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

Plymouth Industrial REIT, Inc. (NYSE:PLYM) announced a quarterly dividend on Friday, December 13th,NASDAQ Dividends reports. Shareholders of record on Tuesday, December 31st will be paid a dividend of 0.24 per share on Friday, January 31st. This represents a $0.96 annualized dividend and a yield of 5.07%. The ex-dividend date of this dividend is Tuesday, December 31st.

Plymouth Industrial REIT has a dividend payout ratio of 1,285.7% indicating that the company cannot currently cover its dividend with earnings alone and is relying on its balance sheet to cover its dividend payments. Analysts expect Plymouth Industrial REIT to earn $1.98 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 45.5%.

Plymouth Industrial REIT Stock Performance

Shares of NYSE PLYM traded up $0.22 during trading hours on Friday, reaching $18.93. 256,463 shares of the stock were exchanged, compared to its average volume of 262,007. The firm has a market capitalization of $859.21 million, a price-to-earnings ratio of 947.00, a P/E/G ratio of 1.46 and a beta of 1.34. The stock’s fifty day simple moving average is $19.95 and its 200 day simple moving average is $21.68. The company has a debt-to-equity ratio of 1.42, a quick ratio of 0.12 and a current ratio of 0.12. Plymouth Industrial REIT has a 52 week low of $18.08 and a 52 week high of $25.55.

Insider Buying and Selling at Plymouth Industrial REIT

In other news, Director Pendleton P. Jr. White bought 5,000 shares of the company’s stock in a transaction on Friday, November 15th. The stock was purchased at an average cost of $18.39 per share, for a total transaction of $91,950.00. Following the completion of the transaction, the director now owns 5,000 shares of the company’s stock, valued at $91,950. This trade represents a ∞ increase in their ownership of the stock. The purchase was disclosed in a legal filing with the SEC, which is available at this link. Also, CEO Jeffrey E. Witherell acquired 2,000 shares of the stock in a transaction dated Friday, November 15th. The stock was purchased at an average cost of $18.49 per share, with a total value of $36,980.00. Following the purchase, the chief executive officer now directly owns 252,248 shares of the company’s stock, valued at $4,664,065.52. This trade represents a 0.80 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Company insiders own 1.40% of the company’s stock.

Analysts Set New Price Targets

A number of brokerages have recently issued reports on PLYM. Barclays reduced their target price on shares of Plymouth Industrial REIT from $25.00 to $22.00 and set an “equal weight” rating for the company in a research report on Monday, November 18th. BNP Paribas lowered shares of Plymouth Industrial REIT from an “outperform” rating to a “neutral” rating and set a $23.00 target price on the stock. in a research report on Friday, November 8th. JMP Securities reiterated a “market outperform” rating and issued a $27.00 price target on shares of Plymouth Industrial REIT in a research report on Wednesday, August 28th. Truist Financial reduced their price target on Plymouth Industrial REIT from $27.00 to $22.00 and set a “buy” rating on the stock in a research report on Friday, November 29th. Finally, Robert W. Baird dropped their price objective on Plymouth Industrial REIT from $26.00 to $25.00 and set an “outperform” rating for the company in a report on Tuesday, November 12th. One research analyst has rated the stock with a sell rating, four have assigned a hold rating and four have issued a buy rating to the stock. According to data from MarketBeat.com, Plymouth Industrial REIT has a consensus rating of “Hold” and an average price target of $24.33.

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.