Plymouth Industrial REIT, Inc. (NYSE:PLYM) Declares Quarterly Dividend of $0.24

Plymouth Industrial REIT, Inc. (NYSE:PLYM) declared a quarterly dividend on Friday, March 14th, RTT News reports. Shareholders of record on Monday, March 31st will be given a dividend of 0.24 per share on Wednesday, April 30th. This represents a $0.96 annualized dividend and a yield of 5.70%. The ex-dividend date of this dividend is Monday, March 31st.

Plymouth Industrial REIT has a dividend 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 $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

Shares of PLYM opened at $16.84 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. The firm has a market cap of $766.90 million, a PE ratio of 841.80 and a beta of 1.45. Plymouth Industrial REIT has a 12 month low of $16.06 and a 12 month high of $24.71. The stock has a fifty day moving average price of $16.83 and a 200-day moving average price of $18.81.

Wall Street Analysts Forecast Growth

A number of research firms have commented on PLYM. Wedbush set a $17.00 price target on Plymouth Industrial REIT in a research note on Friday, February 28th. JMP Securities reaffirmed a “market outperform” rating and issued a $27.00 price objective on shares of Plymouth Industrial REIT in a research report on Tuesday, January 14th. Robert W. Baird dropped their target price on shares of Plymouth Industrial REIT from $21.00 to $20.00 and set an “outperform” rating on the stock in a research report on Wednesday, March 5th. JPMorgan Chase & Co. decreased their price target on shares of Plymouth Industrial REIT from $20.00 to $19.00 and set an “underweight” rating for the company in a report on Tuesday, January 14th. Finally, Truist Financial dropped their price objective on shares of Plymouth Industrial REIT from $20.00 to $18.00 and set a “hold” rating on the stock in a report on Monday, March 24th. One equities research analyst has rated the stock with a sell rating, five have issued a hold rating and three have issued a buy rating to the company’s stock. According to data from MarketBeat.com, Plymouth Industrial REIT currently has an average rating of “Hold” and a consensus price target of $22.00.

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.