Barclays Cuts Plymouth Industrial REIT (NYSE:PLYM) Price Target to $18.00

Plymouth Industrial REIT (NYSE:PLYM) had its price objective trimmed by Barclays from $22.00 to $18.00 in a research note published on Monday morning,Benzinga reports. The firm currently has an equal weight rating on the stock.

Other research analysts have also issued research reports about the company. Truist Financial decreased their target price on Plymouth Industrial REIT from $20.00 to $18.00 and set a “hold” rating for the company in a research report on Monday, March 24th. JPMorgan Chase & Co. reduced their target price on shares of Plymouth Industrial REIT from $20.00 to $19.00 and set an “underweight” rating on the stock in a research report on Tuesday, January 14th. Wedbush set a $17.00 price objective on shares of Plymouth Industrial REIT in a research note on Friday, February 28th. Robert W. Baird lowered their target price on shares of Plymouth Industrial REIT from $21.00 to $20.00 and set an “outperform” rating for the company in a report on Wednesday, March 5th. Finally, JMP Securities restated a “market outperform” rating and issued a $27.00 price target on shares of Plymouth Industrial REIT in a research note on Tuesday, January 14th. One research analyst has rated the stock with a sell rating, five have issued a hold rating and three have given a buy rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of “Hold” and an average target price of $21.56.

Plymouth Industrial REIT Price Performance

Shares of NYSE PLYM opened at $16.38 on Monday. Plymouth Industrial REIT has a 1 year low of $16.06 and a 1 year high of $24.71. The stock has a market capitalization of $746.13 million, a P/E ratio of 819.00 and a beta of 1.45. The company’s 50-day moving average is $16.80 and its 200 day moving average is $18.65. The company has a debt-to-equity ratio of 1.42, a current ratio of 0.12 and a quick ratio of 0.12.

Plymouth Industrial REIT Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, April 30th. Shareholders of record on Monday, March 31st will be paid a dividend of $0.24 per share. The ex-dividend date of this dividend is Monday, March 31st. This represents a $0.96 annualized dividend and a yield of 5.86%. Plymouth Industrial REIT’s dividend payout ratio is 31.37%.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of the business. Intech Investment Management LLC purchased a new position in shares of Plymouth Industrial REIT during the third quarter valued at approximately $205,000. Charles Schwab Investment Management Inc. grew its position in Plymouth Industrial REIT by 24.6% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 910,751 shares of the company’s stock worth $20,583,000 after purchasing an additional 180,003 shares during the period. Cerity Partners LLC lifted its holdings in shares of Plymouth Industrial REIT by 28.0% during the 3rd quarter. Cerity Partners LLC now owns 34,316 shares of the company’s stock valued at $776,000 after buying an additional 7,512 shares during the period. Daiwa Securities Group Inc. boosted its stake in shares of Plymouth Industrial REIT by 11.4% in the 3rd quarter. Daiwa Securities Group Inc. now owns 12,834 shares of the company’s stock worth $290,000 after buying an additional 1,317 shares during the last quarter. Finally, BNP Paribas Financial Markets grew its holdings in shares of Plymouth Industrial REIT by 40.9% in the third quarter. BNP Paribas Financial Markets now owns 11,884 shares of the company’s stock worth $269,000 after acquiring an additional 3,448 shares during the period. 92.67% of the stock is owned by institutional investors.

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.