Phillips Edison & Company, Inc. (NASDAQ:PECO) Reaches New 52-Week High - Time to Buy?
Phillips Edison & Company (NASDAQ:PECO) recently hit a new 52-week high of $38.93, with analysts maintaining a "Moderate Buy" rating and an average price target of $39.00. Despite missing quarterly EPS estimates ($0.38 vs. $0.66) to $187.86 million, the company reported an 8.6% year-over-year revenue increase and announced a monthly dividend of $0.1083, representing an annualized yield of about 3.3%. The high payout ratio of 146% raises questions about dividend sustainability, even as the stock shows bullish momentum with its current trading activity and institutional investor interest.
Does PECO’s 2026 NOI Outlook Reinforce the Bull Case For Necessity-Based Retail Centers?
Phillips Edison & Company (PECO) reported strong Q4/2025 and full-year results and issued 2026 guidance including a 3.8% Same-Center NOI growth, aligning with its long-term goals for necessity-based retail centers. This outlook reinforces the company’s investment narrative around stable cash flows from grocery-anchored strip centers, although concerns about concentration risk in this sector persist. Simply Wall St's fair value estimate for PECO is US$40.38, suggesting a 7% upside.
A Look At Phillips Edison (PECO) Valuation After New Dividend Plan And 2026 Growth Guidance
Phillips Edison (PECO) has announced monthly dividends of $0.1083 per share through June 2026, alongside its 2025 results and updated guidance. The stock has seen positive momentum with 6.7% and 9.8% returns over 30 and 90 days, respectively, and an 8.25% one-year total shareholder return. While Simply Wall St suggests a fair value of $40.38, indicating it's "undervalued" at its current price of $38.20, its P/E ratio of 43.2x is considerably higher than the industry average of 28x, prompting a debate on whether the market is overpaying for anticipated growth.
Phillips Edison & Company, Inc. (NASDAQ:PECO) Sees Large Growth in Short Interest
Phillips Edison & Company, Inc. (NASDAQ:PECO) experienced a 35.7% increase in short interest during January, reaching over 3.4 million shares by January 30th, representing about 2.9% of its float. The company reported mixed quarterly results, with EPS missing estimates but revenue exceeding them, and declared a monthly dividend of $0.1083. Analysts have issued varied ratings, with a consensus of "Moderate Buy" and an average target price of $39.38.
Public Sector Pension Investment Board Acquires 62,477 Shares of Phillips Edison & Company, Inc. $PECO
The Public Sector Pension Investment Board increased its stake in Phillips Edison & Company, Inc. (NASDAQ:PECO) by 14.6%, purchasing an additional 62,477 shares to bring its total holding to 489,959 shares valued at $16.82 million. Despite missing quarterly EPS estimates, the REIT saw an 8.6% rise in revenue and plans a monthly dividend of $0.1083, though it has a high payout ratio. Analysts currently rate PECO as a "Moderate Buy" with an average price target of $39.38.
Analysts Conflicted on These Real Estate Names: W. P. Carey Inc. (WPC), Phillips Edison & Company (PECO) and Dexus (OtherDEXSF)
The article summarizes recent analyst ratings for three real estate companies: W. P. Carey Inc. (WPC), Phillips Edison & Company (PECO), and Dexus (DEXSF). Wells Fargo maintained a Buy rating for WPC, while UBS maintained Hold ratings for PECO and Dexus. The consensus for WPC is Hold, while PECO has a Moderate Buy, and Dexus a Hold.
Phillips Edison & Company Declares Monthly Dividends
Phillips Edison & Company (PECO) announced monthly dividend distributions of $0.1083 per share for April, May, and June 2026. PECO is a major owner and operator of grocery-anchored neighborhood shopping centers across 31 states. The company manages 324 shopping centers, including 297 wholly-owned properties.
Shopping-center owner Phillips Edison sets $0.1083 monthly payouts for spring
Phillips Edison & Company (PECO) has announced monthly common-stock dividends of $0.1083 per share for April, May, and June 2026. The dividends will be payable on April 1, May 1, and June 2, 2026, to stockholders of record on specific dates in March, April, and May 2026. Operating partnership unit holders will also receive distributions at the same rate.
