Wedbush Cuts Earnings Estimates for Plymouth Industrial REIT

Plymouth Industrial REIT, Inc. (NYSE:PLYM - Free Report) - Wedbush lowered their FY2024 earnings per share estimates for shares of Plymouth Industrial REIT in a research report issued on Monday, November 11th. Wedbush analyst R. Anderson now forecasts that the company will post earnings per share of $1.84 for the year, down from their previous estimate of $1.90. Wedbush currently has a "Neutral" rating and a $25.00 target price on the stock. The consensus estimate for Plymouth Industrial REIT's current full-year earnings is $1.84 per share. Wedbush also issued estimates for Plymouth Industrial REIT's Q4 2024 earnings at $0.47 EPS.

PLYM has been the topic of several other research reports. Barclays raised their price objective on Plymouth Industrial REIT from $22.00 to $25.00 and gave the company an "equal weight" rating in a research note on Wednesday, August 14th. Robert W. Baird reduced their price objective on shares of Plymouth Industrial REIT from $26.00 to $25.00 and set an "outperform" rating for the company in a report on Tuesday. BMO Capital Markets lowered their target price on shares of Plymouth Industrial REIT from $26.00 to $25.00 and set a "market perform" rating on the stock in a report on Wednesday, August 28th. BNP Paribas lowered Plymouth Industrial REIT from an "outperform" rating to a "neutral" rating and set a $23.00 price objective for the company. in a report on Friday. Finally, Truist Financial upped their price target on Plymouth Industrial REIT from $26.00 to $27.00 and gave the stock a "buy" rating in a report on Wednesday, August 28th. One equities research analyst has rated the stock with a sell rating, four have assigned a hold rating and four have assigned a buy rating to the company's stock. Based on data from MarketBeat, Plymouth Industrial REIT presently has a consensus rating of "Hold" and an average price target of $25.22.

Plymouth Industrial REIT Trading Down 3.0 %

Shares of PLYM stock traded down $0.62 during trading hours on Tuesday, hitting $20.24. 75,209 shares of the company were exchanged, compared to its average volume of 250,527. The company has a debt-to-equity ratio of 1.49, a quick ratio of 0.16 and a current ratio of 0.16. The firm has a market cap of $918.82 million, a P/E ratio of 1,043.00, a P/E/G ratio of 1.62 and a beta of 1.37. The company has a 50 day simple moving average of $21.88 and a two-hundred day simple moving average of $22.03. Plymouth Industrial REIT has a fifty-two week low of $19.84 and a fifty-two week high of $25.55.

Plymouth Industrial REIT Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Thursday, October 31st. Investors of record on Monday, September 30th were issued a $0.24 dividend. This represents a $0.96 dividend on an annualized basis and a dividend yield of 4.74%. The ex-dividend date of this dividend was Monday, September 30th. Plymouth Industrial REIT's dividend payout ratio (DPR) is currently 4,800.00%.

Insider Activity at Plymouth Industrial REIT

In other news, major shareholder Mirelf Vi Reit Investments Iv, sold 563,438 shares of the firm's stock in a transaction that occurred on Monday, August 19th. The shares were sold at an average price of $23.58, for a total transaction of $13,285,868.04. Following the completion of the sale, the insider now owns 4,474,292 shares in the company, valued at $105,503,805.36. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. 1.40% of the stock is owned by company insiders.

Institutional Investors Weigh In On Plymouth Industrial REIT

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Meros Investment Management LP increased its holdings in shares of Plymouth Industrial REIT by 38.2% in the 2nd quarter. Meros Investment Management LP now owns 402,923 shares of the company's stock worth $8,614,000 after buying an additional 111,339 shares during the last quarter. Vanguard Group Inc. lifted its stake in Plymouth Industrial REIT by 2.8% during the first quarter. Vanguard Group Inc. now owns 4,264,132 shares of the company's stock worth $95,943,000 after purchasing an additional 115,318 shares during the last quarter. Westwood Holdings Group Inc. boosted its holdings in shares of 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 worth $63,372,000 after purchasing an additional 28,272 shares in the last quarter. Price T Rowe Associates Inc. MD increased its position in shares of Plymouth Industrial REIT by 17.0% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 13,008 shares of the company's stock valued at $293,000 after purchasing an additional 1,892 shares during the last quarter. Finally, F M Investments LLC purchased a new position in shares of Plymouth Industrial REIT during the 2nd quarter valued at about $6,088,000. 92.67% of the stock is currently owned by institutional investors.

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.