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

Phillips Edison & Company, Inc. (NASDAQ:PECO) posted its earnings results on Thursday. The company reported $0.09 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.61 by ($0.52), Zacks reports. Phillips Edison & Company, Inc. had a net margin of 9.32% and a return on equity of 2.23%. The company had revenue of $165.50 million for the quarter, compared to the consensus estimate of $157.20 million. During the same quarter in the prior year, the company posted $0.58 EPS. Phillips Edison & Company, Inc.’s revenue was up 8.5% on a year-over-year basis. 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 Performance

PECO traded down $0.70 during midday trading on Friday, reaching $36.31. The company had a trading volume of 629,406 shares, compared to its average volume of 662,030. The business has a 50-day moving average price of $37.10 and a two-hundred day moving average price of $34.45. The stock has a market cap of $4.44 billion, a PE ratio of 78.93, a P/E/G ratio of 3.49 and a beta of 0.57. Phillips Edison & Company, Inc. has a 12-month low of $30.62 and a 12-month high of $39.08.

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 paid a $0.1025 dividend. This is an increase from Phillips Edison & Company, Inc.’s previous monthly dividend of $0.10. This represents a $1.23 annualized dividend and a yield of 3.39%. The ex-dividend date is Tuesday, October 15th. Phillips Edison & Company, Inc.’s payout ratio is 267.39%.

Analysts Set New Price Targets

Several analysts recently weighed in on PECO shares. Mizuho lifted their price objective 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. Wells Fargo & Company raised Phillips Edison & Company, Inc. from an “underweight” rating to an “equal weight” rating and increased their price target for the company from $34.00 to $37.00 in a research report on Wednesday, August 28th. Finally, Compass Point lifted their target price on Phillips Edison & Company, Inc. from $36.00 to $37.00 and gave the company a “neutral” rating in a research note on Tuesday, September 10th. Four research analysts have rated the stock with a hold rating and two have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus price target 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.