Phillips Edison & Company, Inc. (NASDAQ:PECO) Issues Quarterly Earnings Results, Misses Expectations By $0.52 EPS

Phillips Edison & Company, Inc. (NASDAQ:PECO) issued its earnings results on Thursday. The company reported $0.09 earnings per share for the quarter, missing analysts’ consensus estimates of $0.61 by ($0.52), Zacks reports. The firm had revenue of $165.50 million for the quarter, compared to analyst estimates of $157.20 million. Phillips Edison & Company, Inc. had a return on equity of 2.23% and a net margin of 9.32%. Phillips Edison & Company, Inc.’s revenue for the quarter was up 8.5% compared to the same quarter last year. During the same period in the previous year, the company earned $0.58 earnings per share. Phillips Edison & Company, Inc. updated its FY24 guidance to $2.40-$2.44 EPS and its FY 2024 guidance to 0.480-0.500 EPS.

Phillips Edison & Company, Inc. Stock Down 1.9 %

Shares of NASDAQ:PECO traded down $0.70 during midday trading on Friday, hitting $36.31. The stock had a trading volume of 629,406 shares, compared to its average volume of 662,030. The company’s 50-day moving average price is $37.10 and its 200-day moving average price is $34.45. The company has a market capitalization of $4.44 billion, a P/E ratio of 78.93, a price-to-earnings-growth ratio of 3.49 and a beta of 0.57. Phillips Edison & Company, Inc. has a fifty-two week low of $30.62 and a fifty-two week high of $39.08.

Phillips Edison & Company, Inc. Increases Dividend

The business also recently announced a monthly dividend, which will be paid on Friday, November 1st. Investors of record on Tuesday, October 15th will be issued a dividend of $0.1025 per share. This is an increase from Phillips Edison & Company, Inc.’s previous monthly dividend of $0.10. The ex-dividend date is Tuesday, October 15th. This represents a $1.23 annualized dividend and a dividend yield of 3.39%. Phillips Edison & Company, Inc.’s payout ratio is presently 267.39%.

Analyst Upgrades and Downgrades

Several equities research analysts recently commented on the company. Compass Point lifted their price objective on Phillips Edison & Company, Inc. from $36.00 to $37.00 and gave the stock a “neutral” rating in a report on Tuesday, September 10th. 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 research note on Wednesday, August 28th. Finally, Mizuho boosted their price target on Phillips Edison & Company, Inc. from $33.00 to $36.00 and gave the company an “outperform” rating in a research report on Monday, August 19th. Four analysts have rated the stock with a hold rating and two have given a buy rating to the company. According to data from MarketBeat, the company presently 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.