Vestcor Inc Purchases Shares of 20,680 Phillips Edison & Company, Inc. (NASDAQ:PECO)

Key Points

• Vestcor Inc has acquired a new stake in Phillips Edison & Company, purchasing 20,680 shares valued at approximately $755,000 during the 1st quarter of 2023.
• Several institutional investors have also increased their positions in Phillips Edison & Company, with institutional ownership reaching 80.70% of the company's stock.
• Phillips Edison & Company reported a quarterly earnings per share of $0.64, slightly beating estimates, and recently declared a dividend of $0.1025 per share for stockholders.

Vestcor Inc bought a new position in shares of Phillips Edison & Company, Inc. (NASDAQ:PECO - Free Report) in the first quarter, according to the company in its most recent filing with the SEC. The institutional investor bought 20,680 shares of the company's stock, valued at approximately $755,000.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Crossmark Global Holdings Inc. bought a new stake in shares of Phillips Edison & Company, Inc. in the first quarter worth $242,000. Teacher Retirement System of Texas boosted its stake in Phillips Edison & Company, Inc. by 11.8% in the 1st quarter. Teacher Retirement System of Texas now owns 36,284 shares of the company's stock worth $1,324,000 after purchasing an additional 3,841 shares during the period. Principal Financial Group Inc. grew its holdings in shares of Phillips Edison & Company, Inc. by 4.7% during the first quarter. Principal Financial Group Inc. now owns 623,420 shares of the company's stock worth $22,749,000 after purchasing an additional 28,255 shares in the last quarter. Janney Montgomery Scott LLC bought a new stake in shares of Phillips Edison & Company, Inc. in the 1st quarter worth approximately $1,002,000. Finally, Vert Asset Management LLC purchased a new position in shares of Phillips Edison & Company, Inc. in the first quarter valued at about $1,972,000. Institutional investors and hedge funds own 80.70% of the company's stock.

Phillips Edison & Company, Inc. Stock Performance

Shares of NASDAQ PECO traded up $0.31 during trading on Tuesday, hitting $34.02. 1,132,728 shares of the company were exchanged, compared to its average volume of 880,069. The company has a fifty day moving average price of $35.02 and a 200-day moving average price of $35.49. The firm has a market capitalization of $4.27 billion, a PE ratio of 61.85, a P/E/G ratio of 1.15 and a beta of 0.54. Phillips Edison & Company, Inc. has a 12-month low of $32.40 and a 12-month high of $40.12.

Phillips Edison & Company, Inc. (NASDAQ:PECO - Get Free Report) last released its quarterly earnings data on Thursday, July 24th. The company reported $0.64 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.63 by $0.01. The business had revenue of $173.47 million during the quarter, compared to analysts' expectations of $174.38 million. Phillips Edison & Company, Inc. had a return on equity of 2.64% and a net margin of 9.91%. The business's quarterly revenue was up 10.1% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.59 EPS. Research analysts anticipate that Phillips Edison & Company, Inc. will post 2.55 earnings per share for the current fiscal year.

Phillips Edison & Company, Inc. Announces Dividend

The business also recently disclosed a dividend, which was paid on Tuesday, July 1st. Shareholders of record on Tuesday, June 17th were given a $0.1025 dividend. The ex-dividend date of this dividend was Monday, June 16th. This represents a yield of 350.0%. Phillips Edison & Company, Inc.'s dividend payout ratio (DPR) is 223.64%.

Analyst Ratings Changes

Several equities analysts have recently weighed in on the company. Wall Street Zen downgraded Phillips Edison & Company, Inc. from a "hold" rating to a "sell" rating in a report on Saturday, July 26th. Mizuho decreased their price objective on Phillips Edison & Company, Inc. from $38.00 to $37.00 and set an "outperform" rating on the stock in a research note on Thursday, July 17th. Finally, Barclays started coverage on shares of Phillips Edison & Company, Inc. in a research report on Wednesday, July 2nd. They set an "equal weight" rating and a $37.00 price objective on the stock. One investment analyst has rated the stock with a sell rating, four have assigned a hold rating and two have issued a buy rating to the stock. According to MarketBeat, the company has an average rating of "Hold" and a consensus target price of $38.50.

Phillips Edison & Company, Inc. Company 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.