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

by · The Cerbat Gem

Phillips Edison & Company, Inc. (NASDAQ:PECO – Get Free Report) released its quarterly earnings data 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 return on equity of 2.23% and a net margin of 9.32%. The business had revenue of $165.50 million during the quarter, compared to analyst estimates of $157.20 million. During the same period in the previous year, the company earned $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

Shares of Phillips Edison & Company, Inc. stock traded down $0.70 during trading hours on Friday, reaching $36.31. The company’s stock had a trading volume of 629,406 shares, compared to its average volume of 662,030. The company’s 50 day simple moving average is $37.10 and its 200 day simple moving average is $34.46. Phillips Edison & Company, Inc. has a one year low of $30.62 and a one year high of $39.08. The stock has a market cap of $4.44 billion, a P/E ratio of 78.93, a price-to-earnings-growth ratio of 3.49 and a beta of 0.57.

Phillips Edison & Company, Inc. Increases Dividend

The firm also recently declared a monthly dividend, which will be paid on Friday, November 1st. Stockholders of record on Tuesday, October 15th will be given 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 dividend on an annualized basis and a dividend yield of 3.39%. The ex-dividend date of this dividend is Tuesday, October 15th. Phillips Edison & Company, Inc.’s dividend payout ratio (DPR) is presently 267.39%.

Analysts Set New Price Targets

A number of equities research analysts recently weighed in on PECO shares. Mizuho raised their price target on shares of 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 shares of Phillips Edison & Company, Inc. from an “underweight” rating to an “equal weight” rating and raised their price target for the company from $34.00 to $37.00 in a report on Wednesday, August 28th. Finally, Compass Point raised their price target on shares of Phillips Edison & Company, Inc. from $36.00 to $37.00 and gave the company a “neutral” rating in a report on Tuesday, September 10th. Four investment analysts have rated the stock with a hold rating and two have issued a buy rating to the company’s stock. According to MarketBeat, the company has a consensus rating of “Hold” and an average price target of $37.50.

Get Our Latest Stock Analysis on Phillips Edison & Company, Inc.

Phillips Edison & Company, Inc. Company Profile

(Get Free Report)

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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