Rhumbline Advisers Sells 1,120 Shares of Plymouth Industrial REIT, Inc. (NYSE:PLYM)

Rhumbline Advisers cut its stake in Plymouth Industrial REIT, Inc. (NYSE:PLYM) by 1.4% in the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 76,254 shares of the company’s stock after selling 1,120 shares during the quarter. Rhumbline Advisers owned about 0.17% of Plymouth Industrial REIT worth $1,630,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently modified their holdings of the stock. F M Investments LLC purchased a new position in shares of Plymouth Industrial REIT during the second quarter valued at about $6,088,000. Bank of New York Mellon Corp grew its holdings in shares of Plymouth Industrial REIT by 3.1% during the 2nd quarter. Bank of New York Mellon Corp now owns 226,578 shares of the company’s stock worth $4,844,000 after acquiring an additional 6,736 shares during the period. Blue Trust Inc. bought a new position in shares of Plymouth Industrial REIT in the 2nd quarter worth approximately $207,000. Boston Partners raised its position in shares of Plymouth Industrial REIT by 105.4% in the 1st quarter. Boston Partners now owns 71,450 shares of the company’s stock worth $1,608,000 after acquiring an additional 36,667 shares in the last quarter. Finally, Tidal Investments LLC lifted its stake in shares of Plymouth Industrial REIT by 5.8% in the 1st quarter. Tidal Investments LLC now owns 19,915 shares of the company’s stock valued at $448,000 after purchasing an additional 1,088 shares during the period. 92.67% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling

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

Wall Street Analyst Weigh In

Several equities research analysts recently weighed in on the company. JMP Securities reiterated a “market outperform” rating and issued a $27.00 price objective on shares of Plymouth Industrial REIT in a report on Wednesday, August 28th. B. Riley upped their target price on shares of Plymouth Industrial REIT from $26.00 to $27.00 and gave the stock a “buy” rating in a research report on Monday, August 5th. BMO Capital Markets lowered 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 report on Wednesday, August 28th. Truist Financial upped their price objective on shares of Plymouth Industrial REIT from $26.00 to $27.00 and gave the stock a “buy” rating in a report on Wednesday, August 28th. Finally, Wedbush raised their target price on shares of Plymouth Industrial REIT from $23.00 to $25.00 and gave the company a “neutral” rating in a research note on Monday, August 5th. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating and three have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average target price of $25.57.

Plymouth Industrial REIT Stock Down 3.1 %

NYSE:PLYM opened at $22.54 on Friday. The company has a debt-to-equity ratio of 1.49, a quick ratio of 0.16 and a current ratio of 0.16. The firm has a market cap of $1.02 billion, a P/E ratio of 52.42, a P/E/G ratio of 1.75 and a beta of 1.36. Plymouth Industrial REIT, Inc. has a fifty-two week low of $19.21 and a fifty-two week high of $25.55. The firm has a 50-day simple moving average of $23.59 and a two-hundred day simple moving average of $22.04.

Plymouth Industrial REIT Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, October 31st. Investors of record on Monday, September 30th will be issued a $0.24 dividend. The ex-dividend date of this dividend is Monday, September 30th. This represents a $0.96 dividend on an annualized basis and a yield of 4.26%. Plymouth Industrial REIT’s payout ratio is currently 223.26%.

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.