Plymouth Industrial REIT (NYSE:PLYM) Downgraded by BNP Paribas to “Neutral”

BNP Paribas cut shares of Plymouth Industrial REIT (NYSE:PLYM) from an outperform rating to a neutral rating in a research report sent to investors on Friday morning, Marketbeat reports. BNP Paribas currently has $23.00 price objective on the stock.

Several other brokerages have also issued reports on PLYM. JMP Securities reissued a “market outperform” rating and set a $27.00 price objective on shares of Plymouth Industrial REIT in a report on Wednesday, August 28th. Barclays lifted their price objective on shares of Plymouth Industrial REIT from $22.00 to $25.00 and gave the company an “equal weight” rating in a report on Wednesday, August 14th. Truist Financial raised their target price on shares of Plymouth Industrial REIT from $26.00 to $27.00 and gave the company a “buy” rating in a research note on Wednesday, August 28th. Wedbush raised their target price on shares of Plymouth Industrial REIT from $23.00 to $25.00 and gave the company a “neutral” rating in a research note on Monday, August 5th. Finally, B. Riley raised their target price on shares of Plymouth Industrial REIT from $26.00 to $27.00 and gave the company a “buy” rating in a research note on Monday, August 5th. One investment analyst has rated the stock with a sell rating, four have assigned a hold rating and three have issued a buy rating to the company’s stock. According to MarketBeat, Plymouth Industrial REIT currently has an average rating of “Hold” and an average price target of $25.25.

Plymouth Industrial REIT Stock Performance

Shares of NYSE:PLYM opened at $20.86 on Friday. The firm has a market cap of $946.96 million, a PE ratio of 1,043.00, a price-to-earnings-growth ratio of 1.62 and a beta of 1.37. The firm’s 50 day simple moving average is $21.88 and its 200-day simple moving average is $22.03. Plymouth Industrial REIT has a one year low of $19.84 and a one year high of $25.55. The company has a debt-to-equity ratio of 1.49, a quick ratio of 0.16 and a current ratio of 0.16.

Plymouth Industrial REIT Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Thursday, October 31st. Stockholders of record on Monday, September 30th were paid a dividend of $0.24 per share. The ex-dividend date of this dividend was Monday, September 30th. This represents a $0.96 annualized dividend and a dividend yield of 4.60%. Plymouth Industrial REIT’s payout ratio is currently 4,800.00%.

Insider Activity at Plymouth Industrial REIT

In related news, major shareholder Mirelf Vi Reit Investments Iv, sold 563,438 shares of the business’s stock in a transaction on Monday, August 19th. The shares were sold at an average price of $23.58, for a total transaction of $13,285,868.04. Following the completion of the transaction, the insider now directly owns 4,474,292 shares in the company, valued at $105,503,805.36. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. 1.40% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. Jennison Associates LLC increased its holdings in Plymouth Industrial REIT by 4.1% in the third quarter. Jennison Associates LLC now owns 4,401,384 shares of the company’s stock valued at $99,471,000 after buying an additional 174,836 shares in the last quarter. Vanguard Group Inc. increased its holdings in Plymouth Industrial REIT by 2.8% in the first quarter. Vanguard Group Inc. now owns 4,264,132 shares of the company’s stock valued at $95,943,000 after buying an additional 115,318 shares in the last quarter. Westwood Holdings Group Inc. increased its holdings in Plymouth Industrial REIT by 1.0% in the second quarter. Westwood Holdings Group Inc. now owns 2,964,075 shares of the company’s stock valued at $63,372,000 after buying an additional 28,272 shares in the last quarter. Dimensional Fund Advisors LP increased its stake in shares of Plymouth Industrial REIT by 0.8% during the second quarter. Dimensional Fund Advisors LP now owns 536,974 shares of the company’s stock worth $11,480,000 after purchasing an additional 4,265 shares in the last quarter. Finally, Thrivent Financial for Lutherans increased its stake in shares of Plymouth Industrial REIT by 6.4% during the third quarter. Thrivent Financial for Lutherans now owns 455,092 shares of the company’s stock worth $10,285,000 after purchasing an additional 27,463 shares in the last quarter. Hedge funds and other institutional investors own 92.67% of the company’s stock.

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.