivotal role in stabilizing the company financially and doubling its e-commerce revenue. Syngal's previous roles include CEO of Old Navy and various leadership positions within Gap Inc., where she contributed to the brand's strategic turnaround and growth.
Stephen Yalof, President and CEO of Tanger, expressed enthusiasm for Syngal's addition to the board, highlighting her expertise in business strategy, omni-channel growth, and change management. Bridget Ryan-Berman, lead independent director, also welcomed Syngal, anticipating her contributions to the board's expertise and Tanger's continued growth.
Syngal's career includes roles at Sun Microsystems and Ford Motor Company (NYSE:F), enhancing her global operational and supply chain management knowledge. Her current engagements include serving on the board of governors of Boys & Girls Clubs of America, as a senior advisor to Accenture (NYSE:ACN), and supporting Journey to Lead, a non-profit for women leaders. Syngal holds a Bachelor of Science in mechanical engineering and a Master of Science in manufacturing systems engineering.
Tanger, with over 43 years in retail and outlet shopping, operates 38 outlet centers and one open-air lifestyle center across North America. The company, a publicly traded REIT since 1993, is known for its innovative retail experiences and diverse brand offerings.
This news is based on a press release statement and provides a factual account of Sonia Syngal's election to Tanger's board of directors.
In other recent news, Tanger Inc. (NYSE:SKT) has been the focus of several financial developments. The company's second quarter of 2024 saw an 8% increase in operating income and a 13% rise in funds from operations per share, prompting Tanger to raise its full-year guidance for 2024, projecting a 5% to 8% growth in core funds from operations per share.
In terms of analyst perspectives, both Compass Point and Citi maintained their Buy ratings on Tanger, with Compass Point raising its price target to $34 from $32 and Citi increasing its target to $34 from $33. These decisions reflect Tanger's strong balance sheet and robust operational performance.
Additionally, Tanger recently updated its federal income tax considerations and legal matters in a SEC Form 8-K filing, providing investors with the most current information. The company also plans to reopen 18 out of 20 Rue21 stores by year-end, introducing new brands that account for half of the re-tenanting activity.
These recent developments indicate Tanger's continued focus on leveraging its financial health to expand its portfolio. The effectiveness of the company's growth strategy will be a key factor to watch for investors.
InvestingPro Insights
As Tanger Inc. (NYSE: SKT) welcomes Sonia Syngal to its board of directors, the company's financial health and market performance remain key points of interest for investors. According to InvestingPro data, Tanger currently boasts a market capitalization of $3.68 billion. This valuation comes in the wake of the company showing robust revenue growth in the last twelve months as of Q2 2024, with an increase of 11.48%. This positive trajectory is further underscored by a significant quarterly revenue growth of 17.43% in Q2 2024, reflecting the company's dynamic performance in the retail sector.
InvestingPro Tips suggest that Tanger has a history of rewarding its shareholders, having raised its dividend for three consecutive years and maintaining dividend payments for an impressive 32 consecutive years. This consistent return to shareholders is complemented by a current dividend yield of 3.45%. Such financial stewardship is indicative of the company's commitment to providing value to its investors over the long term.
For those seeking more in-depth analysis and additional insights, InvestingPro offers a comprehensive list of tips, including observations on the company's trading patterns and profitability forecasts. There are currently 12 additional InvestingPro Tips available for Tanger Inc., which can provide investors with a more nuanced understanding of the company's investment potential.
As Tanger continues to innovate within the retail space and expand its board expertise with industry veterans like Sonia Syngal, these financial metrics and insights can help investors make informed decisions about the company's future prospects.
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