Plymouth Industrial REIT (NYSE:PLYM) Posts Earnings Results, Beats Estimates By $0.03 EPS

Key Points

• Plymouth Industrial REIT reported earnings of $0.46 per share for the quarter, beating estimates by $0.03, with revenue of $47.20 million exceeding the $46.20 million consensus estimate.
• The company declared a quarterly dividend of $0.24, now representing a dividend yield of 6.7% and a payout ratio of 33.33%.
• Plymouth Industrial REIT's stock experienced a slight decline of 0.2%, trading at $14.43, with institutional investors holding 92.67% of its shares.

Plymouth Industrial REIT (NYSE:PLYM - Get Free Report) issued its quarterly earnings data on Wednesday. The company reported $0.46 EPS for the quarter, topping analysts' consensus estimates of $0.43 by $0.03, Zacks reports. 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 analyst estimates of $46.20 million.

Plymouth Industrial REIT Stock Up 2.8%

NYSE PLYM traded up $0.40 on Tuesday, hitting $14.77. 172,835 shares of the stock traded hands, compared to its average volume of 364,967. The company has a market capitalization of $658.00 million, a P/E ratio of 5.12 and a beta of 1.11. The stock has a 50-day moving average of $15.80 and a 200 day moving average of $15.94. Plymouth Industrial REIT has a twelve month low of $12.70 and a twelve month high of $24.70. The company has a current ratio of 0.13, a quick ratio of 0.13 and a debt-to-equity ratio of 1.15.

Plymouth Industrial REIT Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Thursday, July 31st. Investors of record on Monday, June 30th were paid a $0.24 dividend. The ex-dividend date was Monday, June 30th. This represents a $0.96 annualized dividend and a dividend yield of 6.5%. Plymouth Industrial REIT's payout ratio is 33.33%.

Wall Street Analyst Weigh In

A number of equities analysts recently commented on the stock. Wedbush raised shares of Plymouth Industrial REIT to a "hold" rating in a research note on Wednesday, July 2nd. Robert W. Baird reduced their price target on shares of Plymouth Industrial REIT from $20.00 to $19.00 and set an "outperform" rating on the stock in a research report on Thursday, May 8th. Finally, Wall Street Zen lowered shares of Plymouth Industrial REIT from a "hold" rating to a "sell" rating in a research report on Saturday, June 14th. Two investment analysts have rated the stock with a sell rating, five have given a hold rating and three have issued a buy rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of "Hold" and a consensus target price of $20.44.

Institutional Trading of Plymouth Industrial REIT

A number of hedge funds have recently modified their holdings of PLYM. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its stake in shares of Plymouth Industrial REIT by 4.3% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 23,804 shares of the company's stock valued at $388,000 after acquiring an additional 982 shares during the last quarter. Legal & General Group Plc lifted its position in Plymouth Industrial REIT by 9.6% during the 2nd quarter. Legal & General Group Plc now owns 48,215 shares of the company's stock worth $774,000 after buying an additional 4,229 shares in the last quarter. Rhumbline Advisers increased its stake in shares of Plymouth Industrial REIT by 28.7% during the 2nd quarter. Rhumbline Advisers now owns 88,402 shares of the company's stock worth $1,420,000 after purchasing an additional 19,708 shares during the last quarter. Jane Street Group LLC acquired a new position in shares of Plymouth Industrial REIT during the 1st quarter worth approximately $460,000. Finally, Focus Partners Wealth grew its position 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 purchasing an additional 37,484 shares in the last quarter. Hedge funds and other 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.