Phillips Edison & Company, Inc. (NASDAQ:PECO) Issues FY24 Earnings Guidance

Phillips Edison & Company, Inc. (NASDAQ:PECO) updated its FY24 earnings guidance on Thursday. The company provided earnings per share guidance of $2.37-$2.45 for the period, compared to the consensus earnings per share estimate of $2.39. Phillips Edison & Company, Inc. also updated its FY 2024 guidance to 0.510-0.550 EPS.

Phillips Edison & Company, Inc. Trading Down 1.0 %

Shares of PECO stock traded down $0.32 during trading hours on Friday, reaching $32.61. 921,357 shares of the company’s stock were exchanged, compared to its average volume of 535,288. The stock’s fifty day moving average price is $34.60 and its two-hundred day moving average price is $35.04. Phillips Edison & Company, Inc. has a 1 year low of $27.85 and a 1 year high of $37.92. The stock has a market cap of $3.98 billion, a PE ratio of 70.89, a PEG ratio of 3.69 and a beta of 0.55.

Phillips Edison & Company, Inc. Increases Dividend

The company also recently declared a monthly dividend, which will be paid on Wednesday, May 1st. Stockholders of record on Monday, April 15th will be paid a $0.0975 dividend. The ex-dividend date is Friday, April 12th. This is a positive change from Phillips Edison & Company, Inc.’s previous monthly dividend of $0.10. This represents a $1.17 dividend on an annualized basis and a dividend yield of 3.59%. Phillips Edison & Company, Inc.’s payout ratio is currently 254.35%.

Analyst Ratings Changes

Several brokerages recently issued reports on PECO. JPMorgan Chase & Co. reduced their price objective on shares of Phillips Edison & Company, Inc. from $39.00 to $37.00 and set a neutral rating on the stock in a report on Wednesday, February 14th. Mizuho raised Phillips Edison & Company, Inc. from a neutral rating to a buy rating and boosted their target price for the company from $35.00 to $37.00 in a report on Friday, February 23rd. Finally, Deutsche Bank Aktiengesellschaft initiated coverage on Phillips Edison & Company, Inc. in a research report on Tuesday, January 30th. They set a buy rating and a $41.00 price objective for the company. One research analyst has rated the stock with a sell rating, three have given a hold rating and three have issued a buy rating to the company. According to data from MarketBeat.com, Phillips Edison & Company, Inc. currently has an average rating of Hold and a consensus target price of $38.14.

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.