Longboard Asset Management LP Takes $317,000 Position in Phillips Edison & Company, Inc. $PECO

Key Points

• Longboard Asset Management LP has acquired a new position in Phillips Edison & Company, Inc. by purchasing 9,055 shares valued at approximately $317,000, which represents 0.8% of its portfolio.
• Phillips Edison & Company recently reported a quarterly EPS of $0.64, slightly surpassing analysts' expectations of $0.63, and experienced a 10.1% increase in revenue year-over-year.
• The company announced a monthly dividend of $0.1083 to be paid on November 4th, 2023, with an annualized yield of 3.7% and a high dividend payout ratio of 236.36%.

Longboard Asset Management LP acquired a new position in shares of Phillips Edison & Company, Inc. (NASDAQ:PECO - Free Report) during the 2nd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm acquired 9,055 shares of the company's stock, valued at approximately $317,000. Phillips Edison & Company, Inc. comprises 0.8% of Longboard Asset Management LP's investment portfolio, making the stock its 6th biggest position.

A number of other hedge funds also recently added to or reduced their stakes in PECO. Nuveen LLC acquired a new position in shares of Phillips Edison & Company, Inc. during the first quarter valued at $32,465,000. Alyeska Investment Group L.P. grew its holdings in Phillips Edison & Company, Inc. by 42.1% during the first quarter. Alyeska Investment Group L.P. now owns 2,013,308 shares of the company's stock worth $73,466,000 after acquiring an additional 596,123 shares during the period. Millennium Management LLC grew its holdings in Phillips Edison & Company, Inc. by 129.2% during the first quarter. Millennium Management LLC now owns 855,138 shares of the company's stock worth $31,204,000 after acquiring an additional 482,057 shares during the period. Vanguard Group Inc. increased its stake in Phillips Edison & Company, Inc. by 2.1% in the 1st quarter. Vanguard Group Inc. now owns 19,720,204 shares of the company's stock worth $719,590,000 after purchasing an additional 397,862 shares in the last quarter. Finally, Adage Capital Partners GP L.L.C. increased its stake in Phillips Edison & Company, Inc. by 54.9% in the 1st quarter. Adage Capital Partners GP L.L.C. now owns 915,000 shares of the company's stock worth $33,388,000 after purchasing an additional 324,139 shares in the last quarter. 80.70% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

A number of brokerages have commented on PECO. LADENBURG THALM/SH SH began coverage on Phillips Edison & Company, Inc. in a research report on Tuesday, September 9th. They set a "buy" rating and a $40.00 price objective for the company. Mizuho reduced their price target on Phillips Edison & Company, Inc. from $38.00 to $37.00 and set an "outperform" rating for the company in a report on Thursday, July 17th. Wall Street Zen lowered Phillips Edison & Company, Inc. from a "hold" rating to a "sell" rating in a report on Saturday, September 13th. Finally, Barclays dropped their price target on Phillips Edison & Company, Inc. from $37.00 to $36.00 and set an "equal weight" rating on the stock in a research report on Wednesday, August 27th. Three equities research analysts have rated the stock with a Buy rating and three have given a Hold rating to the company's stock. Based on data from MarketBeat, Phillips Edison & Company, Inc. currently has a consensus rating of "Moderate Buy" and a consensus price target of $38.83.

Phillips Edison & Company, Inc. Stock Down 0.3%

NASDAQ PECO traded down $0.11 on Monday, reaching $34.99. The company had a trading volume of 619,616 shares, compared to its average volume of 750,442. The stock's 50 day moving average is $34.66 and its 200-day moving average is $35.07. The stock has a market cap of $4.39 billion, a price-to-earnings ratio of 63.62, a PEG ratio of 1.19 and a beta of 0.55. Phillips Edison & Company, Inc. has a 52 week low of $32.40 and a 52 week high of $40.12.

Phillips Edison & Company, Inc. (NASDAQ:PECO - Get Free Report) last posted its quarterly earnings data on Thursday, July 24th. The company reported $0.64 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.63 by $0.01. Phillips Edison & Company, Inc. had a return on equity of 2.64% and a net margin of 9.91%.The business had revenue of $173.47 million during the quarter, compared to the consensus estimate of $174.38 million. During the same period last year, the company earned $0.59 earnings per share. Phillips Edison & Company, Inc.'s quarterly revenue was up 10.1% on a year-over-year basis. Phillips Edison & Company, Inc. has set its FY 2025 guidance at 0.610-0.640 EPS. As a group, analysts forecast that Phillips Edison & Company, Inc. will post 2.55 EPS for the current year.

Phillips Edison & Company, Inc. Announces Dividend

The firm also recently announced a monthly dividend, which will be paid on Tuesday, November 4th. Investors of record on Wednesday, October 15th will be issued a dividend of $0.1083 per share. The ex-dividend date of this dividend is Wednesday, October 15th. This represents a c) dividend on an annualized basis and a dividend yield of 3.7%. Phillips Edison & Company, Inc.'s payout ratio is presently 236.36%.

Phillips Edison & Company, Inc. Profile

Phillips Edison & Co, Inc is a real estate investment trust, which engages in the ownership and operation of shopping centers. It also offers an investment management business providing property management and advisory services. Its portfolio consists of well-occupied, grocery-anchored neighborhood and community shopping centers having a mix of national, regional, and local retailers offering necessity-based goods and services.