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.

Analyst Ratings Changes

Several equities research analysts recently issued reports on the company. Mizuho boosted their price target on Phillips Edison & Company, Inc. from $33.00 to $36.00 and gave the company an “outperform” rating in a research note on Monday, August 19th. Compass Point raised their price objective 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. Finally, Wells Fargo & Company upgraded Phillips Edison & Company, Inc. from an “underweight” rating to an “equal weight” rating and raised their price objective for the stock from $34.00 to $37.00 in a research note 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, the company presently has an average rating of “Hold” and an average price target of $37.50.

Phillips Edison & Company, Inc. Stock Performance

Phillips Edison & Company, Inc. stock remained flat at $37.01 during mid-day 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’s 50 day simple moving average is $37.03 and its two-hundred day simple moving average is $34.43. Phillips Edison & Company, Inc. has a 12-month low of $30.62 and a 12-month high of $39.08. The company has a market cap of $4.53 billion, a price-to-earnings ratio of 78.75, a PEG ratio of 3.49 and a beta of 0.57.

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. As a group, research 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 declared 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 positive change from Phillips Edison & Company, Inc.’s previous monthly dividend of $0.10. The ex-dividend date of this dividend is Tuesday, October 15th. This represents a $1.23 annualized dividend and a dividend yield of 3.32%. Phillips Edison & Company, Inc.’s dividend payout ratio (DPR) 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.