The Manufacturers Life Insurance Company Cuts Holdings in Plymouth Industrial REIT, Inc. (NYSE:PLYM)

The Manufacturers Life Insurance Company decreased its position in shares of Plymouth Industrial REIT, Inc. (NYSE:PLYM) by 90.8% in the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 14,939 shares of the company’s stock after selling 146,933 shares during the period. The Manufacturers Life Insurance Company’s holdings in Plymouth Industrial REIT were worth $338,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently made changes to their positions in the company. Jennison Associates LLC grew its position in Plymouth Industrial REIT by 4.1% in the third quarter. Jennison Associates LLC now owns 4,401,384 shares of the company’s stock worth $99,471,000 after acquiring an additional 174,836 shares in the last quarter. Westwood Holdings Group Inc. grew its position in Plymouth Industrial REIT by 1.0% in the second quarter. Westwood Holdings Group Inc. now owns 2,964,075 shares of the company’s stock worth $63,372,000 after acquiring an additional 28,272 shares in the last quarter. Charles Schwab Investment Management Inc. grew its position in Plymouth Industrial REIT by 24.6% in the third quarter. Charles Schwab Investment Management Inc. now owns 910,751 shares of the company’s stock worth $20,583,000 after acquiring an additional 180,003 shares in the last quarter. Dimensional Fund Advisors LP grew its position in Plymouth Industrial REIT by 0.8% in the second quarter. Dimensional Fund Advisors LP now owns 536,974 shares of the company’s stock worth $11,480,000 after acquiring an additional 4,265 shares in the last quarter. Finally, Thrivent Financial for Lutherans lifted its stake in Plymouth Industrial REIT by 6.4% in the third quarter. Thrivent Financial for Lutherans now owns 455,092 shares of the company’s stock worth $10,285,000 after purchasing an additional 27,463 shares during the last quarter. Hedge funds and other institutional investors own 92.67% of the company’s stock.

Insider Activity at Plymouth Industrial REIT

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

Wall Street Analyst Weigh In

Several analysts have recently weighed in on the stock. BMO Capital Markets decreased their price target on shares of Plymouth Industrial REIT from $26.00 to $25.00 and set a “market perform” rating for the company in a research note on Wednesday, August 28th. Truist Financial decreased their price target on shares of Plymouth Industrial REIT from $27.00 to $22.00 and set a “buy” rating for the company in a research note on Friday, November 29th. BNP Paribas downgraded 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 research note on Friday, November 8th. JMP Securities reaffirmed a “market outperform” rating and set a $27.00 price target on shares of Plymouth Industrial REIT in a research note on Wednesday, August 28th. Finally, Barclays decreased their price target on shares of Plymouth Industrial REIT from $25.00 to $22.00 and set an “equal weight” rating for the company in a research note on Monday, November 18th. One investment analyst has rated the stock with a sell rating, four have issued a hold rating and four have given a buy rating to the company’s stock. According to data from MarketBeat, the stock has a consensus rating of “Hold” and an average price target of $24.33.

Plymouth Industrial REIT Trading Up 1.2 %

Shares of Plymouth Industrial REIT stock opened at $18.93 on Monday. The firm has a 50-day simple moving average of $19.95 and a two-hundred day simple moving average of $21.70. The company has a market cap of $859.23 million, a P/E ratio of 946.50, a price-to-earnings-growth ratio of 1.47 and a beta of 1.34. Plymouth Industrial REIT, Inc. has a fifty-two week low of $18.08 and a fifty-two week high of $25.55. The company has a debt-to-equity ratio of 1.42, a quick ratio of 0.12 and a current ratio of 0.12.

Plymouth Industrial REIT Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, January 31st. Investors of record on Tuesday, December 31st will be paid a dividend of $0.24 per share. The ex-dividend date is Tuesday, December 31st. This represents a $0.96 annualized dividend and a yield of 5.07%. Plymouth Industrial REIT’s dividend payout ratio is presently 4,800.00%.

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.