Phillips Edison & Company, Inc. (NASDAQ:PECO) Hits New 1-Year High Following Analyst Upgrade

Posted by Defense World Staff on Jul 21st, 2023

Phillips Edison & Company, Inc. (NASDAQ:PECO – Get Free Report)’s stock price hit a new 52-week high during trading on Thursday after Mizuho raised their price target on the stock from $30.00 to $35.00. The stock traded as high as $34.99 and last traded at $34.59, with a volume of 18204 shares changing hands. The stock had previously closed at $34.85.

Several other research analysts also recently commented on the company. Wolfe Research downgraded Phillips Edison & Company, Inc. from an “outperform” rating to a “peer perform” rating in a research note on Wednesday, July 5th. Wells Fargo & Company started coverage on shares of Phillips Edison & Company, Inc. in a research report on Tuesday, May 23rd. They issued an “equal weight” rating and a $31.00 target price on the stock. Four equities research analysts have rated the stock with a hold rating and two have assigned a buy rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and an average target price of $34.00.

Insider Activity

In related news, Director Leslie T. Chao acquired 10,000 shares of the stock in a transaction dated Tuesday, May 16th. The stock was bought at an average cost of $29.18 per share, for a total transaction of $291,800.00. Following the completion of the transaction, the director now directly owns 45,426 shares of the company’s stock, valued at $1,325,530.68. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Insiders own 7.95% of the company’s stock.

Institutional Investors Weigh In On Phillips Edison & Company, Inc.

A number of institutional investors have recently modified their holdings of the company. Vanguard Group Inc. grew its holdings in Phillips Edison & Company, Inc. by 579.0% during 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 period. BlackRock Inc. lifted its stake in Phillips Edison & Company, Inc. by 443.8% in the first quarter. BlackRock Inc. now owns 7,310,113 shares of the company’s stock valued at $251,393,000 after buying an additional 5,965,943 shares during the period. Wellington Management Group LLP boosted its holdings in shares of Phillips Edison & Company, Inc. by 313.4% during the 1st quarter. Wellington Management Group LLP now owns 7,725,477 shares of the company’s stock worth $265,679,000 after buying an additional 5,856,834 shares in the last quarter. State Street Corp grew its position in shares of Phillips Edison & Company, Inc. by 128.1% during the 2nd quarter. State Street Corp now owns 4,480,286 shares of the company’s stock worth $149,905,000 after buying an additional 2,516,281 shares during the period. Finally, Centersquare Investment Management LLC increased its stake in shares of Phillips Edison & Company, Inc. by 126.2% in the 1st quarter. Centersquare Investment Management LLC now owns 1,944,184 shares of the company’s stock valued at $66,860,000 after acquiring an additional 1,084,530 shares in the last quarter. 70.35% of the stock is owned by institutional investors.

Phillips Edison & Company, Inc. Trading Up 1.5 %

The stock’s 50-day moving average is $32.04 and its 200-day moving average is $32.19. The company has a market cap of $4.15 billion, a price-to-earnings ratio of 75.23, a P/E/G ratio of 3.57 and a beta of 0.65.

Phillips Edison & Company, Inc. Announces Dividend

The business also recently disclosed a monthly dividend, which will be paid on Tuesday, August 1st. Stockholders of record on Monday, July 17th will be issued a dividend of $0.0933 per share. The ex-dividend date is Friday, July 14th. This represents a $1.12 annualized dividend and a dividend yield of 3.17%. Phillips Edison & Company, Inc.’s dividend payout ratio is currently 238.30%.

About Phillips Edison & Company, Inc.

(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.