Allspring Global Investments Holdings LLC Sells 424 Shares of Phillips Edison & Company, Inc. (NASDAQ:PECO)

Allspring Global Investments Holdings LLC lessened its position in shares of Phillips Edison & Company, Inc. (NASDAQ:PECO) by 6.5% during the second quarter, HoldingsChannel.com reports. The fund owned 6,127 shares of the company’s stock after selling 424 shares during the period. Allspring Global Investments Holdings LLC’s holdings in Phillips Edison & Company, Inc. were worth $209,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also bought and sold shares of the company. Vanguard Group Inc. increased its holdings in Phillips Edison & Company, Inc. by 0.7% during the 3rd quarter. Vanguard Group Inc. now owns 16,901,198 shares of the company’s stock worth $474,079,000 after acquiring an additional 125,181 shares during the period. Wellington Management Group LLP grew its stake in Phillips Edison & Company, Inc. by 313.4% in 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. BlackRock Inc. grew its stake in Phillips Edison & Company, Inc. by 443.8% in the 1st quarter. BlackRock Inc. now owns 7,310,113 shares of the company’s stock worth $251,393,000 after buying an additional 5,965,943 shares in the last quarter. State Street Corp grew its stake in Phillips Edison & Company, Inc. by 3.3% in the 1st quarter. State Street Corp now owns 4,795,535 shares of the company’s stock worth $156,855,000 after buying an additional 151,796 shares in the last quarter. Finally, Geode Capital Management LLC grew its stake in Phillips Edison & Company, Inc. by 4.1% in the 1st quarter. Geode Capital Management LLC now owns 2,525,064 shares of the company’s stock worth $82,368,000 after buying an additional 99,756 shares in the last quarter. Institutional investors own 83.48% of the company’s stock.

Phillips Edison & Company, Inc. Stock Performance

Shares of Phillips Edison & Company, Inc. stock opened at $33.58 on Monday. The stock has a market capitalization of $4.02 billion, a price-to-earnings ratio of 71.45, a price-to-earnings-growth ratio of 3.18 and a beta of 0.64. The company has a fifty day moving average of $34.14 and a 200-day moving average of $33.29. Phillips Edison & Company, Inc. has a 52-week low of $27.85 and a 52-week high of $36.46.

Phillips Edison & Company, Inc. Increases Dividend

The company also recently declared a monthly dividend, which will be paid on Tuesday, January 2nd. Shareholders of record on Friday, December 15th will be given a dividend of $0.0975 per share. The ex-dividend date is Thursday, December 14th. This represents a $1.17 annualized dividend and a yield of 3.48%. This is a boost from Phillips Edison & Company, Inc.’s previous monthly dividend of $0.10. Phillips Edison & Company, Inc.’s dividend payout ratio is presently 248.94%.

Wall Street Analysts Forecast Growth

PECO has been the subject of a number of research reports. The Goldman Sachs Group boosted their price target on shares of Phillips Edison & Company, Inc. from $39.00 to $44.00 and gave the stock a “buy” rating in a research note on Tuesday, August 8th. Compass Point boosted their price target on shares of Phillips Edison & Company, Inc. from $32.00 to $36.00 in a research note on Thursday, August 3rd. Mizuho boosted their price target on shares of Phillips Edison & Company, Inc. from $35.00 to $36.00 and gave the stock a “neutral” rating in a research note on Monday, September 18th. Finally, Wells Fargo & Company cut shares of Phillips Edison & Company, Inc. from an “equal weight” rating to an “underweight” rating and set a $35.00 price target for the company. in a research note on Wednesday, September 20th. One research analyst has rated the stock with a sell rating, two have assigned a hold rating and two have assigned a buy rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus price target of $37.75.

Phillips Edison & Company, Inc. Company Profile

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.