Phillips Edison & Company, Inc. (NASDAQ:PECO - Get Free Report) issued its earnings results on Thursday. The company reported $0.09 EPS for the quarter, missing analysts' consensus estimates of $0.61 by ($0.52), Zacks reports. Phillips Edison & Company, Inc. had a net margin of 9.32% and a return on equity of 2.23%. The firm had revenue of $165.50 million during the quarter, compared to the consensus estimate of $157.20 million. During the same period in the previous year, the firm earned $0.58 earnings per share. The business's quarterly revenue was up 8.5% on a year-over-year basis. Phillips Edison & Company, Inc. updated its FY24 guidance to $2.40-$2.44 EPS and its FY 2024 guidance to 0.480-0.500 EPS.
Phillips Edison & Company, Inc. Stock Down 1.9 %
NASDAQ:PECO traded down $0.70 during trading hours on Friday, hitting $36.31. 629,406 shares of the company traded hands, compared to its average volume of 662,030. The firm's 50-day simple moving average is $37.10 and its 200-day simple moving average is $34.46. Phillips Edison & Company, Inc. has a one year low of $30.62 and a one year high of $39.08. The company has a market cap of $4.44 billion, a PE ratio of 78.93, a PEG ratio of 3.49 and a beta of 0.57.
Phillips Edison & Company, Inc. Increases Dividend
The business also recently declared a monthly dividend, which will be paid on Friday, November 1st. Investors of record on Tuesday, October 15th will be issued a dividend of $0.1025 per share. The ex-dividend date of this dividend is Tuesday, October 15th. This represents a $1.23 annualized dividend and a yield of 3.39%. This is an increase from Phillips Edison & Company, Inc.'s previous monthly dividend of $0.10. Phillips Edison & Company, Inc.'s dividend payout ratio is 267.39%.
Wall Street Analyst Weigh In
A number of equities research analysts have commented on the company. Compass Point raised their price objective on 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. Wells Fargo & Company raised shares of Phillips Edison & Company, Inc. from an "underweight" rating to an "equal weight" rating and lifted their price target for the company from $34.00 to $37.00 in a research report on Wednesday, August 28th. Finally, Mizuho upped their price objective on shares of Phillips Edison & Company, Inc. from $33.00 to $36.00 and gave the stock an "outperform" rating in a report on Monday, August 19th. Four analysts have rated the stock with a hold rating and two have given a buy rating to the company's stock. Based on data from MarketBeat.com, the stock has a consensus rating of "Hold" and a consensus price target of $37.50.
Get Our Latest Stock Analysis on PECO
Phillips Edison & Company, Inc. Company Profile
(
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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.
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