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 guidance of $2.37-$2.45 for the period, compared to the consensus earnings per share estimate of $2.39. Phillips Edison & Company, Inc. also updated its FY 2024 guidance to 0.510-0.550 EPS.

Phillips Edison & Company, Inc. Price Performance

Phillips Edison & Company, Inc. stock traded down $0.32 during mid-day trading on Friday, hitting $32.61. 921,357 shares of the company were exchanged, compared to its average volume of 535,288. Phillips Edison & Company, Inc. has a 12-month low of $27.85 and a 12-month high of $37.92. The company has a market capitalization of $3.98 billion, a P/E ratio of 70.89, a PEG ratio of 3.72 and a beta of 0.55. The business’s 50 day simple moving average is $34.60 and its two-hundred day simple moving average is $35.03.

Phillips Edison & Company, Inc. Increases Dividend

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

Analysts Set New Price Targets

A number of research firms have issued reports on PECO. JPMorgan Chase & Co. reduced 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 report on Wednesday, February 14th. Mizuho raised shares of Phillips Edison & Company, Inc. from a neutral rating to a buy rating and upped their price objective for the company from $35.00 to $37.00 in a research note on Friday, February 23rd. Finally, Deutsche Bank Aktiengesellschaft initiated 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 target price for the company. One 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. According to MarketBeat.com, the company has a consensus rating of Hold and a consensus target price of $38.14.

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.