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 guidance of $2.37-2.45 for the period, compared to the consensus earnings per share estimate of $2.41. Phillips Edison & Company, Inc. also updated its FY 2024 guidance to 0.490-0.540 EPS.

Wall Street Analysts Forecast Growth

Several research firms have weighed in on PECO. Deutsche Bank Aktiengesellschaft cut their price target on Phillips Edison & Company, Inc. from $41.00 to $38.00 and set a buy rating for the company in a report on Wednesday, May 29th. Compass Point dropped their target price on Phillips Edison & Company, Inc. from $39.00 to $36.00 and set a neutral rating for the company in a report on Monday, April 29th. Mizuho decreased their price target on Phillips Edison & Company, Inc. from $37.00 to $33.00 and set a buy rating for the company in a research note on Thursday, May 23rd. Finally, Wells Fargo & Company decreased their target price on Phillips Edison & Company, Inc. from $35.00 to $34.00 and set an underweight rating for the company in a research report on Tuesday, May 28th. One research analyst has rated the stock with a sell rating, three have assigned a hold rating and three have issued a buy rating to the stock. According to MarketBeat, the company currently has a consensus rating of Hold and an average price target of $37.43.

Phillips Edison & Company, Inc. Trading Up 0.5 %

Shares of PECO stock traded up $0.17 during mid-day trading on Friday, reaching $34.02. The stock had a trading volume of 844,721 shares, compared to its average volume of 702,809. The company has a market cap of $4.16 billion, a P/E ratio of 73.96, a price-to-earnings-growth ratio of 3.43 and a beta of 0.56. Phillips Edison & Company, Inc. has a 12-month low of $30.62 and a 12-month high of $37.92. The business has a 50-day simple moving average of $32.59 and a 200 day simple moving average of $33.84.

Phillips Edison & Company, Inc. (NASDAQ:PECO) last issued its quarterly earnings results on Thursday, July 25th. The company reported $0.12 EPS for the quarter, missing analysts’ consensus estimates of $0.60 by ($0.48). The firm had revenue of $161.52 million for the quarter, compared to analysts’ expectations of $156.29 million. Phillips Edison & Company, Inc. had a return on equity of 2.23% and a net margin of 9.32%. The business’s quarterly revenue was up 6.2% compared to the same quarter last year. During the same quarter last year, the firm earned $0.59 earnings per share. Research analysts anticipate that Phillips Edison & Company, Inc. will post 2.41 EPS for the current year.

Phillips Edison & Company, Inc. Dividend Announcement

The business also recently announced a monthly dividend, which will be paid on Thursday, August 1st. Investors of record on Monday, July 15th will be issued a $0.0975 dividend. The ex-dividend date is Monday, July 15th. This represents a $1.17 dividend on an annualized basis and a yield of 3.44%. Phillips Edison & Company, Inc.’s payout ratio is 254.35%.

About Phillips Edison & Company, Inc.

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.