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

Phillips Edison & Company, Inc. (NASDAQ:PECO) updated its FY24 earnings guidance on Thursday. The company provided earnings per share (EPS) guidance of $2.37-2.45 for the period, compared to the consensus estimate of $2.41. Phillips Edison & Company, Inc. also updated its FY 2024 guidance to 0.490-0.540 EPS.

Analysts Set New Price Targets

PECO has been the subject of a number of research reports. Mizuho lowered their price objective on Phillips Edison & Company, Inc. from $37.00 to $33.00 and set a buy rating for the company in a research report on Thursday, May 23rd. Deutsche Bank Aktiengesellschaft dropped their price target on shares of Phillips Edison & Company, Inc. from $41.00 to $38.00 and set a buy rating for the company in a research note on Wednesday, May 29th. Wells Fargo & Company cut their price objective on shares of Phillips Edison & Company, Inc. from $35.00 to $34.00 and set an underweight rating on the stock in a report on Tuesday, May 28th. Finally, Compass Point lowered their target price on shares of Phillips Edison & Company, Inc. from $39.00 to $36.00 and set a neutral rating for the company in a report on Monday, April 29th. 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 stock. According to MarketBeat.com, the company has an average rating of Hold and an average target price of $37.43.

Phillips Edison & Company, Inc. Price Performance

Shares of PECO traded up $0.17 during midday trading on Friday, hitting $34.02. The stock had a trading volume of 831,121 shares, compared to its average volume of 658,050. The firm has a market cap of $4.16 billion, a price-to-earnings ratio of 73.96, a price-to-earnings-growth ratio of 3.45 and a beta of 0.56. The company has a 50 day simple moving average of $32.59 and a two-hundred day simple moving average of $33.84. Phillips Edison & Company, Inc. has a twelve month low of $30.62 and a twelve month high of $37.92.

Phillips Edison & Company, Inc. Dividend Announcement

The company also recently announced a monthly dividend, which will be paid on Thursday, August 1st. Investors of record on Monday, July 15th will be given a $0.0975 dividend. This represents a $1.17 dividend on an annualized basis and a yield of 3.44%. The ex-dividend date is Monday, July 15th. Phillips Edison & Company, Inc.’s dividend payout ratio is presently 254.35%.

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.