Plymouth Industrial REIT (NYSE:PLYM) Given New $22.00 Price Target at Barclays

Plymouth Industrial REIT (NYSE:PLYM) had its price target cut by Barclays from $24.00 to $22.00 in a research note released on Monday morning,Benzinga reports. They currently have an equal weight rating on the stock.

Other equities analysts have also issued reports about the company. Wedbush upgraded Plymouth Industrial REIT to a “hold” rating in a research note on Wednesday, July 2nd. Industrial Alliance Securities set a $22.00 price objective on Plymouth Industrial REIT in a research note on Monday. Wall Street Zen upgraded Plymouth Industrial REIT from a “sell” rating to a “hold” rating in a research note on Saturday, August 16th. Citizens Jmp lowered Plymouth Industrial REIT from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, August 20th. Finally, Truist Financial lifted their price objective on Plymouth Industrial REIT from $18.00 to $21.00 and gave the stock a “hold” rating in a research note on Wednesday, August 20th. One analyst has rated the stock with a Buy rating, eleven have given a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus price target of $21.55.

Plymouth Industrial REIT Price Performance

Shares of NYSE:PLYM opened at $21.90 on Monday. Plymouth Industrial REIT has a fifty-two week low of $12.70 and a fifty-two week high of $22.65. The business has a 50-day moving average of $21.86 and a two-hundred day moving average of $17.77. The stock has a market capitalization of $975.56 million, a P/E ratio of 7.60 and a beta of 1.16. The company has a debt-to-equity ratio of 1.15, a current ratio of 0.13 and a quick ratio of 0.13.

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

Plymouth Industrial REIT Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, October 31st. Shareholders of record on Tuesday, September 30th will be issued a dividend of $0.24 per share. This represents a $0.96 dividend on an annualized basis and a yield of 4.4%. The ex-dividend date of this dividend is Tuesday, September 30th. Plymouth Industrial REIT’s payout ratio is presently 33.33%.

Institutional Investors Weigh In On Plymouth Industrial REIT

A number of institutional investors have recently added to or reduced their stakes in the stock. Tokio Marine Asset Management Co. Ltd. acquired a new stake in Plymouth Industrial REIT during the third quarter valued at approximately $2,626,000. State of Alaska Department of Revenue boosted its holdings in Plymouth Industrial REIT by 12.1% during the third quarter. State of Alaska Department of Revenue now owns 22,222 shares of the company’s stock valued at $494,000 after purchasing an additional 2,405 shares in the last quarter. SG Americas Securities LLC acquired a new position in shares of Plymouth Industrial REIT in the 3rd quarter worth approximately $194,000. CWA Asset Management Group LLC acquired a new position in shares of Plymouth Industrial REIT in the 3rd quarter worth approximately $960,000. Finally, Asset Management One Co. Ltd. boosted its holdings in shares of Plymouth Industrial REIT by 5.0% in the 3rd quarter. Asset Management One Co. Ltd. now owns 60,106 shares of the company’s stock worth $1,342,000 after acquiring an additional 2,863 shares in the last quarter. 92.67% of the stock is owned by institutional investors and hedge funds.

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.