Plymouth Industrial REIT, Inc. (NYSE:PLYM) Declares $0.24 Quarterly Dividend

Plymouth Industrial REIT, Inc. (NYSE:PLYM) declared a quarterly dividend on Friday, December 13th,NASDAQ Dividends reports. Stockholders 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 dividend yield of 5.07%. The ex-dividend date is Tuesday, December 31st.

Plymouth Industrial REIT has a payout ratio of 1,285.7% meaning the company cannot currently cover its dividend with earnings alone and is relying on its balance sheet to cover its dividend payments. Research 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 Up 1.2 %

Plymouth Industrial REIT stock traded up $0.22 during mid-day trading on Friday, reaching $18.93. The stock had a trading volume of 256,463 shares, compared to its average volume of 262,007. The firm has a market capitalization of $859.21 million, a PE ratio of 947.00, a price-to-earnings-growth ratio of 1.46 and a beta of 1.34. Plymouth Industrial REIT has a fifty-two week low of $18.08 and a fifty-two week high of $25.55. The stock’s 50-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.

Analyst Ratings Changes

A number of research firms recently commented on PLYM. BMO Capital Markets lowered their price target on Plymouth Industrial REIT from $26.00 to $25.00 and set a “market perform” rating for the company in a research report on Wednesday, August 28th. Barclays lowered 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 report on Monday, November 18th. Robert W. Baird dropped their price target on shares of Plymouth Industrial REIT from $26.00 to $25.00 and set an “outperform” rating on the stock in a research report on Tuesday, November 12th. JMP Securities reaffirmed a “market outperform” rating and issued a $27.00 price objective on shares of Plymouth Industrial REIT in a research report on Wednesday, August 28th. Finally, Truist Financial decreased their price objective on shares of Plymouth Industrial REIT from $27.00 to $22.00 and set a “buy” rating for the company in a research note on Friday, November 29th. One research analyst has rated the stock with a sell rating, four have given a hold rating and four have given a buy rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of “Hold” and an average price target of $24.33.

Insiders Place Their Bets

In other news, CEO Jeffrey E. Witherell acquired 2,000 shares of Plymouth Industrial REIT stock in a transaction that occurred on Friday, November 15th. The stock was bought at an average price of $18.49 per share, with a total value of $36,980.00. Following the completion of the purchase, the chief executive officer now owns 252,248 shares in the company, valued at approximately $4,664,065.52. The trade was a 0.80 % increase in their ownership of the stock. The purchase was disclosed in a legal filing with the SEC, which is available through this link. Also, Director Pendleton P. Jr. White purchased 5,000 shares of Plymouth Industrial REIT stock in a transaction dated Friday, November 15th. The shares were purchased at an average price of $18.39 per share, with a total value of $91,950.00. Following the completion of the transaction, the director now directly owns 5,000 shares in the company, valued at approximately $91,950. This represents a ∞ 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.

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.