Bank of New York Mellon Corp Purchases 41,033 Shares of Plymouth Industrial REIT, Inc. (NYSE:PLYM)

Bank of New York Mellon Corp raised its position in shares of Plymouth Industrial REIT, Inc. (NYSE:PLYM) by 22.4% during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 224,504 shares of the company’s stock after purchasing an additional 41,033 shares during the quarter. Bank of New York Mellon Corp owned 0.49% of Plymouth Industrial REIT worth $3,996,000 as of its most recent SEC filing.

Other hedge funds have also modified their holdings of the company. Charles Schwab Investment Management Inc. raised its position in shares of Plymouth Industrial REIT by 24.6% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 910,751 shares of the company’s stock valued at $20,583,000 after purchasing an additional 180,003 shares during the period. Jennison Associates LLC raised its holdings in Plymouth Industrial REIT by 4.1% during the third quarter. Jennison Associates LLC now owns 4,401,384 shares of the company’s stock valued at $99,471,000 after acquiring an additional 174,836 shares during the period. Foundry Partners LLC purchased a new position in shares of Plymouth Industrial REIT in the third quarter valued at about $3,725,000. JPMorgan Chase & Co. lifted its position in shares of Plymouth Industrial REIT by 8.1% in the third quarter. JPMorgan Chase & Co. now owns 890,653 shares of the company’s stock valued at $20,129,000 after acquiring an additional 66,886 shares in the last quarter. Finally, Adams Asset Advisors LLC bought a new position in shares of Plymouth Industrial REIT in the fourth quarter worth about $1,068,000. 92.67% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

Several analysts recently issued reports on the company. Truist Financial downgraded Plymouth Industrial REIT from a “buy” rating to a “hold” rating in a research note on Friday, January 17th. JMP Securities reiterated a “market outperform” rating and set a $27.00 price objective on shares of Plymouth Industrial REIT in a research report on Tuesday, January 14th. JPMorgan Chase & Co. dropped their target price on shares of Plymouth Industrial REIT from $20.00 to $19.00 and set an “underweight” rating for the company in a research report on Tuesday, January 14th. Robert W. Baird cut their target price on shares of Plymouth Industrial REIT from $21.00 to $20.00 and set an “outperform” rating for the company in a research note on Wednesday, March 5th. Finally, Wedbush set a $17.00 price target on shares of Plymouth Industrial REIT in a research note on Friday, February 28th. One analyst has rated the stock with a sell rating, five have given a hold rating and three have given a buy rating to the company. According to data from MarketBeat, the stock has an average rating of “Hold” and an average price target of $22.44.

Plymouth Industrial REIT Price Performance

Plymouth Industrial REIT stock opened at $17.40 on Wednesday. Plymouth Industrial REIT, Inc. has a 52-week low of $16.06 and a 52-week high of $24.71. The company has a quick ratio of 0.12, a current ratio of 0.12 and a debt-to-equity ratio of 1.42. The firm’s fifty day moving average is $16.81 and its 200 day moving average is $19.10. The company has a market cap of $792.59 million, a price-to-earnings ratio of 870.00 and a beta of 1.45.

Plymouth Industrial REIT Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, April 30th. Stockholders of record on Monday, March 31st will be given a dividend of $0.24 per share. This represents a $0.96 annualized dividend and a dividend yield of 5.52%. The ex-dividend date of this dividend is Monday, March 31st. Plymouth Industrial REIT’s dividend payout ratio is 31.37%.

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.