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

Plymouth Industrial REIT (NYSE:PLYM - Get Free Report) declared a quarterly dividend on Monday, June 16th, RTT News reports. Investors of record on Monday, June 30th will be paid a dividend of 0.24 per share on Thursday, July 31st. This represents a $0.96 dividend on an annualized basis and a yield of 5.84%. The ex-dividend date of this dividend is Monday, June 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 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 Stock Performance

Plymouth Industrial REIT stock traded up $0.00 during midday trading on Friday, reaching $16.45. 464,698 shares of the stock traded hands, compared to its average volume of 329,778. Plymouth Industrial REIT has a fifty-two week low of $12.70 and a fifty-two week high of $24.71. The company has a current ratio of 0.27, a quick ratio of 0.27 and a debt-to-equity ratio of 1.08. The firm has a market cap of $749.34 million, a price-to-earnings ratio of 5.39 and a beta of 1.12. The firm has a fifty day moving average price of $15.66 and a two-hundred day moving average price of $16.51.

Plymouth Industrial REIT (NYSE:PLYM - Get Free Report) last announced its quarterly earnings results on Thursday, May 1st. The company reported $0.44 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.45 by ($0.01). Plymouth Industrial REIT had a return on equity of 26.42% and a net margin of 71.08%. The business had revenue of $45.57 million for the quarter, compared to analyst estimates of $47.69 million. On average, equities research analysts forecast that Plymouth Industrial REIT will post 1.83 earnings per share for the current year.

Institutional Inflows and Outflows

Institutional investors have recently modified their holdings of the stock. Focus Partners Wealth boosted its stake in shares of Plymouth Industrial REIT by 213.1% during the 1st quarter. Focus Partners Wealth now owns 55,075 shares of the company's stock worth $898,000 after acquiring an additional 37,484 shares in the last quarter. Jane Street Group LLC purchased a new stake in shares of Plymouth Industrial REIT during the first quarter valued at $460,000. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its holdings in shares of Plymouth Industrial REIT by 4.3% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 23,804 shares of the company's stock valued at $388,000 after purchasing an additional 982 shares during the last quarter. Institutional investors own 92.67% of the company's stock.

Wall Street Analyst Weigh In

A number of equities analysts recently issued reports on PLYM shares. Wedbush set a $17.00 target price on shares of Plymouth Industrial REIT in a research report on Friday, February 28th. Wall Street Zen lowered shares of Plymouth Industrial REIT from a "hold" rating to a "sell" rating in a research note on Saturday, June 14th. Barclays decreased their price objective on shares of Plymouth Industrial REIT from $22.00 to $18.00 and set an "equal weight" rating for the company in a report on Monday, March 31st. Truist Financial dropped their target price on Plymouth Industrial REIT from $20.00 to $18.00 and set a "hold" rating on the stock in a report on Monday, March 24th. Finally, KeyCorp decreased their price target on Plymouth Industrial REIT from $23.00 to $18.00 and set an "overweight" rating for the company in a research note on Tuesday, April 8th. Two equities research analysts have rated the stock with a sell rating, five have issued a hold rating and four have given a buy rating to the company's stock. Based on data from MarketBeat, Plymouth Industrial REIT has a consensus rating of "Hold" and an average target price of $21.10.

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.