Phillips Edison & Company, Inc. (NASDAQ:PECO) Issues FY24 Earnings Guidance

Phillips Edison & Company, Inc. (NASDAQ:PECO - Get Free Report) updated its FY24 earnings guidance on Thursday. The company provided earnings per share guidance of $2.40-2.44 for the period, compared to the consensus earnings per share estimate of $2.40. Phillips Edison & Company, Inc. also updated its FY 2024 guidance to 0.480-0.500 EPS.

Wall Street Analyst Weigh In

PECO has been the subject of several research reports. Wells Fargo & Company upgraded shares of Phillips Edison & Company, Inc. from an "underweight" rating to an "equal weight" rating and raised their price objective for the company from $34.00 to $37.00 in a research report on Wednesday, August 28th. Compass Point upped their price target on Phillips Edison & Company, Inc. from $36.00 to $37.00 and gave the company a "neutral" rating in a report on Tuesday, September 10th. Mizuho raised their price objective on Phillips Edison & Company, Inc. from $39.00 to $41.00 and gave the stock an "outperform" rating in a research note on Tuesday, December 10th. Finally, Wolfe Research raised Phillips Edison & Company, Inc. from a "peer perform" rating to an "outperform" rating and set a $44.00 target price on the stock in a research report on Wednesday, November 13th. Three equities research analysts have rated the stock with a hold rating and three have given a buy rating to the company's stock. According to MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $39.00.

Phillips Edison & Company, Inc. Stock Down 1.7 %

Shares of PECO traded down $0.66 during mid-day trading on Thursday, reaching $37.55. The company's stock had a trading volume of 886,811 shares, compared to its average volume of 671,888. The company has a market cap of $4.60 billion, a price-to-earnings ratio of 81.63, a price-to-earnings-growth ratio of 3.60 and a beta of 0.57. The business has a fifty day moving average of $38.42 and a 200 day moving average of $36.16. Phillips Edison & Company, Inc. has a 1 year low of $30.62 and a 1 year high of $40.12.

Phillips Edison & Company, Inc. (NASDAQ:PECO - Get Free Report) last announced its quarterly earnings data on Thursday, October 24th. The company reported $0.09 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.61 by ($0.52). Phillips Edison & Company, Inc. had a return on equity of 2.22% and a net margin of 9.03%. The business had revenue of $165.50 million during the quarter, compared to analysts' expectations of $157.20 million. During the same period in the prior year, the company posted $0.58 earnings per share. The firm's revenue was up 8.5% on a year-over-year basis. On average, analysts predict 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 declared a dividend, which will be paid on Friday, January 3rd. Investors of record on Tuesday, December 17th will be paid a $0.1025 dividend. This is a boost from Phillips Edison & Company, Inc.'s previous dividend of $0.10. The ex-dividend date is Monday, December 16th. This represents a dividend yield of 3.13%. Phillips Edison & Company, Inc.'s payout ratio is presently 267.39%.

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.