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

Plymouth Industrial REIT, Inc. (NYSE:PLYM) announced a quarterly dividend on Friday, June 14th, Zacks reports. Investors of record on Friday, June 28th will be given a dividend of 0.24 per share on Wednesday, July 31st. This represents a $0.96 dividend on an annualized basis and a dividend yield of 4.58%. The ex-dividend date is Friday, June 28th.

Plymouth Industrial REIT has a dividend payout ratio of 1,285.7% meaning the company cannot currently cover its dividend with earnings alone and is relying on its balance sheet to cover its dividend payments. Equities research analysts expect Plymouth Industrial REIT to earn $2.05 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 43.9%.

Plymouth Industrial REIT Price Performance

NYSE:PLYM opened at $20.98 on Thursday. The company has a debt-to-equity ratio of 1.46, a quick ratio of 0.12 and a current ratio of 0.12. The stock’s 50-day simple moving average is $20.85 and its 200 day simple moving average is $21.93. The company has a market cap of $952.07 million, a P/E ratio of 48.58, a P/E/G ratio of 1.59 and a beta of 1.36. Plymouth Industrial REIT has a 52-week low of $19.21 and a 52-week high of $25.55.

Plymouth Industrial REIT (NYSE:PLYM) last released its earnings results on Wednesday, May 1st. The company reported $0.14 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.47 by ($0.33). The company had revenue of $50.23 million during the quarter, compared to analyst estimates of $50.73 million. Plymouth Industrial REIT had a net margin of 11.42% and a return on equity of 4.74%. During the same period in the prior year, the firm posted $0.45 EPS. As a group, sell-side analysts forecast that Plymouth Industrial REIT will post 1.9 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of equities analysts recently commented on the company. Barclays assumed coverage on Plymouth Industrial REIT in a report on Wednesday, March 27th. They set an “equal weight” rating and a $22.00 price target for the company. Truist Financial reduced their price target on Plymouth Industrial REIT from $26.00 to $24.00 and set a “buy” rating for the company in a report on Thursday, February 29th. One investment analyst has rated the stock with a sell rating, one has given a hold rating and three have issued a buy rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and an average price target of $25.00.

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.