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 0.490-0.540 for the period, compared to the consensus estimate of 0.540. The company issued revenue guidance of -. Phillips Edison & Company, Inc. also updated its FY24 guidance to $2.37-2.45 EPS.

Phillips Edison & Company, Inc. Price Performance

PECO traded up $0.17 during trading on Friday, reaching $34.02. 844,721 shares of the stock were exchanged, compared to its average volume of 702,809. The business’s 50 day moving average price is $32.59 and its two-hundred day moving average price is $33.84. The company has a market capitalization of $4.16 billion, a price-to-earnings ratio of 73.96, a P/E/G ratio of 3.43 and a beta of 0.56. Phillips Edison & Company, Inc. has a 1 year low of $30.62 and a 1 year high of $37.92.

Phillips Edison & Company, Inc. (NASDAQ:PECO) last released its earnings results on Thursday, July 25th. The company reported $0.12 earnings per share for the quarter, missing the consensus estimate of $0.60 by ($0.48). Phillips Edison & Company, Inc. had a return on equity of 2.23% and a net margin of 9.32%. The business had revenue of $161.52 million for the quarter, compared to analysts’ expectations of $156.29 million. During the same quarter last year, the company posted $0.59 earnings per share. The business’s quarterly revenue was up 6.2% compared to the same quarter last year. On average, analysts anticipate that Phillips Edison & Company, Inc. will post 2.41 EPS for the current year.

Phillips Edison & Company, Inc. Dividend Announcement

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

Wall Street Analyst Weigh In

Several analysts have weighed in on the company. Mizuho cut their target price on Phillips Edison & Company, Inc. from $37.00 to $33.00 and set a buy rating on the stock in a research note on Thursday, May 23rd. Compass Point cut their target price on Phillips Edison & Company, Inc. from $39.00 to $36.00 and set a neutral rating on the stock in a research note on Monday, April 29th. Wells Fargo & Company cut their target price on Phillips Edison & Company, Inc. from $35.00 to $34.00 and set an underweight rating on the stock in a research note on Tuesday, May 28th. Finally, Deutsche Bank Aktiengesellschaft cut their target price on Phillips Edison & Company, Inc. from $41.00 to $38.00 and set a buy rating on the stock in a research note on Wednesday, May 29th. One equities research analyst has rated the stock with a sell rating, three have given a hold rating and three have assigned a buy rating to the company. Based on data from MarketBeat, the company presently has an average rating of Hold and an average price target of $37.43.

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.