Nuveen Asset Management LLC Increases Stake in Phillips Edison & Company, Inc. (NASDAQ:PECO)

Posted by Defense World Staff on Mar 2nd, 2023

Nuveen Asset Management LLC grew its stake in Phillips Edison & Company, Inc. (NASDAQ:PECO – Get Rating) by 9.9% in the third quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 911,465 shares of the company’s stock after acquiring an additional 82,391 shares during the quarter. Nuveen Asset Management LLC owned about 0.80% of Phillips Edison & Company, Inc. worth $25,567,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also modified their holdings of the stock. Vanguard Group Inc. increased its stake in shares of Phillips Edison & Company, Inc. by 579.0% in the 1st quarter. Vanguard Group Inc. now owns 10,505,954 shares of the company’s stock worth $361,300,000 after acquiring an additional 8,958,751 shares during the last quarter. Wellington Management Group LLP increased its stake in shares of Phillips Edison & Company, Inc. by 313.4% in the 1st quarter. Wellington Management Group LLP now owns 7,725,477 shares of the company’s stock worth $265,679,000 after acquiring an additional 5,856,834 shares during the last quarter. BlackRock Inc. increased its stake in shares of Phillips Edison & Company, Inc. by 443.8% in the 1st quarter. BlackRock Inc. now owns 7,310,113 shares of the company’s stock worth $251,393,000 after acquiring an additional 5,965,943 shares during the last quarter. Massachusetts Financial Services Co. MA increased its stake in shares of Phillips Edison & Company, Inc. by 5.3% in the 3rd quarter. Massachusetts Financial Services Co. MA now owns 5,888,586 shares of the company’s stock worth $165,175,000 after acquiring an additional 296,336 shares during the last quarter. Finally, FMR LLC increased its stake in shares of Phillips Edison & Company, Inc. by 13.3% in the 2nd quarter. FMR LLC now owns 5,874,143 shares of the company’s stock worth $196,255,000 after acquiring an additional 691,059 shares during the last quarter. 70.90% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of analysts have issued reports on PECO shares. Credit Suisse Group raised Phillips Edison & Company, Inc. from a “neutral” rating to an “outperform” rating in a research note on Monday, January 9th. Mizuho raised their price objective on Phillips Edison & Company, Inc. from $33.00 to $35.00 and gave the stock a “neutral” rating in a research report on Wednesday. Four investment analysts have rated the stock with a hold rating and one has issued a buy rating to the company. According to data from MarketBeat, the company currently has an average rating of “Hold” and a consensus price target of $34.00.

Phillips Edison & Company, Inc. Trading Down 0.9 %

Shares of NASDAQ:PECO opened at $33.79 on Thursday. The business has a 50-day moving average price of $33.05 and a 200 day moving average price of $31.85. The company has a market capitalization of $3.96 billion, a price-to-earnings ratio of 80.45, a PEG ratio of 4.01 and a beta of 0.59. Phillips Edison & Company, Inc. has a 12-month low of $27.07 and a 12-month high of $36.31.

Phillips Edison & Company, Inc. Cuts Dividend

The company also recently announced a monthly dividend, which will be paid on Monday, April 3rd. Shareholders of record on Wednesday, March 15th will be given a $0.093 dividend. This represents a $1.12 annualized dividend and a yield of 3.30%. The ex-dividend date of this dividend is Tuesday, March 14th. Phillips Edison & Company, Inc.’s dividend payout ratio is currently 266.67%.

Phillips Edison & Company, Inc. Profile

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Phillips Edison & Company, Inc (PECO), an internally-managed REIT, is one of the nation's largest owners and operators of grocery-anchored shopping centers. PECO's diversified portfolio of well-occupied neighborhood shopping centers features a mix of national and regional retailers selling necessity-based goods and services in fundamentally strong markets throughout the United States.