Phillips Edison & Company, Inc. (NASDAQ:PECO – Get Free Report) updated its FY24 earnings guidance on Thursday. 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.
Wall Street Analyst Weigh In
A number of brokerages have recently weighed in on PECO. Compass Point upped their target price on Phillips Edison & Company, Inc. from $36.00 to $37.00 and gave the company a “neutral” rating in a report on Tuesday, September 10th. Mizuho upped their target price on Phillips Edison & Company, Inc. from $33.00 to $36.00 and gave the company an “outperform” rating in a report on Monday, August 19th. Finally, Wells Fargo & Company upgraded Phillips Edison & Company, Inc. from an “underweight” rating to an “equal weight” rating and increased their price objective for the stock from $34.00 to $37.00 in a report on Wednesday, August 28th. Four equities research analysts have rated the stock with a hold rating and two have issued a buy rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus target price of $37.50.
Check Out Our Latest Stock Analysis on Phillips Edison & Company, Inc.
Phillips Edison & Company, Inc. Price Performance
Phillips Edison & Company, Inc. (NASDAQ:PECO – Get Free Report) last announced its quarterly 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 net margin of 9.32% and a return on equity of 2.23%. The company had revenue of $161.52 million for the quarter, compared to analyst estimates of $156.29 million. During the same quarter last year, the business earned $0.59 EPS. The company’s revenue for the quarter was up 6.2% on a year-over-year basis. Equities analysts expect that Phillips Edison & Company, Inc. will post 2.42 EPS for the current year.
Phillips Edison & Company, Inc. Increases Dividend
The business also recently declared a monthly dividend, which will be paid on Friday, November 1st. Shareholders of record on Tuesday, October 15th will be issued a dividend of $0.1025 per share. This represents a $1.23 annualized dividend and a yield of 3.39%. The ex-dividend date of this dividend is Tuesday, October 15th. This is an increase from Phillips Edison & Company, Inc.’s previous monthly dividend of $0.10. Phillips Edison & Company, Inc.’s dividend payout ratio (DPR) is 267.39%.
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.
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