Phillips Edison & Company, Inc. (NASDAQ:PECO) Updates FY24 Earnings Guidance

Phillips Edison & Company, Inc. (NASDAQ:PECO) updated its FY24 earnings guidance on Thursday. The company provided earnings per share (EPS) guidance of $2.40-$2.44 for the period, compared to the consensus estimate of $2.40. Phillips Edison & Company, Inc. also updated its FY 2024 guidance to 0.480-0.500 EPS.

Analyst Ratings Changes

Several analysts have recently commented on the stock. Mizuho raised their target price on shares of Phillips Edison & Company, Inc. from $33.00 to $36.00 and gave the stock an “outperform” rating in a research note on Monday, August 19th. Compass Point raised their price objective on shares of Phillips Edison & Company, Inc. from $36.00 to $37.00 and gave the company a “neutral” rating in a research report on Tuesday, September 10th. Finally, Wells Fargo & Company raised Phillips Edison & Company, Inc. from an “underweight” rating to an “equal weight” rating and lifted their price objective for the company from $34.00 to $37.00 in a report on Wednesday, August 28th. Four analysts have rated the stock with a hold rating and two have assigned a buy rating to the company. According to MarketBeat.com, the company currently has an average rating of “Hold” and an average price target of $37.50.

Phillips Edison & Company, Inc. Trading Down 1.9 %

Shares of PECO traded down $0.70 during trading hours on Friday, reaching $36.31. The company had a trading volume of 629,406 shares, compared to its average volume of 662,030. Phillips Edison & Company, Inc. has a 12-month low of $30.62 and a 12-month high of $39.08. The firm has a 50 day simple moving average of $37.10 and a 200-day simple moving average of $34.45. The company has a market capitalization of $4.44 billion, a price-to-earnings ratio of 78.93, a PEG ratio of 3.49 and a beta of 0.57.

Phillips Edison & Company, Inc. (NASDAQ:PECO) last issued its earnings results on Thursday, July 25th. The company reported $0.12 earnings per share for the quarter, missing the consensus estimate of $0.60 by ($0.48). Phillips Edison & Company, Inc. had a return on equity of 2.23% and a net margin of 9.32%. The company had revenue of $161.52 million for the quarter, compared to analyst estimates of $156.29 million. During the same quarter in the previous year, the company posted $0.59 earnings per share. The company’s quarterly revenue was up 6.2% compared to the same quarter last year. Sell-side analysts forecast that Phillips Edison & Company, Inc. will post 2.42 earnings per share for the current year.

Phillips Edison & Company, Inc. Increases Dividend

The company also recently declared a monthly dividend, which will be paid on Friday, November 1st. Investors of record on Tuesday, October 15th will be issued a $0.1025 dividend. The ex-dividend date of this dividend is Tuesday, October 15th. This represents a $1.23 dividend on an annualized basis and a dividend yield of 3.39%. This is a boost from Phillips Edison & Company, Inc.’s previous monthly dividend of $0.10. Phillips Edison & Company, Inc.’s dividend payout ratio is currently 267.39%.

Phillips Edison & Company, Inc. Company Profile

Phillips Edison & Company, Inc (PECO) is one of the nation's largest owners and operators of omni-channel grocery-anchored shopping centers. Founded in 1991, PECO has generated strong results through its vertically-integrated operating platform and national footprint of well-occupied shopping centers.