Plymouth Industrial REIT, Inc. (PLYM) to Issue Quarterly Dividend of $0.24 on October 31st

Plymouth Industrial REIT, Inc. (NYSE:PLYM) announced a quarterly dividend on Friday, September 13th, NASDAQ reports. Investors of record on Monday, September 30th will be paid a dividend of 0.24 per share on Thursday, October 31st. This represents a $0.96 dividend on an annualized basis and a yield of 4.20%. The ex-dividend date of this dividend is Monday, September 30th.

Plymouth Industrial REIT has a payout ratio of 1,285.7% indicating that the company cannot currently cover its dividend with earnings alone and is relying on its balance sheet to cover its dividend payments. Research analysts expect Plymouth Industrial REIT to earn $2.06 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 43.7%.

Plymouth Industrial REIT Stock Up 0.3 %

Shares of NYSE PLYM opened at $22.84 on Friday. The firm has a fifty day simple moving average of $23.50 and a two-hundred day simple moving average of $22.08. Plymouth Industrial REIT has a 12 month low of $19.21 and a 12 month high of $25.55. 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 firm has a market capitalization of $1.04 billion, a PE ratio of 53.12, a price-to-earnings-growth ratio of 1.71 and a beta of 1.36.

Analyst Ratings Changes

Several analysts have weighed in on PLYM shares. Truist Financial lifted their price objective on Plymouth Industrial REIT from $26.00 to $27.00 and gave the company a “buy” rating in a research report on Wednesday, August 28th. B. Riley increased their price objective on Plymouth Industrial REIT from $26.00 to $27.00 and gave the stock a “buy” rating in a report on Monday, August 5th. JPMorgan Chase & Co. dropped their target price on shares of Plymouth Industrial REIT from $24.00 to $23.00 and set an “underweight” rating on the stock in a report on Wednesday, July 10th. Wedbush upped their target price on shares of Plymouth Industrial REIT from $23.00 to $25.00 and gave the stock a “neutral” rating in a research report on Monday, August 5th. Finally, Barclays lifted their price target on shares of 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. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating and three have given a buy rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and an average price target of $25.57.

Insider Transactions at Plymouth Industrial REIT

In related news, major shareholder Mirelf Vi Reit Investments Iv, sold 563,438 shares of the company’s 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 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 document filed with the SEC, which is accessible through the SEC website. 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.