Plymouth Industrial REIT (NYSE:PLYM) Hits New 12-Month Low After Analyst Downgrade

Plymouth Industrial REIT, Inc. (NYSE:PLYM) shares reached a new 52-week low on Monday after Truist Financial lowered their price target on the stock from $27.00 to $22.00. Truist Financial currently has a buy rating on the stock. Plymouth Industrial REIT traded as low as $17.83 and last traded at $17.83, with a volume of 1896 shares. The stock had previously closed at $18.74.

A number of other research firms have also recently commented on PLYM. JMP Securities restated a “market outperform” rating and issued a $27.00 price objective on shares of Plymouth Industrial REIT in a research report on Wednesday, August 28th. B. Riley raised their price target on Plymouth Industrial REIT from $26.00 to $27.00 and gave the stock a “buy” rating in a research report on Monday, August 5th. BNP Paribas cut Plymouth Industrial REIT from an “outperform” rating to a “neutral” rating and set a $23.00 price objective on the stock. in a report on Friday, November 8th. Robert W. Baird dropped their target price on shares of Plymouth Industrial REIT from $26.00 to $25.00 and set an “outperform” rating on the stock in a report on Tuesday, November 12th. Finally, Barclays cut their price target on shares of Plymouth Industrial REIT from $25.00 to $22.00 and set an “equal weight” rating on the stock in a research note on Monday, November 18th. One analyst has rated the stock with a sell rating, four have issued a hold rating and four have given a buy rating to the stock. According to MarketBeat.com, the company has an average rating of “Hold” and a consensus price target of $24.33.

Insider Buying and Selling

In other news, CEO Jeffrey E. Witherell purchased 2,000 shares of the business’s stock in a transaction on Friday, November 15th. The stock was purchased at an average price of $18.49 per share, for a total transaction of $36,980.00. Following the completion of the purchase, the chief executive officer now directly owns 252,248 shares in the company, valued at $4,664,065.52. The trade was a 0.80 % increase in their position. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Pendleton P. Jr. White acquired 5,000 shares of the firm’s stock in a transaction dated 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 transaction, the director now owns 5,000 shares in the company, valued at approximately $91,950. This trade represents a ∞ increase in their ownership of the stock. The disclosure for this purchase can be found here. 1.40% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in PLYM. Thrivent Financial for Lutherans raised its holdings in Plymouth Industrial REIT by 6.4% in the 3rd quarter. Thrivent Financial for Lutherans now owns 455,092 shares of the company’s stock valued at $10,285,000 after acquiring an additional 27,463 shares during the period. Foundry Partners LLC bought a new position in shares of Plymouth Industrial REIT during the third quarter worth approximately $3,725,000. Meros Investment Management LP lifted its holdings in Plymouth Industrial REIT by 38.2% during the 2nd quarter. Meros Investment Management LP now owns 402,923 shares of the company’s stock worth $8,614,000 after purchasing an additional 111,339 shares during the last quarter. Westwood Holdings Group Inc. boosted its stake in Plymouth Industrial REIT by 1.0% in the 2nd quarter. Westwood Holdings Group Inc. now owns 2,964,075 shares of the company’s stock valued at $63,372,000 after purchasing an additional 28,272 shares during the period. Finally, Vanguard Group Inc. grew its holdings in Plymouth Industrial REIT by 2.8% in the 1st quarter. Vanguard Group Inc. now owns 4,264,132 shares of the company’s stock valued at $95,943,000 after buying an additional 115,318 shares in the last quarter. 92.67% of the stock is owned by institutional investors and hedge funds.

Plymouth Industrial REIT Stock Down 4.9 %

The firm has a 50-day simple moving average of $20.69 and a two-hundred day simple moving average of $21.84. The stock has a market cap of $809.29 million, a P/E ratio of 937.00, a PEG ratio of 1.45 and a beta of 1.37. 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 Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, October 31st. Shareholders of record on Monday, September 30th were paid a $0.24 dividend. This represents a $0.96 annualized dividend and a yield of 5.38%. The ex-dividend date was Monday, September 30th. Plymouth Industrial REIT’s dividend payout ratio (DPR) is 4,800.00%.

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.