Truist Financial Cuts Plymouth Industrial REIT (NYSE:PLYM) Price Target to $22.00

Plymouth Industrial REIT (NYSE:PLYM) had its target price decreased by Truist Financial from $27.00 to $22.00 in a research note published on Friday,Benzinga reports. Truist Financial currently has a buy rating on the stock.

A number of other research firms also recently commented on PLYM. BNP Paribas downgraded Plymouth Industrial REIT from an “outperform” rating to a “neutral” rating and set a $23.00 target price for the company. in a report on Friday, November 8th. BMO Capital Markets lowered their target price on shares of Plymouth Industrial REIT from $26.00 to $25.00 and set a “market perform” rating on the stock in a research report on Wednesday, August 28th. Wedbush lifted their price target on shares of Plymouth Industrial REIT from $23.00 to $25.00 and gave the company a “neutral” rating in a research report on Monday, August 5th. JMP Securities reissued a “market outperform” rating and set a $27.00 price target on shares of Plymouth Industrial REIT in a research note on Wednesday, August 28th. Finally, B. Riley raised their price objective on Plymouth Industrial REIT from $26.00 to $27.00 and gave the company a “buy” rating in a research note on Monday, August 5th. One investment analyst has rated the stock with a sell rating, four have assigned a hold rating and four have issued a buy rating to the company’s stock. According to MarketBeat, the stock has an average rating of “Hold” and an average price target of $24.33.

Plymouth Industrial REIT Stock Performance

Shares of PLYM stock opened at $18.74 on Friday. The company has a current ratio of 0.12, a quick ratio of 0.12 and a debt-to-equity ratio of 1.42. Plymouth Industrial REIT has a 12-month low of $18.08 and a 12-month high of $25.55. The company has a market cap of $850.59 million, a price-to-earnings ratio of 937.00, a price-to-earnings-growth ratio of 1.45 and a beta of 1.37. The stock has a 50 day simple moving average of $20.69 and a 200-day simple moving average of $21.84.

Plymouth Industrial REIT Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Thursday, October 31st. Shareholders of record on Monday, September 30th were issued a dividend of $0.24 per share. This represents a $0.96 dividend on an annualized basis and a yield of 5.12%. The ex-dividend date of this dividend was Monday, September 30th. Plymouth Industrial REIT’s dividend payout ratio (DPR) is presently 4,800.00%.

Insider Transactions at Plymouth Industrial REIT

In other news, Director Pendleton P. Jr. White bought 5,000 shares of the stock in a transaction on Friday, November 15th. The stock was purchased at an average cost of $18.39 per share, with a total value of $91,950.00. Following the purchase, the director now owns 5,000 shares of the company’s stock, valued at approximately $91,950. The trade was a ? increase in their ownership of the stock. The purchase was disclosed in a filing with the SEC, which is available at this link. Also, CEO Jeffrey E. Witherell purchased 2,000 shares of Plymouth Industrial REIT stock in a transaction on Friday, November 15th. The shares were acquired at an average cost of $18.49 per share, for a total transaction of $36,980.00. Following the purchase, the chief executive officer now owns 252,248 shares in the company, valued at approximately $4,664,065.52. This trade represents a 0.80 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders own 1.40% of the company’s stock.

Institutional Investors Weigh In On Plymouth Industrial REIT

A number of hedge funds and other institutional investors have recently made changes to their positions in PLYM. F M Investments LLC purchased a new stake in Plymouth Industrial REIT in the 2nd quarter valued at about $6,088,000. Millennium Management LLC grew its holdings in Plymouth Industrial REIT by 115.6% in the second quarter. Millennium Management LLC now owns 338,894 shares of the company’s stock valued at $7,246,000 after purchasing an additional 181,725 shares during the period. Charles Schwab Investment Management Inc. increased its position in Plymouth Industrial REIT by 24.6% during the third quarter. Charles Schwab Investment Management Inc. now owns 910,751 shares of the company’s stock worth $20,583,000 after purchasing an additional 180,003 shares during the last quarter. Jennison Associates LLC raised its stake in Plymouth Industrial REIT by 4.1% during the third quarter. Jennison Associates LLC now owns 4,401,384 shares of the company’s stock worth $99,471,000 after purchasing an additional 174,836 shares during the period. Finally, Foundry Partners LLC acquired a new position in shares of Plymouth Industrial REIT in the 3rd quarter valued at $3,725,000. Hedge funds and other institutional investors own 92.67% of the company’s stock.

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.