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 (EPS) guidance of $2.40-2.44 for the period, compared to the consensus estimate of $2.40. Phillips Edison & Company, Inc. also updated its FY 2024 guidance to 0.480-0.500 EPS.

Phillips Edison & Company, Inc. Price Performance

NASDAQ PECO opened at $38.10 on Friday. The company has a market cap of $4.67 billion, a P/E ratio of 82.83, a P/E/G ratio of 3.60 and a beta of 0.57. Phillips Edison & Company, Inc. has a 12 month low of $30.62 and a 12 month high of $40.12. The company has a 50-day moving average of $38.46 and a 200-day moving average of $36.20.

Phillips Edison & Company, Inc. (NASDAQ:PECO) last announced its quarterly earnings results on Thursday, October 24th. The company reported $0.09 earnings per share for the quarter, missing analysts’ consensus estimates of $0.61 by ($0.52). The company had revenue of $165.50 million during the quarter, compared to analyst estimates of $157.20 million. Phillips Edison & Company, Inc. had a net margin of 9.03% and a return on equity of 2.22%. The firm’s revenue for the quarter was up 8.5% compared to the same quarter last year. During the same quarter last year, the business earned $0.58 EPS. As a group, equities research analysts anticipate that Phillips Edison & Company, Inc. will post 2.42 EPS for the current year.

Phillips Edison & Company, Inc. Increases Dividend

The company also recently disclosed a dividend, which will be paid on Friday, January 3rd. Stockholders of record on Tuesday, December 17th will be issued a $0.1025 dividend. This represents a dividend yield of 3.13%. This is an increase from Phillips Edison & Company, Inc.’s previous dividend of $0.10. The ex-dividend date is Monday, December 16th. Phillips Edison & Company, Inc.’s dividend payout ratio (DPR) is 267.39%.

Wall Street Analyst Weigh In

A number of brokerages have weighed in on PECO. Mizuho lifted their price target on shares of Phillips Edison & Company, Inc. from $39.00 to $41.00 and gave the company an “outperform” rating in a research report on Tuesday, December 10th. Compass Point upped their target price 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. Wolfe Research upgraded shares of Phillips Edison & Company, Inc. from a “peer perform” rating to an “outperform” rating and set a $44.00 price objective on the stock in a report on Wednesday, November 13th. Finally, Wells Fargo & Company upgraded Phillips Edison & Company, Inc. from an “underweight” rating to an “equal weight” rating and raised their price objective for the company from $34.00 to $37.00 in a research note on Wednesday, August 28th. Three analysts have rated the stock with a hold rating and three have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $39.00.

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.