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

Plymouth Industrial REIT, Inc. (NYSE:PLYM) declared a quarterly dividend on Friday, March 14th, RTT News reports. Investors of record on Monday, March 31st will be paid a dividend of 0.24 per share on Wednesday, April 30th. This represents a $0.96 dividend on an annualized basis and a yield of 5.72%.

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 $1.95 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 Price Performance

Shares of NYSE PLYM opened at $16.80 on Friday. The company has a 50 day simple moving average of $16.81 and a two-hundred day simple moving average of $19.31. Plymouth Industrial REIT has a fifty-two week low of $16.06 and a fifty-two week high of $24.71. The company has a market capitalization of $765.03 million, a price-to-earnings ratio of 839.75 and a beta of 1.45. The company has a debt-to-equity ratio of 1.42, a quick ratio of 0.12 and a current ratio of 0.12.

Analysts Set New Price Targets

Several equities research analysts have commented on the company. Truist Financial downgraded Plymouth Industrial REIT from a “buy” rating to a “hold” rating in a report on Friday, January 17th. Barclays cut their price objective on shares of Plymouth Industrial REIT from $25.00 to $22.00 and set an “equal weight” rating on the stock in a research report on Monday, November 18th. Wedbush set a $17.00 target price on shares of Plymouth Industrial REIT in a report on Friday, February 28th. JPMorgan Chase & Co. cut their price target on shares of Plymouth Industrial REIT from $20.00 to $19.00 and set an “underweight” rating on the stock in a report on Tuesday, January 14th. Finally, JMP Securities reissued 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. One analyst has rated the stock with a sell rating, five have issued a hold rating and three have given a buy rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and an average 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.