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 $2.37-$2.45 for the period, compared to the consensus estimate of $2.39. Phillips Edison & Company, Inc. also updated its FY 2024 guidance to 0.510-0.550 EPS.

Wall Street Analyst Weigh In

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

Phillips Edison & Company, Inc. Price Performance

PECO stock traded down $0.32 during midday trading on Friday, hitting $32.61. 921,357 shares of the stock traded hands, compared to its average volume of 535,288. Phillips Edison & Company, Inc. has a 1-year low of $27.85 and a 1-year high of $37.92. The stock’s fifty day simple moving average is $34.60 and its 200-day simple moving average is $35.03. The firm has a market cap of $3.98 billion, a P/E ratio of 70.89, a PEG ratio of 3.72 and a beta of 0.55.

Phillips Edison & Company, Inc. Increases Dividend

The firm also recently announced a monthly dividend, which will be paid on Wednesday, May 1st. Stockholders of record on Monday, April 15th will be given a dividend of $0.0975 per share. The ex-dividend date of this dividend is Friday, April 12th. This is a boost 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 dividend payout ratio (DPR) is 254.35%.

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.