Phillips Edison & Company, Inc. SEC 10-K Report
Phillips Edison & Company, Inc. (PECO) has released its 2025 10-K report, showcasing robust financial performance with significant increases in total revenues, net income, and FFO. The report highlights the company's strategic focus on grocery-anchored shopping centers, high occupancy rates, and active development projects. PECO also details its corporate responsibility initiatives, leadership team, and future growth plans, while acknowledging challenges such as e-commerce impact, competition, and interest rate fluctuations.
Phillips Edison & Company, Inc. (NASDAQ:PECO) Q4 2025 Earnings Call Transcript
Phillips Edison & Company (PECO) reported strong Q4 2025 results, with NAREIT FFO per share growth of 7.2% and core FFO per share growth of 7%, driven by resilient consumer demand for necessity-based retail. The company's management expressed confidence in meeting its 2026 acquisition guidance of $400 million to $500 million, targeting unlevered IRRs of 9% for grocery-anchored acquisitions and over 10% for Everyday Retail centers. PECO also plans to continue its disciplined capital allocation, including strategic dispositions and careful consideration of share buybacks, while maintaining a strong balance sheet and liquidity position.
Phillips Edison & Co. price target raised to $42 by Ladenburg Thalmann
Ladenburg Thalmann has increased its price target for Phillips Edison & Co. (NASDAQ:PECO) to $42.00 from $40.00, reiterating a Buy rating. This adjustment follows the grocery-anchored REIT's strong fourth-quarter performance, which exceeded analyst estimates for FFO and Core FFO, and its consistent dividend growth over the past six years. The firm raised its 2026 and 2027 Core FFO estimates, projecting solid growth of 4.8% for 2026.
A Look At Phillips Edison (PECO) Valuation After Strong 2025 Results And Upbeat 2026 Guidance
Phillips Edison (PECO) recently released strong Q4 and full-year 2025 results, along with optimistic 2026 guidance, highlighting its potential for revenue and earnings growth. The stock is currently trading at a small discount to analyst targets and a larger gap to some intrinsic value estimates, suggesting a possible buying opportunity. However, its P/E ratio is above the industry average, which could indicate that some of the future growth is already priced in.
Thrivent Financial for Lutherans Purchases 37,297 Shares of Phillips Edison & Company, Inc. $PECO
Thrivent Financial for Lutherans increased its stake in Phillips Edison & Company (NASDAQ:PECO) by 33.4% in the third quarter, now owning 148,979 shares valued at $5.11 million. Despite the company missing Q4 GAAP EPS estimates and issuing lower-than-expected FY 2026 guidance, its FFO matched expectations, and revenue grew 8.6%. Analysts maintain a "Moderate Buy" rating with an average price target of $39.38, highlighting the stock's dividend appeal.
Phillips Edison & Company Q4 2025 Earnings Call Highlights
Phillips Edison & Company reported robust financial performance in Q4 2025, with increases in FFO per share and same-center NOI, alongside strong leasing activity and high portfolio occupancy. The company also outlined plans for significant acquisitions in 2026, backed by substantial liquidity, and provided an optimistic future outlook for FFO per share and NOI growth. Wall Street analysts generally have a positive outlook for PECO stock, with an average 1-year price target indicating potential upside.
Phillips Edison (PECO) Q3 Steady FFO Profile Tests Bulls’ High Multiple Narrative
Phillips Edison (PECO) reported steady Q3 2025 results with revenue of US$182.7 million and FFO of US$89.3 million, which challenges the bullish narrative given its high 57.6x P/E ratio and weak interest coverage. While FFO and net margins show improvement, the significant difference between accounting earnings and cash flow, coupled with these valuation concerns, prompts caution for investors. The company's stock trades below its DCF fair value, creating tension between potential upside from earnings growth and risks highlighted by its high P/E and financing issues.
Phillips Edison Co earnings beat by $0.23, revenue topped estimates
Phillips Edison Co (PECO) reported better-than-expected earnings and revenue for the fourth quarter. The company's EPS of $0.38 surpassed analyst estimates by $0.23, while revenue of $187.86M also topped consensus. PECO's stock has shown positive performance over the last three and twelve months, and its financial health is rated as "good performance" by InvestingPro.
