Plymouth Industrial REIT (NYSE:PLYM) Releases FY24 Earnings Guidance

Plymouth Industrial REIT (NYSE:PLYM) updated its FY24 earnings guidance on Tuesday. The company provided earnings per share (EPS) guidance of $1.88-$1.90 for the period, compared to the consensus estimate of $1.90.

Plymouth Industrial REIT Price Performance

Plymouth Industrial REIT stock opened at $24.43 on Tuesday. The company has a current ratio of 0.16, a quick ratio of 0.16 and a debt-to-equity ratio of 1.49. The company has a fifty day simple moving average of $22.88 and a 200-day simple moving average of $21.86. The stock has a market cap of $1.11 billion, a P/E ratio of 56.81, a price-to-earnings-growth ratio of 1.77 and a beta of 1.36. Plymouth Industrial REIT has a 12-month low of $19.21 and a 12-month high of $25.55.

Plymouth Industrial REIT Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Wednesday, July 31st. Investors of record on Friday, June 28th were issued a $0.24 dividend. This represents a $0.96 dividend on an annualized basis and a yield of 3.93%. The ex-dividend date was Friday, June 28th. Plymouth Industrial REIT’s dividend payout ratio (DPR) is 223.26%.

Wall Street Analysts Forecast Growth

PLYM has been the subject of several research analyst reports. JPMorgan Chase & Co. decreased their price objective on shares of Plymouth Industrial REIT from $24.00 to $23.00 and set an underweight rating for the company in a research note on Wednesday, July 10th. Barclays upped their target price on Plymouth Industrial REIT from $22.00 to $25.00 and gave the company an equal weight rating in a research report on Wednesday, August 14th. Wedbush lifted their price target on Plymouth Industrial REIT from $23.00 to $25.00 and gave the stock a neutral rating in a research report on Monday, August 5th. Truist Financial increased their price objective on Plymouth Industrial REIT from $24.00 to $26.00 and gave the company a buy rating in a report on Tuesday, August 13th. Finally, B. Riley lifted their target price on shares of Plymouth Industrial REIT from $26.00 to $27.00 and gave the company a buy rating in a report on Monday, August 5th. One analyst has rated the stock with a sell rating, two have issued a hold rating and three have given a buy rating to the stock. According to data from MarketBeat, Plymouth Industrial REIT has a consensus rating of Hold and a consensus price target of $25.50.

Insider Buying and Selling

In other news, major shareholder Mirelf Vi Reit Investments Iv, sold 563,438 shares of the stock in a transaction dated Monday, August 19th. The shares were sold at an average price of $23.58, for a total value of $13,285,868.04. Following the completion of the transaction, the insider now owns 4,474,292 shares in the company, valued at approximately $105,503,805.36. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. 1.30% of the stock is currently owned by corporate insiders.

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.