Plymouth Industrial REIT (NYSE:PLYM) Reaches New 52-Week Low After Analyst Downgrade

Plymouth Industrial REIT, Inc. (NYSE:PLYM - Get Free Report)'s stock price reached a new 52-week low on Wednesday after KeyCorp lowered their price target on the stock from $23.00 to $18.00. KeyCorp currently has an overweight rating on the stock. Plymouth Industrial REIT traded as low as $13.36 and last traded at $13.45, with a volume of 608182 shares. The stock had previously closed at $13.96.

PLYM has been the subject of several other research reports. Robert W. Baird decreased their price objective on Plymouth Industrial REIT from $21.00 to $20.00 and set an "outperform" rating for the company in a report on Wednesday, March 5th. JPMorgan Chase & Co. dropped their price objective 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. JMP Securities reiterated a "market outperform" rating and issued a $27.00 target price on shares of Plymouth Industrial REIT in a research note on Tuesday, January 14th. Barclays dropped their price target on shares of Plymouth Industrial REIT from $22.00 to $18.00 and set an "equal weight" rating on the stock in a research report on Monday, March 31st. Finally, Truist Financial decreased their price objective on shares of Plymouth Industrial REIT from $20.00 to $18.00 and set a "hold" rating for the company in a research report on Monday, March 24th. One investment analyst has rated the stock with a sell rating, five have assigned a hold rating and four have given a buy rating to the company. According to data from MarketBeat, the company has a consensus rating of "Hold" and an average target price of $21.20.

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Institutional Investors Weigh In On Plymouth Industrial REIT

Large investors have recently bought and sold shares of the company. BNP Paribas Financial Markets boosted its stake in shares of Plymouth Industrial REIT by 40.9% in the third quarter. BNP Paribas Financial Markets now owns 11,884 shares of the company's stock worth $269,000 after acquiring an additional 3,448 shares during the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its stake in Plymouth Industrial REIT by 137.0% during the 3rd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 67,201 shares of the company's stock worth $1,519,000 after purchasing an additional 38,850 shares during the last quarter. Captrust Financial Advisors purchased a new stake in shares of Plymouth Industrial REIT during the third quarter worth $248,000. Verition Fund Management LLC acquired a new stake in shares of Plymouth Industrial REIT in the third quarter valued at about $254,000. Finally, State Street Corp lifted its stake in shares of Plymouth Industrial REIT by 1.4% in the third quarter. State Street Corp now owns 1,223,747 shares of the company's stock worth $27,949,000 after buying an additional 16,398 shares in the last quarter. 92.67% of the stock is currently owned by hedge funds and other institutional investors.

Plymouth Industrial REIT Stock Up 2.5 %

The stock has a market capitalization of $639.95 million, a price-to-earnings ratio of 702.45 and a beta of 1.19. The company has a quick ratio of 0.12, a current ratio of 0.12 and a debt-to-equity ratio of 1.42. The business's 50-day moving average is $16.32 and its two-hundred day moving average is $18.10.

Plymouth Industrial REIT Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, April 30th. Investors of record on Monday, March 31st will be issued a $0.24 dividend. This represents a $0.96 dividend on an annualized basis and a dividend yield of 6.83%. The ex-dividend date of this dividend is Monday, March 31st. Plymouth Industrial REIT's dividend payout ratio is currently 31.37%.

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.