Phillips Edison & Company, Inc. (NASDAQ:PECO) Issues Quarterly Earnings Results, Misses Estimates By $0.52 EPS

Phillips Edison & Company, Inc. (NASDAQ:PECO) issued its quarterly earnings data on Thursday. The company reported $0.09 earnings per share for the quarter, missing the consensus estimate of $0.61 by ($0.52), Zacks reports. The business had revenue of $165.50 million during the quarter, compared to analysts’ expectations of $157.20 million. Phillips Edison & Company, Inc. had a return on equity of 2.23% and a net margin of 9.32%. The company’s revenue was up 8.5% on a year-over-year basis. During the same quarter in the previous year, the company posted $0.58 earnings per share. Phillips Edison & Company, Inc. updated its FY24 guidance to $2.40-$2.44 EPS and its FY 2024 guidance to 0.480-0.500 EPS.

Phillips Edison & Company, Inc. Price Performance

Shares of NASDAQ PECO traded down $0.70 during mid-day trading on Friday, hitting $36.31. The company had a trading volume of 629,406 shares, compared to its average volume of 662,030. The company has a market capitalization of $4.44 billion, a PE ratio of 78.93, a price-to-earnings-growth ratio of 3.49 and a beta of 0.57. Phillips Edison & Company, Inc. has a 1-year low of $30.62 and a 1-year high of $39.08. The business’s 50-day simple moving average is $37.10 and its 200 day simple moving average is $34.45.

Phillips Edison & Company, Inc. Increases Dividend

The business also recently disclosed a monthly dividend, which will be paid on Friday, November 1st. Stockholders of record on Tuesday, October 15th will be paid a $0.1025 dividend. This is a boost from Phillips Edison & Company, Inc.’s previous monthly dividend of $0.10. This represents a $1.23 annualized dividend and a dividend yield of 3.39%. The ex-dividend date of this dividend is Tuesday, October 15th. Phillips Edison & Company, Inc.’s dividend payout ratio (DPR) is presently 267.39%.

Analysts Set New Price Targets

PECO has been the subject of several analyst reports. Mizuho increased their price objective 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. Wells Fargo & Company upgraded Phillips Edison & Company, Inc. from an “underweight” rating to an “equal weight” rating and upped their price target for the stock from $34.00 to $37.00 in a research note on Wednesday, August 28th. Finally, Compass Point upped their price target on Phillips Edison & Company, Inc. from $36.00 to $37.00 and gave the stock a “neutral” rating in a research note on Tuesday, September 10th. Four research analysts have rated the stock with a hold rating and two have assigned a buy rating to the company. According to MarketBeat, Phillips Edison & Company, Inc. currently has a consensus rating of “Hold” and an average target price 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.