Truist Financial Has Lowered Expectations for Plymouth Industrial REIT (NYSE:PLYM) Stock Price

Plymouth Industrial REIT (NYSE:PLYM) had its target price cut by investment analysts at Truist Financial from $27.00 to $22.00 in a note issued to investors on Friday,Benzinga reports. The brokerage presently has a “buy” rating on the stock. Truist Financial’s price target points to a potential upside of 17.40% from the stock’s current price.

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

Plymouth Industrial REIT Stock Performance

Shares of PLYM stock opened at $18.74 on Friday. The stock’s fifty day simple moving average is $20.69 and its 200-day simple moving average is $21.84. The company has a market capitalization of $850.61 million, a price-to-earnings ratio of 937.00, a P/E/G ratio of 1.46 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 has a 1-year low of $18.08 and a 1-year high of $25.55.

Insider Buying and Selling

In other Plymouth Industrial REIT news, Director Pendleton P. Jr. White bought 5,000 shares of the stock in a transaction on Friday, November 15th. The shares were purchased at an average price of $18.39 per share, with a total value of $91,950.00. Following the acquisition, the director now directly owns 5,000 shares of the company’s stock, valued at $91,950. This represents a ∞ increase in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, CEO Jeffrey E. Witherell purchased 2,000 shares of the company’s stock in a transaction on Friday, November 15th. The stock was acquired at an average cost of $18.49 per share, for a total transaction of $36,980.00. Following the completion of the transaction, the chief executive officer now owns 252,248 shares in the company, valued at approximately $4,664,065.52. This trade represents a 0.80 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Corporate insiders own 1.40% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in PLYM. Jennison Associates LLC lifted its stake in shares of Plymouth Industrial REIT by 4.1% in the third quarter. Jennison Associates LLC now owns 4,401,384 shares of the company’s stock valued at $99,471,000 after buying an additional 174,836 shares during the period. Vanguard Group Inc. lifted its position in shares of Plymouth Industrial REIT by 2.8% in the 1st quarter. Vanguard Group Inc. now owns 4,264,132 shares of the company’s stock worth $95,943,000 after acquiring an additional 115,318 shares during the period. Westwood Holdings Group Inc. grew its holdings in shares of Plymouth Industrial REIT by 1.0% during 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. State Street Corp grew its holdings in shares of Plymouth Industrial REIT by 1.4% during the 3rd quarter. State Street Corp now owns 1,223,747 shares of the company’s stock worth $27,949,000 after purchasing an additional 16,398 shares in the last quarter. Finally, Geode Capital Management LLC increased its position in shares of Plymouth Industrial REIT by 2.9% during the third quarter. Geode Capital Management LLC now owns 1,047,832 shares of the company’s stock valued at $23,685,000 after purchasing an additional 29,924 shares during the period. Institutional investors own 92.67% of the company’s stock.

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.