Phillips Edison & Company, Inc. (NASDAQ:PECO) Releases 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 $2.40-$2.44 for the period, compared to the consensus estimate of $2.40. Phillips Edison & Company, Inc. also updated its FY 2024 guidance to 0.480-0.500 EPS.

Phillips Edison & Company, Inc. Price Performance

Shares of PECO stock remained flat at $37.01 during mid-day trading on Thursday. 566,954 shares of the stock traded hands, compared to its average volume of 662,189. Phillips Edison & Company, Inc. has a 1 year low of $30.62 and a 1 year high of $39.08. The company has a 50-day simple moving average of $37.03 and a 200 day simple moving average of $34.43. The stock has a market capitalization 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) last released its earnings results on Thursday, July 25th. The company reported $0.12 EPS for the quarter, missing the consensus estimate of $0.60 by ($0.48). Phillips Edison & Company, Inc. had a return on equity of 2.23% and a net margin of 9.32%. The company had revenue of $161.52 million during the quarter, compared to analysts’ expectations of $156.29 million. During the same period last year, the firm posted $0.59 EPS. Phillips Edison & Company, Inc.’s quarterly revenue was up 6.2% compared to the same quarter last year. As a group, equities 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 firm also recently declared a monthly dividend, which will be paid on Friday, November 1st. Investors of record on Tuesday, October 15th will be given a $0.1025 dividend. This represents a $1.23 annualized dividend and a yield of 3.32%. The ex-dividend date of this dividend is Tuesday, October 15th. This is a boost from Phillips Edison & Company, Inc.’s previous monthly dividend of $0.10. Phillips Edison & Company, Inc.’s payout ratio is currently 261.71%.

Wall Street Analysts Forecast Growth

Several brokerages recently weighed in on PECO. Mizuho boosted their price target on shares of Phillips Edison & Company, Inc. from $33.00 to $36.00 and gave the stock an “outperform” rating in a research report on Monday, August 19th. Wells Fargo & Company upgraded shares of Phillips Edison & Company, Inc. from an “underweight” rating to an “equal weight” rating and boosted their price objective for the company from $34.00 to $37.00 in a research report on Wednesday, August 28th. Finally, Compass Point boosted their price objective on shares of Phillips Edison & Company, Inc. from $36.00 to $37.00 and gave the company a “neutral” rating in a research report on Tuesday, September 10th. Four investment analysts have rated the stock with a hold rating and two have issued a buy rating to the stock. Based on data from MarketBeat, the company has an average rating of “Hold” and an average target price of $37.50.

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.