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

Phillips Edison & Company, Inc. (NASDAQ:PECO) issued an update on its FY24 earnings guidance on Thursday morning. The company provided earnings per share (EPS) guidance of $2.37-$2.45 for the period, compared to the consensus estimate of $2.39. Phillips Edison & Company, Inc. also updated its FY 2024 guidance to 0.510-0.550 EPS.

Analyst Upgrades and Downgrades

A number of analysts have recently issued reports on PECO shares. Mizuho upgraded Phillips Edison & Company, Inc. from a neutral rating to a buy rating and lifted their price target for the company from $35.00 to $37.00 in a research report on Friday, February 23rd. JPMorgan Chase & Co. lowered their target price on shares of Phillips Edison & Company, Inc. from $39.00 to $37.00 and set a neutral rating on the stock in a research note on Wednesday, February 14th. Finally, Deutsche Bank Aktiengesellschaft began 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 price target for the company. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating and three have assigned a buy rating to the company’s stock. According to MarketBeat.com, the stock has an average rating of Hold and a consensus price target of $38.14.

Phillips Edison & Company, Inc. Stock Performance

PECO traded down $0.32 during midday trading on Friday, hitting $32.61. The stock had a trading volume of 921,357 shares, compared to its average volume of 535,288. Phillips Edison & Company, Inc. has a 1 year low of $27.85 and a 1 year high of $37.92. The business has a fifty day moving average of $34.60 and a 200 day moving average of $35.03. The company has a market cap of $3.98 billion, a P/E ratio of 70.89, a price-to-earnings-growth ratio of 3.72 and a beta of 0.55.

Phillips Edison & Company, Inc. Increases Dividend

The firm also recently disclosed a monthly dividend, which will be paid on Wednesday, May 1st. Stockholders of record on Monday, April 15th will be paid a $0.0975 dividend. This is a boost from Phillips Edison & Company, Inc.’s previous monthly dividend of $0.10. The ex-dividend date is Friday, April 12th. This represents a $1.17 dividend on an annualized basis and a dividend yield of 3.59%. Phillips Edison & Company, Inc.’s dividend payout ratio is 254.35%.

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.