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

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

Phillips Edison & Company, Inc. Stock Performance

NASDAQ:PECO traded down $0.32 during trading hours on Friday, reaching $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 52 week low of $27.85 and a 52 week high of $37.92. The company has a 50 day moving average price of $34.60 and a two-hundred day moving average price of $35.03. The stock has a market capitalization of $3.98 billion, a PE ratio of 70.89, a PEG ratio of 3.72 and a beta of 0.55.

Phillips Edison & Company, Inc. Increases Dividend

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

Analyst Ratings Changes

Several research firms have recently weighed in on PECO. Mizuho raised Phillips Edison & Company, Inc. from a neutral rating to a buy rating and boosted their target price for the company from $35.00 to $37.00 in a research report on Friday, February 23rd. JPMorgan Chase & Co. cut their target price on Phillips Edison & Company, Inc. from $39.00 to $37.00 and set a neutral rating on the stock in a research report on Wednesday, February 14th. Finally, Deutsche Bank Aktiengesellschaft began coverage on Phillips Edison & Company, Inc. in a research report on Tuesday, January 30th. They set a buy rating and a $41.00 target price on the stock. 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 stock. According to MarketBeat.com, the company currently has a consensus rating of Hold and a consensus price target of $38.14.

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.