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

Phillips Edison & Company, Inc. (NASDAQ:PECO) announced 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. The company had revenue of $165.50 million for the quarter, compared to the consensus estimate of $157.20 million. Phillips Edison & Company, Inc. had a return on equity of 2.23% and a net margin of 9.32%. The firm’s revenue for the quarter was up 8.5% on a year-over-year basis. During the same period in the prior year, the business earned $0.58 earnings per share. 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 mid-day trading on Friday, hitting $36.31. 629,406 shares of the stock were exchanged, compared to its average volume of 662,030. Phillips Edison & Company, Inc. has a 12 month low of $30.62 and a 12 month high of $39.08. The company has a 50-day simple moving average of $37.10 and a 200 day simple moving average of $34.46. The company has a market capitalization of $4.44 billion, a P/E ratio of 78.93, a P/E/G ratio of 3.49 and a beta of 0.57.

Phillips Edison & Company, Inc. Increases Dividend

The company also recently announced a monthly dividend, which will be paid on Friday, November 1st. Stockholders of record on Tuesday, October 15th will be paid a $0.1025 dividend. This is a positive change from Phillips Edison & Company, Inc.’s previous monthly dividend of $0.10. The ex-dividend date is Tuesday, October 15th. This represents a $1.23 annualized dividend and a dividend yield of 3.39%. Phillips Edison & Company, Inc.’s dividend payout ratio is presently 267.39%.

Analyst Ratings Changes

Several research firms have recently weighed in on PECO. Wells Fargo & Company upgraded shares of 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 research report on Wednesday, August 28th. Mizuho lifted their price objective on Phillips Edison & Company, Inc. from $33.00 to $36.00 and gave the stock an “outperform” rating in a research report on Monday, August 19th. Finally, 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 research report on Tuesday, September 10th. Four equities research analysts have rated the stock with a hold rating and two have assigned a buy rating to the stock. According to MarketBeat, the stock currently has an average rating of “Hold” and an average price target of $37.50.

Phillips Edison & Company, Inc. Company Profile

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.