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

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

Analyst Ratings Changes

Several brokerages recently issued reports on PECO. Mizuho upgraded Phillips Edison & Company, Inc. from a neutral rating to a buy rating and boosted their price target for the company from $35.00 to $37.00 in a research note on Friday, February 23rd. JPMorgan Chase & Co. cut their price target on shares of Phillips Edison & Company, Inc. from $39.00 to $37.00 and set a neutral rating for the company in a report on Wednesday, February 14th. Finally, Deutsche Bank Aktiengesellschaft began coverage on Phillips Edison & Company, Inc. in a research note on Tuesday, January 30th. They issued a buy rating and a $41.00 price target on the stock. One investment analyst has rated the stock with a sell rating, three have issued a hold rating and three have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average rating of Hold and a consensus price target of $38.14.

Phillips Edison & Company, Inc. Stock Performance

Shares of NASDAQ PECO traded down $0.30 during midday trading on Thursday, reaching $32.93. The stock had a trading volume of 521,710 shares, compared to its average volume of 619,680. The company’s 50 day moving average price is $34.68 and its 200 day moving average price is $35.05. Phillips Edison & Company, Inc. has a twelve month low of $27.85 and a twelve month high of $37.92. The firm has a market cap of $4.02 billion, a price-to-earnings ratio of 71.63, a price-to-earnings-growth ratio of 3.77 and a beta of 0.55.

Phillips Edison & Company, Inc. Increases Dividend

The company also recently disclosed a monthly dividend, which will be paid on Wednesday, May 1st. Shareholders of record on Monday, April 15th will be paid a $0.0975 dividend. This represents a $1.17 dividend on an annualized basis and a yield of 3.55%. The ex-dividend date 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 254.35%.

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.