Phillips Edison & Co stock hits 52-week high at 37.69 USD
Phillips Edison & Co (PECO) stock reached a 52-week high of $37.69, having increased 2.95% over the past year, indicating steady performance and investor confidence. The company also recently announced a joint venture to acquire Springs Plaza and received an Outperform rating from Evercore ISI, with a price target of $41.00, suggesting positive growth prospects in the retail property sector. KeyBanc maintained a Sector Weight rating, noting updated fiscal year 2025 guidance.
Is Evercore’s New View on Phillips Edison (PECO) Reframing the Necessity-Retail Investment Story?
Evercore ISI has initiated coverage on Phillips Edison & Company (PECO) with an Outperform rating, highlighting its focus on grocery-anchored shopping centers and necessity-based tenants. While this provides a sentiment boost, Simply Wall St notes that the company's high earnings multiple and interest coverage concerns suggest that execution and balance sheet discipline remain more critical than the new report. The article recommends investors consider various viewpoints, including PECO's potential undervaluation, and offers resources for further research into its financial health and risk factors.
Phillips Edison & Company, Inc. (NASDAQ:PECO) Posts Quarterly Earnings Results, Misses Expectations By $0.27 EPS
Phillips Edison & Company, Inc. (NASDAQ:PECO) reported quarterly earnings of $0.38 per share, missing analysts' consensus estimates of $0.66 by $0.28. Despite the earnings miss, the company's revenue of $187.86 million exceeded expectations and grew 8.6% year-over-year. Phillips Edison & Company also updated its full-year 2026 EPS guidance to $0.740-$0.770.
Phillips Edison & Company Reports Fourth Quarter and Full Year 2025 Results
Phillips Edison & Company (PECO) has announced strong financial and operating results for the fourth quarter and full year 2025, including significant growth in Nareit FFO per share and Core FFO per share. The company also reported high occupancy rates, positive rent spreads from new and renewal leases, and substantial acquisition and disposition activities. PECO provided optimistic guidance for 2026, anticipating continued growth in net income, Nareit FFO, Core FFO, and same-center NOI.
Earnings Flash (PECO) Phillips Edison & Co. Posts Q4 Core FFO $0.66, vs. FactSet Est of $0.65
Phillips Edison & Co. (PECO) announced its Q4 Core FFO of $0.66, surpassing the FactSet estimate of $0.65. The company also reported Q4 revenue of $187.9 million, exceeding the FactSet estimate of $167.6 million, and provided 2026 Core FFO guidance in the range of $2.71-$2.77. Phillips Edison & Company, Inc. is a real estate investment trust specializing in grocery-anchored neighborhood shopping centers.
Phillips Edison & Co stock hits 52-week high at 37.69 USD
Phillips Edison & Co (PECO) stock recently hit a 52-week high of $37.69, reflecting a 2.95% increase over the past year and indicating strong investor confidence. The company also announced a fourth joint venture with Cohen & Steers Income Opportunities REIT to acquire Springs Plaza, expanding its portfolio of grocery-anchored shopping centers. Analysts at Evercore ISI initiated coverage with an Outperform rating and a $41 price target, while KeyBanc maintained a Sector Weight rating, both signaling a positive outlook for the retail property sector.
Is Evercore’s New View on Phillips Edison (PECO) Reframing the Necessity-Retail Investment Story?
Evercore ISI has initiated coverage on Phillips Edison (PECO) with an Outperform rating, highlighting its focus on grocery-anchored shopping centers and necessity-based tenants. This positive coverage reinforces Phillips Edison's existing investment narrative of stability and consistent dividends, but the article suggests that execution and balance sheet discipline remain more significant factors for the company's performance than this new report alone, especially given its elevated earnings multiple and interest coverage concerns. Investors are encouraged to consider various viewpoints and their own risk tolerance before making investment decisions.
The Truth About Phillips Edison & Co: Is This Quiet Stock the Next Shopping Center Money Machine?
Phillips Edison & Co (PECO) focuses on owning and managing grocery-anchored neighborhood shopping centers, which are considered stable due to essential services. While not a "hype" or "meme" stock, it's gaining attention from long-term investors for its cash-flow generation and dividend potential. The article explores PECO's business model, stock performance, and dividend appeal, positioning it as a potentially strong, albeit quiet, investment for income-focused portfolios.
