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

Phillips Edison & Company, Inc. (NASDAQ:PECO) issued an update on its FY24 earnings guidance on Thursday morning. 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.

Analysts Set New Price Targets

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

Phillips Edison & Company, Inc. Price Performance

NASDAQ:PECO traded down $0.70 during mid-day trading on Friday, reaching $36.31. The stock 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 stock has a market capitalization of $4.45 billion, a PE ratio of 78.75, a P/E/G ratio of 3.49 and a beta of 0.57. The stock has a 50-day simple moving average of $37.07 and a two-hundred day simple moving average of $34.45.

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

Phillips Edison & Company, Inc. Increases Dividend

The firm also recently announced a monthly dividend, which will be paid on Friday, November 1st. Shareholders of record on Tuesday, October 15th will be paid a dividend of $0.1025 per share. This is an increase from Phillips Edison & Company, Inc.’s previous monthly dividend of $0.10. The ex-dividend date is Tuesday, October 15th. This represents a $1.23 annualized dividend and a yield of 3.39%. Phillips Edison & Company, Inc.’s payout ratio is presently 261.71%.

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.