Plymouth Industrial REIT Plans Quarterly Dividend of $0.24 (NYSE:PLYM)

Key Points

• Plymouth Industrial REIT declared a quarterly dividend of $0.24 per share, payable on October 31st, reflecting a 4.4% yield based on current share prices.
• The company has a high dividend payout ratio of 1,285.7%, indicating it is currently relying on its balance sheet to cover dividends rather than earnings.
• Plymouth Industrial REIT's stock opened at $22.02, with a market cap of approximately $981.12 million, and its average analyst rating is a "Hold" with a target price of $20.67.

Plymouth Industrial REIT (NYSE:PLYM - Get Free Report) declared a quarterly dividend on Monday, September 15th, RTT News reports. Stockholders of record on Tuesday, September 30th will be given a dividend of 0.24 per share on Friday, October 31st. This represents a c) dividend on an annualized basis and a dividend yield of 4.4%. The ex-dividend date is Tuesday, 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. Analysts expect Plymouth Industrial REIT to earn $1.95 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 46.2%.

Plymouth Industrial REIT Price Performance

Shares of PLYM stock traded down $0.04 on Friday, reaching $21.96. The company had a trading volume of 486,900 shares, compared to its average volume of 500,030. The stock has a market capitalization of $978.41 million, a PE ratio of 7.64 and a beta of 1.17. The company has a quick ratio of 0.13, a current ratio of 0.13 and a debt-to-equity ratio of 1.15. Plymouth Industrial REIT has a one year low of $12.70 and a one year high of $23.10. The business's 50-day moving average is $18.18 and its 200 day moving average is $16.70.

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

Institutional Trading of Plymouth Industrial REIT

Several hedge funds and other institutional investors have recently bought and sold shares of PLYM. Bank of America Corp DE lifted its position in Plymouth Industrial REIT by 4.0% in the fourth quarter. Bank of America Corp DE now owns 139,150 shares of the company's stock valued at $2,477,000 after purchasing an additional 5,359 shares during the last quarter. Deutsche Bank AG increased its stake in shares of Plymouth Industrial REIT by 57.1% during the fourth quarter. Deutsche Bank AG now owns 41,261 shares of the company's stock valued at $734,000 after buying an additional 14,995 shares during the period. Janus Henderson Group PLC increased its stake in shares of Plymouth Industrial REIT by 27.0% during the fourth quarter. Janus Henderson Group PLC now owns 39,397 shares of the company's stock valued at $701,000 after buying an additional 8,375 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its stake in shares of Plymouth Industrial REIT by 3.7% during the fourth quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 22,822 shares of the company's stock valued at $406,000 after buying an additional 817 shares during the period. Finally, ProShare Advisors LLC purchased a new position in shares of Plymouth Industrial REIT during the fourth quarter valued at approximately $201,000. Institutional investors own 92.67% of the company's stock.

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.