Evercore ISI Highlights Necessity-Based Tenants as Key Strength for Phillips Edison & Company, Inc. (PECO)
Evercore ISI initiated coverage on Phillips Edison & Company, Inc. (PECO) with an Outperform rating and a $41 price target, commending its focus on grocery-anchored shopping centers and necessity-based tenants for economic resilience. PECO boasts 98% portfolio occupancy and anticipates a 26% increase in portfolio income over five years due to strong demographics in its markets. The company, a major owner and operator of grocery-anchored shopping centers in the U.S., is seen by Evercore as well-positioned for growth.
Evercore ISI Highlights Necessity-Based Tenants as Key Strength for Phillips Edison & Company, Inc. (PECO)
Evercore ISI initiated coverage on Phillips Edison & Company, Inc. (PECO) with an Outperform rating and a $41 price target, citing its focus on grocery-anchored shopping centers and necessity-based tenants as key strengths that perform well across economic cycles. The company boasts 98% portfolio occupancy and strategic locations in markets with above-average household income and population growth, supporting continued rent growth and value creation. Management emphasizes their extensive experience and strong tenant relationships within the grocery-anchored retail space.
Phillips Edison & Company, Inc. (PECO) to Release Earnings on Thursday
Phillips Edison & Company, Inc. (PECO) is expected to release its Q4 2025 earnings after market close on Thursday, February 5th, with analysts forecasting EPS of $0.65 and revenue of $183.18 million. The company recently declared a monthly dividend of $0.1083 per share, yielding approximately 3.7%, but has a high payout ratio of 196.97%. PECO shares are trading around $35.19, and analysts have an average "Hold" rating with a consensus target price of $38.86.
Phillips Edison & Company Announces Tax Reporting Information for 2025 Distributions
Phillips Edison & Company (PECO), a major owner and operator of grocery-anchored shopping centers, has released its tax reporting information for common stock distributions made in 2025. The announcement details the per-share breakdown of distributions, including ordinary dividends and return of capital, as they will be reported on Form 1099-DIV. This information is crucial for shareholders preparing their tax filings, providing clear figures for each record and payable date throughout the year.
The Bull Case For Phillips Edison (PECO) Could Change Following Evercore Upgrade And Q3 Beat - Learn Why
Evercore ISI initiated coverage on Phillips Edison & Co. (PECO) with an Outperform rating, coinciding with the company reporting Q3 2025 results that surpassed analyst expectations and entering a joint venture to acquire Springs Plaza. These positive developments highlight how Phillips Edison's strategy of focusing on necessity-based, grocery-anchored shopping centers is driving its current business momentum. The article reinforces that despite the strong performance, investors should be aware of a concentration risk within its grocery-anchored center portfolio.
Phillips Edison & Company, Inc. (NASDAQ:PECO) Coverage Initiated at Evercore ISI
Evercore ISI has initiated coverage on Phillips Edison & Company, Inc. (PECO) with an "Outperform" rating and a $41 price target, suggesting a 17% potential upside. Despite a recent earnings per share miss, the company's revenue increased by 10.4% year-over-year. Analyst sentiment for PECO is mixed, with a consensus "Hold" rating and an average price target of $38.86.
Phillips Edison: A Defensive Grocery-Anchored REIT (Rating Upgrade) (NASDAQ:PECO)
Phillips Edison & Company, Inc. (PECO) is a grocery-anchored shopping center REIT that offers a defensive investment opportunity with an attractive monthly dividend. The author believes PECO's stable operations and growing FFO, as highlighted in recent results, make it a compelling buy, particularly given current market valuations. Shares are considered an attractive hedge against potential market volatility.
Assessing Phillips Edison (PECO) Valuation As Mixed Recent Returns Meet Premium P/E Multiple
Phillips Edison (PECO) is currently trading around $35.20, showing mixed returns recently but a 10.2% undervaluation based on a narrative fair value of $39.18. Despite this, its high P/E ratio of 54x significantly exceeds the industry average of 27.4x, suggesting a risk of overvaluation if earnings growth does not meet high expectations. The article advises investors to consider these contrasting valuation signals and conduct further personalized analysis.
Assessing Phillips Edison (PECO) Valuation As Mixed Recent Returns Meet Premium P/E Multiple
Phillips Edison (PECO) is currently trading around $35.20, showing mixed recent returns but a 10.2% undervaluation according to a narrative fair value of $39.18. However, its high P/E ratio of 54x, significantly above the industry average, suggests it may be priced for perfection or carry valuation risk if earnings don't meet elevated expectations. The article encourages investors to consider these contrasting views to determine if the stock presents a genuine opportunity.
