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 $2.40-$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.

Analyst Ratings Changes

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

Phillips Edison & Company, Inc. Price Performance

PECO remained flat at $37.01 during midday trading on Thursday. The company’s stock had a trading volume of 566,954 shares, compared to its average volume of 553,168. The firm has a market capitalization of $4.53 billion, a price-to-earnings ratio of 78.75, a P/E/G ratio of 3.49 and a beta of 0.57. Phillips Edison & Company, Inc. has a 52-week low of $30.62 and a 52-week high of $39.08. The business has a fifty day moving average price of $37.03 and a 200 day moving average price of $34.43.

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

Phillips Edison & Company, Inc. Increases Dividend

The business also recently announced a monthly dividend, which will be paid on Friday, November 1st. Shareholders of record on Tuesday, October 15th will be issued a dividend of $0.1025 per share. The ex-dividend date of this dividend is Tuesday, October 15th. This is an increase from Phillips Edison & Company, Inc.’s previous monthly dividend of $0.10. This represents a $1.23 annualized dividend and a yield of 3.32%. Phillips Edison & Company, Inc.’s payout ratio is presently 261.71%.

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.