Plymouth Industrial REIT (NYSE:PLYM) Updates FY 2024 Earnings Guidance

Plymouth Industrial REIT (NYSE:PLYM) updated its FY 2024 earnings guidance on Thursday. The company provided EPS guidance of 1.880-1.900 for the period, compared to the consensus EPS estimate of 1.890. The company issued revenue guidance of -.

Plymouth Industrial REIT Stock Performance

Shares of PLYM opened at $22.98 on Thursday. Plymouth Industrial REIT has a 52-week low of $19.21 and a 52-week high of $25.55. The firm has a market capitalization of $1.04 billion, a PE ratio of 53.44, a P/E/G ratio of 1.73 and a beta of 1.36. The firm has a 50-day moving average price of $23.58 and a 200 day moving average price of $22.03. The company has a quick ratio of 0.16, a current ratio of 0.16 and a debt-to-equity ratio of 1.49.

Plymouth Industrial REIT Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Thursday, October 31st. Shareholders of record on Monday, September 30th will be given a $0.24 dividend. The ex-dividend date is Monday, September 30th. This represents a $0.96 dividend on an annualized basis and a yield of 4.18%. Plymouth Industrial REIT’s dividend payout ratio (DPR) is 223.26%.

Wall Street Analysts Forecast Growth

Several equities analysts have recently weighed in on the stock. BMO Capital Markets reduced their price objective on shares of Plymouth Industrial REIT from $26.00 to $25.00 and set a market perform rating for the company in a research report on Wednesday, August 28th. Barclays upped their price objective on shares of 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. JPMorgan Chase & Co. cut their price target on Plymouth Industrial REIT from $24.00 to $23.00 and set an underweight rating for the company in a research note on Wednesday, July 10th. Truist Financial raised their price target on shares of Plymouth Industrial REIT from $26.00 to $27.00 and gave the company a buy rating in a report on Wednesday, August 28th. Finally, JMP Securities restated a market outperform rating and issued a $27.00 target price on shares of Plymouth Industrial REIT in a report on Wednesday, August 28th. One research analyst has rated the stock with a sell rating, three have issued a hold rating and three have issued a buy rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of Hold and an average price target of $25.57.

Insider Buying and Selling

In related news, major shareholder Mirelf Vi Reit Investments Iv, sold 563,438 shares of the firm’s stock in a transaction on Monday, August 19th. The stock was sold at an average price of $23.58, for a total value of $13,285,868.04. Following the completion of the transaction, the insider now directly owns 4,474,292 shares of the company’s stock, valued at $105,503,805.36. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. 1.30% of the stock is owned by company insiders.

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.