Ignite Planners LLC Cuts Holdings in Phillips Edison & Company, Inc. (NASDAQ:PECO)

Ignite Planners LLC cut its stake in Phillips Edison & Company, Inc. (NASDAQ:PECOGet Rating) by 11.0% during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 11,578 shares of the company’s stock after selling 1,438 shares during the quarter. Ignite Planners LLC’s holdings in Phillips Edison & Company, Inc. were worth $395,000 at the end of the most recent quarter.

Several other hedge funds also recently added to or reduced their stakes in the stock. Vanguard Group Inc. raised its position in Phillips Edison & Company, Inc. by 579.0% in the first quarter. Vanguard Group Inc. now owns 10,505,954 shares of the company’s stock valued at $361,300,000 after purchasing an additional 8,958,751 shares during the period. Wellington Management Group LLP raised its position in Phillips Edison & Company, Inc. by 313.4% in the first quarter. Wellington Management Group LLP now owns 7,725,477 shares of the company’s stock valued at $265,679,000 after purchasing an additional 5,856,834 shares during the period. BlackRock Inc. raised its position in Phillips Edison & Company, Inc. by 443.8% in the first quarter. BlackRock Inc. now owns 7,310,113 shares of the company’s stock valued at $251,393,000 after purchasing an additional 5,965,943 shares during the period. Massachusetts Financial Services Co. MA raised its position in Phillips Edison & Company, Inc. by 59.0% in the first quarter. Massachusetts Financial Services Co. MA now owns 4,416,091 shares of the company’s stock valued at $151,870,000 after purchasing an additional 1,639,482 shares during the period. Finally, State Street Corp raised its position in Phillips Edison & Company, Inc. by 454.2% in the first quarter. State Street Corp now owns 1,964,005 shares of the company’s stock valued at $67,579,000 after purchasing an additional 1,609,638 shares during the period. 72.52% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of analysts have recently issued reports on the company. Morgan Stanley lifted their target price on Phillips Edison & Company, Inc. from $31.00 to $34.00 and gave the stock an “equal weight” rating in a research report on Monday, August 29th. Compass Point dropped their target price on Phillips Edison & Company, Inc. from $36.50 to $34.00 and set a “neutral” rating on the stock in a research report on Wednesday, June 22nd. Mizuho lowered Phillips Edison & Company, Inc. from a “buy” rating to a “neutral” rating and set a $35.00 target price on the stock. in a research report on Thursday, July 21st. Finally, Credit Suisse Group assumed coverage on Phillips Edison & Company, Inc. in a research report on Wednesday, June 22nd. They set a “neutral” rating and a $34.00 target price on the stock. Five equities research analysts have rated the stock with a hold rating and one has given a buy rating to the company. According to data from MarketBeat, Phillips Edison & Company, Inc. has an average rating of “Hold” and an average price target of $34.40.

Phillips Edison & Company, Inc. Price Performance

NASDAQ:PECO traded down $0.50 during mid-day trading on Friday, reaching $29.03. The stock had a trading volume of 10,729 shares, compared to its average volume of 682,856. The company has a market capitalization of $3.29 billion, a price-to-earnings ratio of 101.83, a price-to-earnings-growth ratio of 1.92 and a beta of 0.32. Phillips Edison & Company, Inc. has a 1-year low of $28.82 and a 1-year high of $36.35. The stock’s 50 day simple moving average is $33.17 and its two-hundred day simple moving average is $33.67.

Phillips Edison & Company, Inc. Increases Dividend

The company also recently declared a monthly dividend, which will be paid on Tuesday, November 1st. Investors of record on Monday, October 17th will be paid a $0.0933 dividend. This represents a $1.12 dividend on an annualized basis and a yield of 3.86%. This is an increase from Phillips Edison & Company, Inc.’s previous monthly dividend of $0.09. The ex-dividend date of this dividend is Friday, October 14th. Phillips Edison & Company, Inc.’s dividend payout ratio (DPR) is 386.21%.

About Phillips Edison & Company, Inc.

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Phillips Edison & Company, Inc (PECO), an internally-managed REIT, is one of the nation's largest owners and operators of grocery-anchored shopping centers. PECO's diversified portfolio of well-occupied neighborhood shopping centers features a mix of national and regional retailers selling necessity-based goods and services in fundamentally strong markets throughout the United States.

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Institutional Ownership by Quarter for Phillips Edison & Company, Inc. (NASDAQ:PECO)

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