Invesco Ltd. Sells 84,260 Shares of Plymouth Industrial REIT $PLYM

Key Points

• Invesco Ltd. reduced its stake in Plymouth Industrial REIT by 55.5%, owning 67,509 shares worth approximately $1.1 million after selling 84,260 shares in the first quarter.
• Research firms have set new price targets for Plymouth Industrial REIT, with BMO Capital Markets raising their target from $17.00 to $24.00 and Truist Financial increasing from $18.00 to $21.00.
• Plymouth Industrial REIT recently announced a quarterly dividend of $0.24 per share, resulting in an annualized dividend yield of 4.4%.

Invesco Ltd. lessened its holdings in shares of Plymouth Industrial REIT (NYSE:PLYM - Free Report) by 55.5% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 67,509 shares of the company's stock after selling 84,260 shares during the quarter. Invesco Ltd. owned approximately 0.15% of Plymouth Industrial REIT worth $1,100,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors and hedge funds have also modified their holdings of PLYM. GAMMA Investing LLC boosted its stake in shares of Plymouth Industrial REIT by 6,862.5% during the 1st quarter. GAMMA Investing LLC now owns 3,342 shares of the company's stock worth $54,000 after acquiring an additional 3,294 shares during the last quarter. Copeland Capital Management LLC boosted its stake in shares of Plymouth Industrial REIT by 79.9% during the 1st quarter. Copeland Capital Management LLC now owns 3,509 shares of the company's stock worth $57,000 after acquiring an additional 1,558 shares during the last quarter. New York State Teachers Retirement System purchased a new position in shares of Plymouth Industrial REIT during the 1st quarter valued at $60,000. PNC Financial Services Group Inc. lifted its stake in shares of Plymouth Industrial REIT by 43.0% during the 1st quarter. PNC Financial Services Group Inc. now owns 4,575 shares of the company's stock valued at $75,000 after buying an additional 1,375 shares in the last quarter. Finally, Signaturefd LLC lifted its stake in shares of Plymouth Industrial REIT by 181.8% during the 1st quarter. Signaturefd LLC now owns 4,946 shares of the company's stock valued at $81,000 after buying an additional 3,191 shares in the last quarter. Hedge funds and other institutional investors own 92.67% of the company's stock.

Wall Street Analyst Weigh In

PLYM has been the topic of a number of analyst reports. Truist Financial lifted their target price on shares of Plymouth Industrial REIT from $18.00 to $21.00 and gave the company a "hold" rating in a research note on Wednesday, August 20th. BMO Capital Markets lifted their target price on shares of Plymouth Industrial REIT from $17.00 to $24.00 and gave the company a "market perform" rating in a research note on Thursday, August 21st. Wall Street Zen upgraded shares of Plymouth Industrial REIT from a "sell" rating to a "hold" rating in a research note on Saturday, August 16th. JMP Securities restated a "market perform" rating on shares of Plymouth Industrial REIT in a research note on Wednesday, August 20th. Finally, Wedbush upgraded shares of Plymouth Industrial REIT to a "hold" rating in a research note on Wednesday, July 2nd. Two analysts have rated the stock with a Buy rating, seven have assigned a Hold rating and one has assigned a Sell rating to the company's stock. According to data from MarketBeat.com, Plymouth Industrial REIT has a consensus rating of "Hold" and a consensus target price of $20.67.

Plymouth Industrial REIT Price Performance

Shares of Plymouth Industrial REIT stock traded up $0.27 during trading hours on Friday, reaching $22.39. The company's stock had a trading volume of 726,772 shares, compared to its average volume of 1,269,397. The firm has a 50 day moving average price of $17.12 and a 200-day moving average price of $16.37. Plymouth Industrial REIT has a one year low of $12.70 and a one year high of $23.40. The company has a debt-to-equity ratio of 1.15, a current ratio of 0.13 and a quick ratio of 0.13. The stock has a market cap of $997.74 million, a P/E ratio of 7.78 and a beta of 1.17.

Plymouth Industrial REIT (NYSE:PLYM - Get Free Report) last posted its earnings results on Wednesday, August 6th. The company reported $0.46 earnings per share for the quarter, topping analysts' consensus estimates of $0.43 by $0.03. Plymouth Industrial REIT had a net margin of 67.77% and a return on equity of 24.24%. The firm had revenue of $47.20 million for the quarter, compared to the consensus estimate of $46.20 million. On average, analysts predict that Plymouth Industrial REIT will post 1.83 EPS for the current year.

Plymouth Industrial REIT Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, July 31st. Stockholders of record on Monday, June 30th were issued a $0.24 dividend. The ex-dividend date was Monday, June 30th. This represents a $0.96 dividend on an annualized basis and a dividend yield of 4.3%. Plymouth Industrial REIT's payout ratio is 33.33%.

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.