Phillips Edison & Company Inc. Invites You to Join Its Fourth Quarter and Full Year 2025 Earnings Conference Call
Phillips Edison & Company Inc. (PECO) will announce its Fourth Quarter and Full Year 2025 earnings results on Thursday, February 5, 2026, after market close. The company will host an earnings conference call and webcast on Friday, February 6, 2026, at 12:00 p.m. ET. The call will feature Chairman and CEO Jeff Edison, President Bob Myers, and CFO John Caulfield.
Phillips Edison & Company, Inc. to Announce Fourth Quarter 2025 Earnings on February 5, 2026
Phillips Edison & Company (PECO) will release its Fourth Quarter 2025 earnings on February 5, 2026, after market close, with a conference call scheduled for February 6, 2026, at 12:00 p.m. ET. The company, a major owner and operator of grocery-anchored shopping centers, will make the earnings report and supplemental information available on its Investor Relations website. Key executives will host the conference call, which will also be webcasted.
Evercore ISI initiates Phillips Edison stock with Outperform rating
Evercore ISI has initiated coverage on Phillips Edison & Co. (PECO) with an Outperform rating and a $41 price target, citing the REIT's grocery-anchored properties, strong leasing, and growth potential. The firm projects above-average FFO growth for PECO, with estimates slightly exceeding consensus, and highlighted the company's consistent dividend increases. Recent strong Q3 2025 results and a new joint venture further underpin the positive outlook.
The Truth About Phillips Edison & Co (PECO): The ‘Boring’ Stock Gen Z Might Be Sleeping On
This article champions Phillips Edison & Company (PECO) as a stable, income-generating investment focusing on grocery-anchored shopping centers, contrasting it with volatile meme coins and AI stocks. It highlights PECO's appeal to dividend-focused investors seeking steady returns and portfolio balance, despite its "boring" image compared to high-growth tech plays. The piece advises on the company's stability over spectacle, its dividend payouts as a REIT, and the inherent risks of retail real estate.
Barclays Raises PECO Target Following Updated Estimates
Barclays increased its price target on Phillips Edison & Company, Inc. (NASDAQ: PECO) to $42 from $40, maintaining an Equal Weight rating. This adjustment follows updated estimates after PECO's recent investor presentation, highlighting strong demographics around its grocery-anchored shopping centers, steady rent growth potential, and robust free cash flow and EBITDA growth. The company anticipates a 26% portfolio income increase over the next five years and plans continued expansion of its nearly 300-property nationwide portfolio.
What Phillips Edison (PECO)'s Springs Plaza JV Acquisition Means For Shareholders
Phillips Edison (PECO) recently acquired Springs Plaza, a grocery-anchored center in Bonita Springs, Florida, through a joint venture, reinforcing its focus on necessity-based retail. This acquisition aligns with the company's investment narrative of income growth through disciplined acquisitions and high occupancy in grocery-anchored centers. While the deal fits PECO's thesis, the primary near-term focus for investors remains the continued strength in rent and occupancy, along with the potential risk of sector concentration.
What Phillips Edison (PECO)'s Springs Plaza JV Acquisition Means For Shareholders
Phillips Edison & Company (PECO) recently acquired Springs Plaza through a programmatic joint venture, deepening its focus on necessity-based, grocery-anchored retail. This acquisition aligns with PECO's investment strategy of growing income through disciplined acquisitions and high occupancy, reinforcing its confidence in the cash flow from such centers. While the deal fits PECO's thesis, its heavy reliance on grocery anchors could present future headwinds despite a recent dividend increase.
A Look at Phillips Edison (PECO) Valuation After the Springs Plaza Joint Venture Acquisition
Phillips Edison (PECO) is back in focus following its acquisition of Springs Plaza. The company's valuation is explored, with Simply Wall St's narrative suggesting it is 8% undervalued with a fair value of $39.18, based on strategic acquisitions and low leverage. However, a contrasting view highlights its high current P/E ratio of 55.3 times compared to the industry average, pointing to potential downside risk.
