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

Plymouth Industrial REIT, Inc. (NYSE:PLYM) declared 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 dividend on an annualized basis and a dividend yield of 4.20%. The ex-dividend date is Monday, September 30th.

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. 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 Trading Up 0.3 %

NYSE:PLYM opened at $22.84 on Friday. Plymouth Industrial REIT has a 52 week low of $19.21 and a 52 week high of $25.55. The firm has a 50 day moving average of $23.50 and a 200 day moving average of $22.08. The company has a quick ratio of 0.16, a current ratio of 0.16 and a debt-to-equity ratio of 1.49. The stock has a market capitalization of $1.04 billion, a price-to-earnings ratio of 53.12, a PEG ratio of 1.71 and a beta of 1.36.

Insider Transactions at Plymouth Industrial REIT

In other news, major shareholder Mirelf Vi Reit Investments Iv, sold 563,438 shares of the firm’s stock in a transaction on Monday, August 19th. The shares were sold at an average price of $23.58, for a total value of $13,285,868.04. Following the sale, the insider now owns 4,474,292 shares in the company, valued at $105,503,805.36. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. 1.30% of the stock is currently owned by corporate insiders.

Wall Street Analyst Weigh In

Several research analysts recently weighed in on PLYM shares. JPMorgan Chase & Co. lowered their price objective on Plymouth Industrial REIT from $24.00 to $23.00 and set an “underweight” rating for the company in a research report on Wednesday, July 10th. Truist Financial increased their target price on shares of Plymouth Industrial REIT from $26.00 to $27.00 and gave the stock a “buy” rating in a research note on Wednesday, August 28th. Barclays increased their price objective on Plymouth Industrial REIT from $22.00 to $25.00 and gave the company an “equal weight” rating in a research note on Wednesday, August 14th. 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. Finally, 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 Wednesday, August 28th. One equities 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 MarketBeat, Plymouth Industrial REIT currently has an average rating of “Hold” and an average target price of $25.57.

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.