Plymouth Industrial REIT (NYSE:PLYM) Coverage Initiated by Analysts at Barclays

Barclays initiated coverage on shares of Plymouth Industrial REIT (NYSE:PLYM) in a research note released on Wednesday morning, MarketBeat Ratings reports. The firm issued an equal weight rating and a $22.00 price target on the stock.

Other equities analysts have also recently issued research reports about the stock. JMP Securities raised shares of Plymouth Industrial REIT from a market perform rating to an outperform rating and set a $27.00 target price on the stock in a research note on Monday, January 22nd. Truist Financial lowered their target price on shares of Plymouth Industrial REIT from $26.00 to $24.00 and set a buy rating on the stock in a research note on Thursday, February 29th. Finally, JPMorgan Chase & Co. reaffirmed an underweight rating and issued a $25.00 price objective (up previously from $23.00) on shares of Plymouth Industrial REIT in a research note on Monday, December 18th. One equities research analyst has rated the stock with a sell rating, one has given a hold rating and four have issued a buy rating to the company. Based on data from MarketBeat.com, Plymouth Industrial REIT currently has a consensus rating of Moderate Buy and a consensus price target of $25.00.

Plymouth Industrial REIT Trading Up 1.0 %

Plymouth Industrial REIT stock opened at $22.11 on Wednesday. The firm’s 50-day moving average is $22.03 and its 200-day moving average is $22.01. The company has a debt-to-equity ratio of 1.47, a quick ratio of 0.11 and a current ratio of 0.11. Plymouth Industrial REIT has a 1 year low of $19.21 and a 1 year high of $25.55. The company has a market cap of $1.00 billion, a P/E ratio of 116.37, a PEG ratio of 1.65 and a beta of 1.36.

Plymouth Industrial REIT Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, April 30th. Stockholders of record on Thursday, March 28th will be given a $0.24 dividend. This is an increase from Plymouth Industrial REIT’s previous quarterly dividend of $0.23. This represents a $0.96 annualized dividend and a dividend yield of 4.34%. The ex-dividend date of this dividend is Wednesday, March 27th. Plymouth Industrial REIT’s dividend payout ratio (DPR) is 505.26%.

Insider Transactions at Plymouth Industrial REIT

In other news, Director Pendleton P. White bought 4,000 shares of the company’s stock in a transaction dated Thursday, March 14th. The shares were acquired at an average cost of $21.58 per share, with a total value of $86,320.00. Following the completion of the transaction, the director now directly owns 4,000 shares in the company, valued at approximately $86,320. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. 1.30% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the company. Keeley Teton Advisors LLC increased its position in shares of Plymouth Industrial REIT by 124.8% in the third quarter. Keeley Teton Advisors LLC now owns 165,436 shares of the company’s stock worth $3,466,000 after acquiring an additional 91,834 shares in the last quarter. Charles Schwab Investment Management Inc. lifted its stake in Plymouth Industrial REIT by 53.3% in the third quarter. Charles Schwab Investment Management Inc. now owns 471,532 shares of the company’s stock valued at $9,879,000 after acquiring an additional 164,031 shares during the last quarter. Jennison Associates LLC lifted its stake in Plymouth Industrial REIT by 13.9% in the third quarter. Jennison Associates LLC now owns 3,139,434 shares of the company’s stock valued at $65,771,000 after acquiring an additional 383,336 shares during the last quarter. Cape Cod Five Cents Savings Bank raised its position in shares of Plymouth Industrial REIT by 100.0% in the third quarter. Cape Cod Five Cents Savings Bank now owns 140,852 shares of the company’s stock valued at $2,951,000 after purchasing an additional 70,426 shares during the period. Finally, Callodine Capital Management LP raised its position in shares of Plymouth Industrial REIT by 28.6% in the third quarter. Callodine Capital Management LP now owns 270,000 shares of the company’s stock valued at $5,656,000 after purchasing an additional 60,006 shares during the period. 92.67% of the stock is owned by hedge funds and other 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.