Plymouth Industrial REIT, Inc. (NYSE:PLYM) Plans Quarterly Dividend of $0.24

Plymouth Industrial REIT, Inc. (NYSE:PLYM) declared a quarterly dividend on Monday, June 16th, RTT News reports. Stockholders of record on Monday, June 30th will be paid a dividend of 0.24 per share on Thursday, July 31st. This represents a $0.96 annualized dividend and a dividend yield of 5.92%.

Plymouth Industrial REIT has a dividend payout ratio of 1,285.7% meaning the company cannot currently cover its dividend with earnings alone and is relying on its balance sheet to cover its dividend payments. Equities research analysts expect Plymouth Industrial REIT to earn $1.95 per share next year, which means the company should continue to be able to cover its $0.90 annual dividend with an expected future payout ratio of 46.2%.

Plymouth Industrial REIT Price Performance

Shares of NYSE:PLYM traded up $0.11 during mid-day trading on Tuesday, reaching $16.22. The stock had a trading volume of 65,737 shares, compared to its average volume of 326,393. The company has a current ratio of 0.12, a quick ratio of 0.12 and a debt-to-equity ratio of 1.42. The company has a market cap of $738.56 million, a P/E ratio of 811.55 and a beta of 1.12. Plymouth Industrial REIT has a 1 year low of $12.70 and a 1 year high of $24.71. The business’s 50 day moving average price is $15.52 and its 200 day moving average price is $16.53.

Plymouth Industrial REIT (NYSE:PLYM) last issued its quarterly earnings data on Thursday, May 1st. The company reported $0.44 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.45 by ($0.01). Plymouth Industrial REIT had a net margin of 0.46% and a return on equity of 0.20%. The company had revenue of $45.57 million for the quarter, compared to analysts’ expectations of $47.69 million. Research analysts expect that Plymouth Industrial REIT will post 1.83 EPS for the current fiscal year.

Institutional Trading of Plymouth Industrial REIT

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its stake in shares of Plymouth Industrial REIT by 4.3% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 23,804 shares of the company’s stock valued at $388,000 after buying an additional 982 shares during the last quarter. Jane Street Group LLC purchased a new position in shares of Plymouth Industrial REIT in the 1st quarter valued at about $460,000. Finally, Focus Partners Wealth increased its stake in shares of Plymouth Industrial REIT by 213.1% in the 1st quarter. Focus Partners Wealth now owns 55,075 shares of the company’s stock valued at $898,000 after purchasing an additional 37,484 shares in the last quarter. Institutional investors and hedge funds own 92.67% of the company’s stock.

Analysts Set New Price Targets

Several research analysts recently issued reports on the company. Truist Financial dropped their price objective on Plymouth Industrial REIT from $20.00 to $18.00 and set a “hold” rating on the stock in a research note on Monday, March 24th. Robert W. Baird dropped their target price on Plymouth Industrial REIT from $20.00 to $19.00 and set an “outperform” rating on the stock in a research report on Thursday, May 8th. Barclays dropped their target price on Plymouth Industrial REIT from $22.00 to $18.00 and set an “equal weight” rating on the stock in a research report on Monday, March 31st. Wedbush set a $17.00 target price on Plymouth Industrial REIT in a research report on Friday, February 28th. Finally, Wall Street Zen cut Plymouth Industrial REIT from a “hold” rating to a “sell” rating in a research report on Saturday. Two research analysts have rated the stock with a sell rating, five have given a hold rating and four have issued a buy rating to the company. According to MarketBeat, the company presently has a consensus rating of “Hold” and a consensus price target of $21.10.

About Plymouth Industrial REIT

Plymouth Industrial REIT, Inc (NYSE: PLYM) is a full service, vertically integrated real estate investment company focused on the acquisition, ownership and management of single and multi-tenant industrial properties. Our mission is to provide tenants with cost effective space that is functional, flexible and safe.