Plymouth Industrial REIT (NYSE:PLYM) Issues Earnings Results, Misses Expectations By $0.33 EPS

Plymouth Industrial REIT (NYSE:PLYM) announced its quarterly earnings results on Wednesday. The company reported $0.14 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.47 by ($0.33), Zacks reports. Plymouth Industrial REIT had a return on equity of 2.84% and a net margin of 6.75%. The firm had revenue of $50.23 million for the quarter, compared to analysts’ expectations of $50.73 million. During the same period last year, the company posted $0.45 earnings per share. Plymouth Industrial REIT updated its FY 2024 guidance to 1.880-1.920 EPS.

Plymouth Industrial REIT Price Performance

PLYM traded down $0.47 during midday trading on Thursday, hitting $20.52. 315,542 shares of the company traded hands, compared to its average volume of 241,715. The company has a current ratio of 0.11, a quick ratio of 0.11 and a debt-to-equity ratio of 1.47. The company has a market capitalization of $931.20 million, a price-to-earnings ratio of 107.42, a PEG ratio of 1.56 and a beta of 1.35. Plymouth Industrial REIT has a 52-week low of $19.21 and a 52-week high of $25.55. The business has a 50 day simple moving average of $21.47 and a two-hundred day simple moving average of $21.98.

Plymouth Industrial REIT Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, April 30th. Shareholders of record on Thursday, March 28th were issued a dividend of $0.24 per share. This represents a $0.96 annualized dividend and a yield of 4.68%. This is an increase from Plymouth Industrial REIT’s previous quarterly dividend of $0.23. The ex-dividend date of this dividend was Wednesday, March 27th. Plymouth Industrial REIT’s dividend payout ratio (DPR) is presently 505.26%.

Insider Buying and Selling at Plymouth Industrial REIT

In other Plymouth Industrial REIT news, Director Pendleton P. White bought 4,000 shares of Plymouth Industrial REIT stock in a transaction dated Thursday, March 14th. The stock was acquired at an average cost of $21.58 per share, for a total transaction of $86,320.00. Following the completion of the transaction, the director now directly owns 4,000 shares of the company’s stock, valued at $86,320. The purchase was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Insiders own 1.30% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of analysts recently issued reports on the stock. Barclays assumed coverage on shares of Plymouth Industrial REIT in a report on Wednesday, March 27th. They set an “equal weight” rating and a $22.00 price target on the stock. JMP Securities raised shares of Plymouth Industrial REIT from a “market perform” rating to an “outperform” rating and set a $27.00 price target on the stock in a report on Monday, January 22nd. Finally, Truist Financial lowered their price target on shares of Plymouth Industrial REIT from $26.00 to $24.00 and set a “buy” rating on the stock in a report on Thursday, February 29th. One research analyst has rated the stock with a sell rating, one has issued a hold rating and four have issued a buy rating to the stock. According to MarketBeat.com, Plymouth Industrial REIT has an average rating of “Moderate Buy” and a consensus price target of $25.00.

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.