Bank of America Corp DE Has $20.72 Million Position in Phillips Edison & Company, Inc. $PECO

Key Points

• Bank of America reduced its PECO position by 11.9% in the first quarter, selling 74,622 shares and retaining 553,777 shares valued at approximately $20.72 million. Institutional investors and hedge funds collectively own 80.7% of the company.
• Analysts have a consensus “Hold” rating on Phillips Edison, with an average price target of $44.78; individual targets range from $42 to $47.
• PECO reported quarterly revenue of $189.62 million, up 6.7% year over year, but EPS of $0.33 missed estimates of $0.68. The REIT also announced a monthly dividend of $0.1083 per share, representing a 3.3% annualized yield.

Bank of America Corp DE cut its position in Phillips Edison & Company, Inc. (NASDAQ:PECO - Free Report) by 11.9% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 553,777 shares of the company's stock after selling 74,622 shares during the quarter. Bank of America Corp DE owned 0.44% of Phillips Edison & Company, Inc. worth $20,722,000 as of its most recent SEC filing.

Other hedge funds have also recently made changes to their positions in the company. Norges Bank bought a new stake in Phillips Edison & Company, Inc. during the 4th quarter worth approximately $70,850,000. Balyasny Asset Management L.P. raised its stake in shares of Phillips Edison & Company, Inc. by 191.9% during the third quarter. Balyasny Asset Management L.P. now owns 1,869,618 shares of the company's stock valued at $64,184,000 after acquiring an additional 1,229,186 shares during the last quarter. M&T Bank Corp bought a new position in shares of Phillips Edison & Company, Inc. during the fourth quarter valued at $27,133,000. Alyeska Investment Group L.P. acquired a new position in shares of Phillips Edison & Company, Inc. during the fourth quarter worth $19,400,000. Finally, Verition Fund Management LLC lifted its holdings in shares of Phillips Edison & Company, Inc. by 2,343.2% during the fourth quarter. Verition Fund Management LLC now owns 513,076 shares of the company's stock worth $18,250,000 after purchasing an additional 492,076 shares during the period. 80.70% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several brokerages recently weighed in on PECO. Griffin Securities set a $47.00 price objective on shares of Phillips Edison & Company, Inc. in a research note on Monday, July 27th. UBS Group raised their target price on Phillips Edison & Company, Inc. from $43.00 to $46.00 and gave the stock a "neutral" rating in a research report on Thursday, July 9th. Barclays lifted their target price on Phillips Edison & Company, Inc. from $45.00 to $46.00 and gave the stock an "equal weight" rating in a report on Monday. Morgan Stanley upped their price target on Phillips Edison & Company, Inc. from $38.00 to $42.00 and gave the company an "equal weight" rating in a research report on Friday, July 10th. Finally, Evercore reissued an "outperform" rating and issued a $44.00 price target on shares of Phillips Edison & Company, Inc. in a research note on Tuesday, July 7th. Three investment analysts have rated the stock with a Buy rating and six have issued a Hold rating to the company. According to MarketBeat, Phillips Edison & Company, Inc. currently has a consensus rating of "Hold" and a consensus target price of $44.78.

Phillips Edison & Company, Inc. Stock Down 0.5%

PECO opened at $39.74 on Wednesday. Phillips Edison & Company, Inc. has a twelve month low of $32.98 and a twelve month high of $44.38. The company has a fifty day moving average of $41.83 and a 200-day moving average of $39.82. The stock has a market cap of $5.11 billion, a PE ratio of 34.56, a price-to-earnings-growth ratio of 2.10 and a beta of 0.52.

Phillips Edison & Company, Inc. (NASDAQ:PECO - Get Free Report) last released its earnings results on Thursday, July 23rd. The company reported $0.33 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.68 by ($0.35). Phillips Edison & Company, Inc. had a net margin of 19.14% and a return on equity of 5.52%. The firm had revenue of $189.62 million during the quarter, compared to analyst estimates of $187.46 million. During the same quarter in the previous year, the firm earned $0.64 EPS. Phillips Edison & Company, Inc.'s quarterly revenue was up 6.7% on a year-over-year basis. Phillips Edison & Company, Inc. has set its FY 2026 guidance at 0.950-0.970 EPS. Sell-side analysts anticipate that Phillips Edison & Company, Inc. will post 2.76 EPS for the current fiscal year.

Phillips Edison & Company, Inc. Announces Dividend

The firm also recently announced a monthly dividend, which will be paid on Tuesday, September 1st. Investors of record on Monday, August 17th will be given a dividend of $0.1083 per share. The ex-dividend date is Monday, August 17th. This represents a c) annualized dividend and a dividend yield of 3.3%. Phillips Edison & Company, Inc.'s dividend payout ratio is presently 113.04%.

Phillips Edison & Company, Inc. Company Profile

Phillips Edison & Company, Inc is a publicly traded real estate investment trust (REIT) that specializes in the acquisition, ownership and operation of grocery-anchored, necessity-based shopping centers. The company's investment strategy is centered on properties that benefit from everyday consumer demand, seeking to deliver stable cash flows through long-term, triple-net leases with national and regional tenants in the grocery, drugstore and essential retail sectors.

In addition to its core retail portfolio, Phillips Edison & Company provides integrated services covering property management, asset management, leasing, development and acquisition sourcing.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source