Bank of New York Mellon Corp Increases Stock Position in Plymouth Industrial REIT, Inc. (NYSE:PLYM)

Bank of New York Mellon Corp raised its stake in Plymouth Industrial REIT, Inc. (NYSE:PLYM - Free Report) by 22.4% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 224,504 shares of the company's stock after acquiring an additional 41,033 shares during the quarter. Bank of New York Mellon Corp owned approximately 0.49% of Plymouth Industrial REIT worth $3,996,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the stock. Quarry LP boosted its stake in Plymouth Industrial REIT by 88.4% in the third quarter. Quarry LP now owns 1,833 shares of the company's stock valued at $41,000 after acquiring an additional 860 shares during the last quarter. Nomura Asset Management Co. Ltd. boosted its stake in Plymouth Industrial REIT by 1.9% in the third quarter. Nomura Asset Management Co. Ltd. now owns 47,100 shares of the company's stock valued at $1,064,000 after acquiring an additional 900 shares during the last quarter. Sumitomo Mitsui Trust Group Inc. lifted its stake in shares of Plymouth Industrial REIT by 2.4% during the 4th quarter. Sumitomo Mitsui Trust Group Inc. now owns 41,353 shares of the company's stock valued at $736,000 after buying an additional 952 shares in the last quarter. Rhumbline Advisers lifted its stake in shares of Plymouth Industrial REIT by 1.4% during the 4th quarter. Rhumbline Advisers now owns 73,529 shares of the company's stock valued at $1,309,000 after buying an additional 1,010 shares in the last quarter. Finally, Daiwa Securities Group Inc. lifted its stake in shares of Plymouth Industrial REIT by 11.4% during the 3rd quarter. Daiwa Securities Group Inc. now owns 12,834 shares of the company's stock valued at $290,000 after buying an additional 1,317 shares in the last quarter. 92.67% of the stock is currently owned by hedge funds and other institutional investors.

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Plymouth Industrial REIT Price Performance

Shares of NYSE:PLYM traded down $0.30 during trading on Friday, reaching $17.05. The company had a trading volume of 530,222 shares, compared to its average volume of 283,872. The company has a fifty day moving average of $16.84 and a two-hundred day moving average of $19.03. The stock has a market capitalization of $776.42 million, a P/E ratio of 852.25 and a beta of 1.45. Plymouth Industrial REIT, Inc. has a 12 month low of $16.06 and a 12 month high of $24.71. 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 Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, April 30th. Investors of record on Monday, March 31st will be issued a dividend of $0.24 per share. This represents a $0.96 annualized dividend and a dividend yield of 5.63%. The ex-dividend date is Monday, March 31st. Plymouth Industrial REIT's dividend payout ratio is currently 31.37%.

Analyst Ratings Changes

A number of brokerages recently commented on PLYM. Robert W. Baird dropped their price target on shares of Plymouth Industrial REIT from $21.00 to $20.00 and set an "outperform" rating on the stock in a research note on Wednesday, March 5th. JMP Securities restated a "market outperform" rating and set a $27.00 price target on shares of Plymouth Industrial REIT in a research note on Tuesday, January 14th. Truist Financial cut shares of Plymouth Industrial REIT from a "buy" rating to a "hold" rating in a research note on Friday, January 17th. Wedbush set a $17.00 price target on shares of Plymouth Industrial REIT in a research note on Friday, February 28th. Finally, JPMorgan Chase & Co. dropped their price target on shares of Plymouth Industrial REIT from $20.00 to $19.00 and set an "underweight" rating on the stock in a research note on Tuesday, January 14th. One research analyst has rated the stock with a sell rating, five have assigned a hold rating and three have given a buy rating to the company. According to MarketBeat, Plymouth Industrial REIT currently has an average rating of "Hold" and an average target price of $22.44.

Plymouth Industrial REIT 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.