Corebridge Financial Inc. Decreases Stock Holdings in Phillips Edison & Company, Inc. (NASDAQ:PECO)

Corebridge Financial Inc. reduced its stake in shares of Phillips Edison & Company, Inc. (NASDAQ:PECO) by 7.2% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 65,370 shares of the company’s stock after selling 5,100 shares during the quarter. Corebridge Financial Inc. owned 0.05% of Phillips Edison & Company, Inc. worth $2,449,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds also recently added to or reduced their stakes in PECO. Legacy Investment Solutions LLC acquired a new stake in shares of Phillips Edison & Company, Inc. in the 3rd quarter worth approximately $36,000. Allworth Financial LP boosted its position in Phillips Edison & Company, Inc. by 94.6% during the fourth quarter. Allworth Financial LP now owns 1,621 shares of the company’s stock worth $58,000 after purchasing an additional 788 shares in the last quarter. Blue Trust Inc. grew its holdings in Phillips Edison & Company, Inc. by 24.9% in the fourth quarter. Blue Trust Inc. now owns 3,023 shares of the company’s stock valued at $113,000 after purchasing an additional 603 shares during the last quarter. Eukles Asset Management purchased a new position in shares of Phillips Edison & Company, Inc. in the fourth quarter valued at $156,000. Finally, KBC Group NV raised its stake in shares of Phillips Edison & Company, Inc. by 13.4% during the 4th quarter. KBC Group NV now owns 4,424 shares of the company’s stock worth $166,000 after buying an additional 522 shares during the last quarter. 80.70% of the stock is owned by hedge funds and other institutional investors.

Phillips Edison & Company, Inc. Stock Performance

PECO stock opened at $36.86 on Wednesday. The company has a 50 day moving average price of $36.12 and a two-hundred day moving average price of $37.23. The stock has a market capitalization of $4.61 billion, a P/E ratio of 73.72, a PEG ratio of 1.70 and a beta of 0.57. Phillips Edison & Company, Inc. has a one year low of $30.62 and a one year high of $40.12.

Phillips Edison & Company, Inc. (NASDAQ:PECO) last released its earnings results on Thursday, February 6th. The company reported $0.62 EPS for the quarter, beating the consensus estimate of $0.12 by $0.50. Phillips Edison & Company, Inc. had a return on equity of 2.40% and a net margin of 9.48%. Research analysts forecast 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 announced a monthly dividend, which will be paid on Thursday, May 1st. Investors of record on Tuesday, April 15th will be given a $0.1025 dividend. The ex-dividend date of this dividend is Tuesday, April 15th. This represents a $1.23 annualized dividend and a dividend yield of 3.34%. Phillips Edison & Company, Inc.’s dividend payout ratio is presently 246.00%.

Analysts Set New Price Targets

A number of equities research analysts recently commented on the stock. Wells Fargo & Company lowered their price objective on shares of Phillips Edison & Company, Inc. from $37.00 to $36.00 and set an “equal weight” rating on the stock in a research note on Wednesday, March 26th. Mizuho dropped their price objective on shares of Phillips Edison & Company, Inc. from $41.00 to $38.00 and set an “outperform” rating for the company in a research note on Tuesday, February 25th. Finally, JPMorgan Chase & Co. reduced their target price on Phillips Edison & Company, Inc. from $41.00 to $40.00 and set a “neutral” rating on the stock in a research note on Tuesday, January 7th. Three analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $38.83.

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.