A Look at Phillips Edison (PECO) Valuation After the Springs Plaza Joint Venture Acquisition
Phillips Edison (PECO) recently acquired Springs Plaza, a 195,000 square foot center, solidifying its focus on high-growth, necessity retail markets. The company's shares are currently trading at a discount to analyst targets, with a fair value estimated at $39.18, suggesting it is undervalued. However, its P/E ratio of 55.3x is significantly higher than the US Retail REITs average, indicating potential downside risk if market sentiment shifts.
Phillips Edison & Co. (PECO) News Today: Rising Dividend Yield Signals
Phillips Edison & Co. (PECO), a leading REIT focusing on grocery-anchored shopping centers, is attracting investor interest due to its increasing dividend yield, currently at 3.4%. The company's stable real estate portfolio and operational resilience contribute to its appeal for income-focused investors. With a current stock price of $36.28 and a positive growth trend, PECO is poised for continued stability and shareholder value enhancement.
Phillips Edison (NASDAQ: PECO) lifts 2025 guidance and sets 2026 outlook
Phillips Edison & Company, Inc. (NASDAQ: PECO) has revised its full-year 2025 outlook upwards, projecting net income per share to increase to $0.80–$0.81 from $0.62–$0.65, and provided initial 2026 guidance. For 2026, the company expects net income per share between $0.74–$0.77, along with Nareit FFO per share of $2.65–$2.71 and Core FFO per share of $2.71–$2.77. The company's updated outlook reflects a positive stance on its future financial performance, maintaining ambitious growth and acquisition targets for both years.
Phillips Edison & Company Updates 2025 and Announces 2026 Guidance
Phillips Edison & Company has updated its 2025 guidance and provided preliminary 2026 guidance. Key updates include an increased 2025 net income per share projection of $0.80-$0.81 and a 2026 projection of $0.74-$0.77. The company also adjusted its expected acquisitions for 2025 to around $400M and projected 2026 acquisitions between $400M-$500M.
Phillips Edison projects FY25 EPS of $0.80 to $0.81
Phillips Edison & Company, Inc. has projected its earnings per share (EPS) for fiscal year 2025 to be between $0.80 and $0.81. The company, a real estate investment trust specializing in grocery-anchored neighborhood shopping centers, also published this guidance on December 17, 2025, at 08:56 am EST. This news is accompanied by a host of recent company updates including acquisitions, dividend declarations, and previous earnings reports.
Is Phillips Edison (PECO) Using Grocery-Anchored JVs to Quietly Redefine Its Core Strategy?
Phillips Edison & Company (PECO) recently acquired Springs Plaza, a grocery-anchored center, through a joint venture, reinforcing its focus on necessity-based retail. This acquisition, alongside a recent dividend increase, aligns with the company's strategy for long-term cash flow growth. While the company's narrative projects significant revenue and earnings growth, investors should consider the potential risks from accelerating e-commerce and digital grocery trends.
Is Phillips Edison (PECO) Using Grocery-Anchored JVs to Quietly Redefine Its Core Strategy?
Phillips Edison & Company (PECO) recently made another joint venture acquisition of a grocery-anchored retail center, Springs Plaza, in Florida, through its partnership with Cohen & Steers Income Opportunities REIT. This acquisition reinforces PECO's strategy of focusing on necessity-based retail in growing coastal markets. While such joint ventures support long-term cash flow, investors should consider the ongoing risks from e-commerce growth.
Is Phillips Edison (PECO) Using Grocery-Anchored JVs to Quietly Redefine Its Core Strategy?
Phillips Edison & Company (PECO) recently acquired Springs Plaza, a 99% occupied grocery-anchored center, through a joint venture, reinforcing its focus on necessity-based retail. This move, alongside a recent dividend increase, aligns with PECO's long-term strategy to support cash flow, although challenges from accelerating e-commerce trends remain. The company projects significant revenue and earnings growth by 2028, with current valuations suggesting a 12% upside.
Engineers Gate Manager LP Takes $32.70 Million Position in Phillips Edison & Company, Inc. $PECO
Engineers Gate Manager LP has acquired a new position in Phillips Edison & Company, Inc. (NASDAQ:PECO) totaling 933,339 shares worth $32.7 million in the second quarter, representing 0.74% ownership. Despite missing EPS expectations, PECO's revenue rose, and the company announced a monthly dividend with a 3.7% yield. Analyst coverage is generally cautious, with a "Hold" rating and a consensus price target of $38.33.
