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

Plymouth Industrial REIT, Inc. (NYSE:PLYM) announced a quarterly dividend on Friday, September 13th, NASDAQ reports. Stockholders of record on Monday, September 30th will be given a dividend of 0.24 per share on Thursday, October 31st. This represents a $0.96 annualized dividend and a dividend yield of 4.16%. The ex-dividend date of this dividend is Monday, September 30th.

Plymouth Industrial REIT has a dividend 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. Equities research analysts expect Plymouth Industrial REIT to earn $2.06 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 43.7%.

Plymouth Industrial REIT Stock Up 0.7 %

PLYM stock opened at $23.10 on Friday. Plymouth Industrial REIT has a fifty-two week low of $19.21 and a fifty-two week high of $25.55. The company has a market capitalization of $1.05 billion, a price-to-earnings ratio of 53.72, a price-to-earnings-growth ratio of 1.73 and a beta of 1.36. The business’s 50 day moving average price is $23.49 and its two-hundred day moving average price is $22.00. The company has a debt-to-equity ratio of 1.49, a quick ratio of 0.16 and a current ratio of 0.16.

Analysts Set New Price Targets

Several equities research analysts recently weighed in on the company. JPMorgan Chase & Co. reduced their price target on Plymouth Industrial REIT from $24.00 to $23.00 and set an “underweight” rating on the stock in a research note on Wednesday, July 10th. B. Riley increased their price target on shares of Plymouth Industrial REIT from $26.00 to $27.00 and gave the stock a “buy” rating in a research note on Monday, August 5th. 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 Wednesday, August 28th. Barclays upped their price objective on shares of Plymouth Industrial REIT from $22.00 to $25.00 and gave the stock an “equal weight” rating in a report on Wednesday, August 14th. Finally, Truist Financial lifted their target price on shares of Plymouth Industrial REIT from $26.00 to $27.00 and gave the company a “buy” rating in a report on Wednesday, August 28th. One research analyst has rated the stock with a sell rating, three have issued a hold rating and three have assigned a buy rating to the stock. According to data from MarketBeat.com, Plymouth Industrial REIT currently has an average rating of “Hold” and an average target price of $25.57.

Insider Buying and Selling

In other Plymouth Industrial REIT news, major shareholder Mirelf Vi Reit Investments Iv, sold 563,438 shares of the firm’s stock in a transaction dated Monday, August 19th. The shares were sold at an average price of $23.58, for a total transaction of $13,285,868.04. Following the completion of the sale, the insider now directly owns 4,474,292 shares in the company, valued at approximately $105,503,805.36. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. 1.30% of the stock is currently owned by company insiders.

Plymouth Industrial REIT Company Profile

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.