Phillips Edison & Company, Inc. (NASDAQ:PECO) Issues Quarterly Earnings Results

Phillips Edison & Company, Inc. (NASDAQ:PECO) posted its quarterly earnings results 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 firm had revenue of $165.50 million for the quarter, compared to analysts’ expectations of $157.20 million. Phillips Edison & Company, Inc. had a net margin of 9.32% and a return on equity of 2.23%. The firm’s revenue for the quarter was up 8.5% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $0.58 EPS. 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. Stock Performance

Shares of PECO stock traded down $0.70 during trading hours on Friday, reaching $36.31. The company had a trading volume of 629,406 shares, compared to its average volume of 662,030. The stock has a fifty day moving average of $37.10 and a 200-day moving average of $34.45. The company has a market capitalization of $4.44 billion, a price-to-earnings ratio of 78.93, a PEG ratio of 3.49 and a beta of 0.57. Phillips Edison & Company, Inc. has a 12-month low of $30.62 and a 12-month high of $39.08.

Phillips Edison & Company, Inc. Increases Dividend

The company also recently disclosed 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 a positive change from Phillips Edison & Company, Inc.’s previous monthly dividend of $0.10. This represents a $1.23 annualized dividend and a yield of 3.39%. The ex-dividend date is Tuesday, October 15th. Phillips Edison & Company, Inc.’s payout ratio is 267.39%.

Analysts Set New Price Targets

Several equities analysts have recently issued reports on PECO shares. Wells Fargo & Company raised Phillips Edison & Company, Inc. from an “underweight” rating to an “equal weight” rating and boosted their price objective for the company from $34.00 to $37.00 in a report on Wednesday, August 28th. Mizuho upped their price target on Phillips Edison & Company, Inc. from $33.00 to $36.00 and gave the stock an “outperform” rating in a report on Monday, August 19th. Finally, Compass Point boosted 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. Four investment analysts have rated the stock with a hold rating and two have given a buy rating to the company. According to data from MarketBeat, Phillips Edison & Company, Inc. currently has an average rating of “Hold” and an average price target of $37.50.

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.