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

Phillips Edison & Company, Inc. Trading Down 1.9 %

PECO traded down $0.70 on Friday, reaching $36.31. The company had a trading volume of 629,406 shares, compared to its average volume of 662,030. The company has a fifty day moving average of $37.10 and a 200-day moving average of $34.46. The company has a market capitalization of $4.44 billion, a P/E ratio of 78.93, a PEG ratio of 3.49 and a beta of 0.57. Phillips Edison & Company, Inc. has a one year low of $30.62 and a one year high of $39.08.

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

Phillips Edison & Company, Inc. Increases Dividend

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

Analysts Set New Price Targets

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

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.