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

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

NASDAQ:PECO remained flat at $37.01 during mid-day trading on Thursday. The company had a trading volume of 566,954 shares, compared to its average volume of 662,189. The stock has a fifty day moving average of $37.03 and a two-hundred day moving average of $34.43. Phillips Edison & Company, Inc. has a 12 month low of $30.62 and a 12 month high of $39.08. The company has a market cap of $4.53 billion, a P/E ratio of 78.79, a P/E/G ratio of 3.53 and a beta of 0.57.

Phillips Edison & Company, Inc. (NASDAQ:PECO - Get Free Report) 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 net margin of 9.32% and a return on equity of 2.23%. The business had revenue of $161.52 million for the quarter, compared to analyst estimates of $156.29 million. During the same period in the prior year, the company earned $0.59 earnings per share. The company's quarterly revenue was up 6.2% on a year-over-year basis. 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. Stockholders of record on Tuesday, October 15th will be issued a $0.1025 dividend. The ex-dividend date is Tuesday, October 15th. This is a positive change from Phillips Edison & Company, Inc.'s previous monthly dividend of $0.10. This represents a $1.23 dividend on an annualized basis and a dividend yield of 3.32%. Phillips Edison & Company, Inc.'s dividend payout ratio is currently 261.71%.

Analysts Set New Price Targets

PECO has been the topic of several analyst reports. Mizuho raised their target price on Phillips Edison & Company, Inc. from $33.00 to $36.00 and gave the stock an "outperform" rating in a report on Monday, August 19th. Wells Fargo & Company raised Phillips Edison & Company, Inc. from an "underweight" rating to an "equal weight" rating and raised their target price for the stock from $34.00 to $37.00 in a report on Wednesday, August 28th. Finally, Compass Point increased their price target on Phillips Edison & Company, Inc. from $36.00 to $37.00 and gave the stock a "neutral" rating in a research report on Tuesday, September 10th. Four equities research analysts have rated the stock with a hold rating and two have issued a buy rating to the stock. According to MarketBeat.com, the stock currently has an average rating of "Hold" and an average target price of $37.50.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.