Jennison Associates LLC Acquires 809,570 Shares of Plymouth Industrial REIT, Inc. (NYSE:PLYM)

Jennison Associates LLC lifted its position in shares of Plymouth Industrial REIT, Inc. (NYSE:PLYM - Free Report) by 25.8% during the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 3,949,004 shares of the company's stock after purchasing an additional 809,570 shares during the quarter. Jennison Associates LLC owned 8.73% of Plymouth Industrial REIT worth $95,053,000 at the end of the most recent reporting period.

A number of other institutional investors also recently modified their holdings of the company. International Assets Investment Management LLC raised its holdings in shares of Plymouth Industrial REIT by 2,306.3% during the fourth quarter. International Assets Investment Management LLC now owns 1,155 shares of the company's stock valued at $28,000 after acquiring an additional 1,107 shares in the last quarter. Spirit of America Management Corp NY purchased a new stake in shares of Plymouth Industrial REIT during the third quarter worth about $31,000. Signaturefd LLC grew its holdings in Plymouth Industrial REIT by 40.8% during the 4th quarter. Signaturefd LLC now owns 1,731 shares of the company's stock valued at $42,000 after buying an additional 502 shares in the last quarter. Federated Hermes Inc. boosted its holdings in shares of Plymouth Industrial REIT by 774.4% in the 4th quarter. Federated Hermes Inc. now owns 1,845 shares of the company's stock worth $44,000 after purchasing an additional 1,634 shares during the period. Finally, Zurcher Kantonalbank Zurich Cantonalbank lifted its stake in shares of Plymouth Industrial REIT by 35.4% during the 3rd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 10,559 shares of the company's stock worth $221,000 after acquiring an additional 2,762 shares during the last quarter. 92.67% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of research analysts have recently issued reports on PLYM shares. Barclays began coverage on Plymouth Industrial REIT in a report on Wednesday, March 27th. They issued an "equal weight" rating and a $22.00 price target on the stock. Truist Financial reduced their target price on Plymouth Industrial REIT from $26.00 to $24.00 and set a "buy" rating for the company in a report on Thursday, February 29th. Finally, JMP Securities upgraded Plymouth Industrial REIT from a "market perform" rating to an "outperform" rating and set a $27.00 price objective for the company in a research report on Monday, January 22nd. One investment analyst has rated the stock with a sell rating, one has issued a hold rating and four have given a buy rating to the company's stock. According to data from MarketBeat.com, Plymouth Industrial REIT currently has a consensus rating of "Moderate Buy" and a consensus target price of $25.00.

Plymouth Industrial REIT Stock Performance

PLYM traded up $0.43 during trading on Tuesday, hitting $21.18. The stock had a trading volume of 210,941 shares, compared to its average volume of 241,693. The company has a 50 day simple moving average of $21.64 and a 200-day simple moving average of $21.99. Plymouth Industrial REIT, Inc. has a 12 month low of $19.21 and a 12 month high of $25.55. The company has a current ratio of 0.11, a quick ratio of 0.11 and a debt-to-equity ratio of 1.47. The firm has a market cap of $960.92 million, a PE ratio of 109.26, a P/E/G ratio of 1.52 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. Shareholders of record on Thursday, March 28th will be paid a $0.24 dividend. This represents a $0.96 annualized dividend and a yield of 4.53%. The ex-dividend date of this dividend is Wednesday, March 27th. This is an increase from Plymouth Industrial REIT's previous quarterly dividend of $0.23. Plymouth Industrial REIT's dividend payout ratio is presently 505.26%.

Insider Transactions at Plymouth Industrial REIT

In related news, Director Pendleton P. White acquired 4,000 shares of the company's stock in a transaction dated Thursday, March 14th. The shares were bought 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 of the company's stock, valued at $86,320. The acquisition was disclosed in a legal filing with the SEC, which is accessible through this link. 1.30% of the stock is owned by insiders.

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.