Plymouth Industrial REIT (NYSE:PLYM) Sees Large Volume Increase Following Analyst Upgrade

Plymouth Industrial REIT (NYSE:PLYM) saw an uptick in trading volume on Wednesday after Truist Financial raised their price target on the stock from $18.00 to $21.00. Truist Financial currently has a hold rating on the stock. 635,516 shares traded hands during trading, an increase of 54% from the previous session’s volume of 412,082 shares.The stock last traded at $21.11 and had previously closed at $21.53.

Several other equities research analysts have also recently issued reports on the stock. JMP Securities reissued a “market perform” rating on shares of Plymouth Industrial REIT in a research report on Wednesday. Robert W. Baird lowered their price objective on shares of Plymouth Industrial REIT from $20.00 to $19.00 and set an “outperform” rating for the company in a research report on Thursday, May 8th. Wedbush raised shares of Plymouth Industrial REIT to a “hold” rating in a research report on Wednesday, July 2nd. Finally, Wall Street Zen raised shares of Plymouth Industrial REIT from a “sell” rating to a “hold” rating in a research report on Saturday, August 16th. Two research analysts have rated the stock with a Buy rating, six have assigned a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat, Plymouth Industrial REIT has an average rating of “Hold” and an average target price of $20.78.

Institutional Investors Weigh In On Plymouth Industrial REIT

Several hedge funds have recently modified their holdings of PLYM. Westwood Holdings Group Inc. lifted its position in shares of Plymouth Industrial REIT by 33.0% in the 4th quarter. Westwood Holdings Group Inc. now owns 3,631,111 shares of the company’s stock worth $64,634,000 after purchasing an additional 901,251 shares during the period. MetLife Investment Management LLC lifted its position in shares of Plymouth Industrial REIT by 2,406.8% in the 1st quarter. MetLife Investment Management LLC now owns 656,826 shares of the company’s stock worth $10,706,000 after purchasing an additional 630,624 shares during the period. Adage Capital Partners GP L.L.C. purchased a new stake in shares of Plymouth Industrial REIT in the 4th quarter worth approximately $9,612,000. Strs Ohio purchased a new stake in shares of Plymouth Industrial REIT in the 1st quarter worth approximately $6,652,000. Finally, Peregrine Capital Management LLC purchased a new stake in shares of Plymouth Industrial REIT in the 1st quarter worth approximately $5,199,000. Hedge funds and other institutional investors own 92.67% of the company’s stock.

Plymouth Industrial REIT Stock Performance

The firm’s 50 day moving average is $15.84 and its 200 day moving average is $15.95. The company has a debt-to-equity ratio of 1.15, a quick ratio of 0.13 and a current ratio of 0.13. The stock has a market cap of $930.43 million, a P/E ratio of 7.25 and a beta of 1.11.

Plymouth Industrial REIT (NYSE:PLYM) last posted its earnings results on Wednesday, August 6th. The company reported $0.46 EPS for the quarter, beating analysts’ consensus estimates of $0.43 by $0.03. Plymouth Industrial REIT had a net margin of 67.77% and a return on equity of 24.24%. The company had revenue of $47.20 million during the quarter, compared to analysts’ expectations of $46.20 million. Analysts anticipate that Plymouth Industrial REIT will post 1.83 EPS for the current year.

Plymouth Industrial REIT Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Thursday, July 31st. Investors of record on Monday, June 30th were given a dividend of $0.24 per share. The ex-dividend date of this dividend was Monday, June 30th. This represents a $0.96 dividend on an annualized basis and a yield of 4.6%. Plymouth Industrial REIT’s dividend payout ratio is presently 33.33%.

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.