Plymouth Industrial REIT (NYSE:PLYM) Cut to Hold at Truist Financial

Truist Financial lowered shares of Plymouth Industrial REIT (NYSE:PLYM) from a buy rating to a hold rating in a research report report published on Friday morning, Marketbeat.com reports.

PLYM has been the subject of a number of other research reports. JMP Securities restated a “market outperform” rating and issued a $27.00 price objective on shares of Plymouth Industrial REIT in a research report on Tuesday, January 14th. BNP Paribas lowered Plymouth Industrial REIT from an “outperform” rating to a “neutral” rating and set a $23.00 price target on the stock. in a research report on Friday, November 8th. JPMorgan Chase & Co. cut their price objective on Plymouth Industrial REIT from $20.00 to $19.00 and set an “underweight” rating on the stock in a report on Tuesday, January 14th. Barclays dropped their target price on shares of Plymouth Industrial REIT from $25.00 to $22.00 and set an “equal weight” rating on the stock in a report on Monday, November 18th. Finally, Robert W. Baird reduced their price target 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, November 12th. One research analyst has rated the stock with a sell rating, five have given a hold rating and three have assigned a buy rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and an average price target of $23.89.

Plymouth Industrial REIT Price Performance

PLYM opened at $16.65 on Friday. The company has a fifty day moving average price of $18.21 and a two-hundred day moving average price of $21.08. The company has a debt-to-equity ratio of 1.42, a quick ratio of 0.12 and a current ratio of 0.12. The firm has a market capitalization of $755.74 million, a PE ratio of 832.50, a P/E/G ratio of 1.20 and a beta of 1.34. Plymouth Industrial REIT has a 52 week low of $16.37 and a 52 week high of $24.71.

Plymouth Industrial REIT Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, January 31st. Stockholders of record on Tuesday, December 31st will be issued a dividend of $0.24 per share. This represents a $0.96 dividend on an annualized basis and a dividend yield of 5.77%. The ex-dividend date of this dividend is Tuesday, December 31st. Plymouth Industrial REIT’s dividend payout ratio is presently 4,800.00%.

Insider Activity at Plymouth Industrial REIT

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

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in PLYM. Thrivent Financial for Lutherans raised its stake in Plymouth Industrial REIT by 6.4% during the third quarter. Thrivent Financial for Lutherans now owns 455,092 shares of the company’s stock worth $10,285,000 after acquiring an additional 27,463 shares in the last quarter. Barclays PLC grew its holdings in shares of Plymouth Industrial REIT by 321.2% during the 3rd quarter. Barclays PLC now owns 63,101 shares of the company’s stock valued at $1,426,000 after purchasing an additional 48,119 shares during the last quarter. Foundry Partners LLC acquired a new position in Plymouth Industrial REIT during the 3rd quarter worth approximately $3,725,000. Geode Capital Management LLC lifted its stake in Plymouth Industrial REIT by 2.9% in the 3rd 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 last quarter. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its position in Plymouth Industrial REIT by 137.0% in the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 67,201 shares of the company’s stock valued at $1,519,000 after buying an additional 38,850 shares in the last quarter. 92.67% of the stock is currently owned by institutional investors and hedge funds.

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.