Phillips Edison & Company, Inc. (NASDAQ:PECO) Releases FY 2024 Earnings Guidance

Phillips Edison & Company, Inc. (NASDAQ:PECO) updated its FY 2024 earnings guidance on Thursday. The company provided earnings per share (EPS) guidance of 0.480-0.500 for the period, compared to the consensus estimate of 0.510. The company issued revenue guidance of -. Phillips Edison & Company, Inc. also updated its FY24 guidance to $2.40-$2.44 EPS.

Analysts Set New Price Targets

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

Phillips Edison & Company, Inc. Price Performance

PECO stock 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 company’s fifty day simple moving average is $37.03 and its 200-day simple moving average is $34.43. The stock has a market capitalization of $4.53 billion, a PE ratio of 78.75, 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 posted its 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). The business 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%. Phillips Edison & Company, Inc.’s revenue was up 6.2% compared to the same quarter last year. During the same period last year, the business earned $0.59 EPS. Equities research analysts forecast that Phillips Edison & Company, Inc. will post 2.42 earnings per share for the current fiscal year.

Phillips Edison & Company, Inc. Increases Dividend

The firm also recently announced 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 boost from Phillips Edison & Company, Inc.’s previous monthly dividend of $0.10. The ex-dividend date is Tuesday, October 15th. This represents a $1.23 annualized dividend and a yield of 3.32%. Phillips Edison & Company, Inc.’s dividend payout ratio (DPR) is 261.71%.

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.