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

Phillips Edison & Company, Inc. (NASDAQ:PECO) issued an update on its FY 2024 earnings guidance on Thursday morning. The company provided EPS guidance of 0.480-0.500 for the period, compared to the consensus EPS 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.

Phillips Edison & Company, Inc. Stock Performance

Shares of NASDAQ PECO traded down $0.70 during midday trading on Friday, hitting $36.31. 629,406 shares of the company traded hands, compared to its average volume of 662,030. Phillips Edison & Company, Inc. has a 12-month low of $30.62 and a 12-month high of $39.08. The stock has a 50-day moving average price of $37.07 and a 200 day moving average price of $34.45. The firm has a market cap of $4.45 billion, a P/E ratio of 78.75, a P/E/G ratio of 3.49 and a beta of 0.57.

Phillips Edison & Company, Inc. (NASDAQ:PECO) last announced 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). Phillips Edison & Company, Inc. had a return on equity of 2.23% and a net margin of 9.32%. The firm had revenue of $161.52 million during the quarter, compared to the consensus estimate of $156.29 million. During the same period in the prior year, the company posted $0.59 EPS. The firm’s revenue was up 6.2% on a year-over-year basis. As a group, equities analysts expect that Phillips Edison & Company, Inc. will post 2.42 earnings per share for the current year.

Phillips Edison & Company, Inc. Increases Dividend

The company also recently disclosed a monthly dividend, which will be paid on Friday, November 1st. Shareholders of record on Tuesday, October 15th will be issued a $0.1025 dividend. This is an increase 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 dividend on an annualized basis and a yield of 3.39%. Phillips Edison & Company, Inc.’s dividend payout ratio is 261.71%.

Wall Street Analyst Weigh In

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

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.