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

Plymouth Industrial REIT, Inc. (NYSE:PLYM) declared a quarterly dividend on Friday, March 14th, RTT News reports. Shareholders of record on Monday, March 31st will be given a dividend of 0.24 per share on Wednesday, April 30th. This represents a $0.96 annualized dividend and a dividend yield of 5.67%.

Plymouth Industrial REIT has a 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 $1.95 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 Stock Up 0.9 %

NYSE:PLYM opened at $16.94 on Friday. The firm has a market capitalization of $771.59 million, a price-to-earnings ratio of 846.95 and a beta of 1.45. Plymouth Industrial REIT has a twelve month low of $16.06 and a twelve month high of $24.71. The stock’s 50 day moving average price is $16.80 and its two-hundred day moving average price is $19.26. The company has a quick ratio of 0.12, a current ratio of 0.12 and a debt-to-equity ratio of 1.42.

Analysts Set New Price Targets

PLYM has been the topic of several recent analyst reports. Robert W. Baird lowered their price target on Plymouth Industrial REIT from $21.00 to $20.00 and set an “outperform” rating on the stock in a research report on Wednesday, March 5th. JMP Securities reaffirmed a “market outperform” rating and set a $27.00 price target on shares of Plymouth Industrial REIT in a research report on Tuesday, January 14th. Truist Financial lowered Plymouth Industrial REIT from a “buy” rating to a “hold” rating in a report on Friday, January 17th. Wedbush set a $17.00 target price on Plymouth Industrial REIT in a report on Friday, February 28th. Finally, JPMorgan Chase & Co. decreased their target price on Plymouth Industrial REIT from $20.00 to $19.00 and set an “underweight” rating on the stock in a report on Tuesday, January 14th. One investment analyst has rated the stock with a sell rating, five have assigned a hold rating and three have given a buy rating to the company. According to MarketBeat, the stock currently has an average rating of “Hold” and a consensus price target of $22.44.

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.