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

Phillips Edison & Company, Inc. Stock Performance

NASDAQ:PECO traded down $0.32 during mid-day trading on Friday, hitting $32.61. The company had a trading volume of 921,357 shares, compared to its average volume of 535,288. Phillips Edison & Company, Inc. has a fifty-two week low of $27.85 and a fifty-two week high of $37.92. The firm has a market cap of $3.98 billion, a P/E ratio of 70.89, a P/E/G ratio of 3.72 and a beta of 0.55. The business’s fifty day moving average is $34.60 and its two-hundred day moving average is $35.03.

Phillips Edison & Company, Inc. Increases Dividend

The company also recently disclosed a monthly dividend, which will be paid on Wednesday, May 1st. Investors of record on Monday, April 15th will be paid a dividend of $0.0975 per share. This is a positive change from Phillips Edison & Company, Inc.’s previous monthly dividend of $0.10. The ex-dividend date of this dividend is Friday, April 12th. This represents a $1.17 annualized dividend and a yield of 3.59%. Phillips Edison & Company, Inc.’s dividend payout ratio (DPR) is presently 254.35%.

Analyst Upgrades and Downgrades

Several equities research analysts have commented on PECO shares. Deutsche Bank Aktiengesellschaft started coverage on shares of Phillips Edison & Company, Inc. in a research note on Tuesday, January 30th. They issued a buy rating and a $41.00 target price for the company. Mizuho raised Phillips Edison & Company, Inc. from a neutral rating to a buy rating and raised their price objective for the stock from $35.00 to $37.00 in a research note on Friday, February 23rd. Finally, JPMorgan Chase & Co. decreased their target price on Phillips Edison & Company, Inc. from $39.00 to $37.00 and set a neutral rating for the company in a research note on Wednesday, February 14th. One 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’s stock. According to data from MarketBeat, Phillips Edison & Company, Inc. has an average rating of Hold and an average target price of $38.14.

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.