B. Riley Raises Plymouth Industrial REIT (NYSE:PLYM) Price Target to $27.00

Plymouth Industrial REIT (NYSE:PLYM) had its price target lifted by B. Riley from $26.00 to $27.00 in a report published on Monday, Benzinga reports. B. Riley currently has a buy rating on the stock. B. Riley also issued estimates for Plymouth Industrial REIT’s Q3 2024 earnings at $0.47 EPS, Q4 2024 earnings at $0.49 EPS, FY2024 earnings at $1.88 EPS, Q2 2025 earnings at $0.50 EPS, FY2025 earnings at $2.04 EPS, Q1 2026 earnings at $0.54 EPS, Q2 2026 earnings at $0.54 EPS and FY2026 earnings at $2.18 EPS.

Several other research firms have also recently commented on PLYM. JPMorgan Chase & Co. dropped their price objective on Plymouth Industrial REIT from $24.00 to $23.00 and set an underweight rating on the stock in a research report on Wednesday, July 10th. Wedbush raised shares of Plymouth Industrial REIT to a hold rating in a report on Friday, July 12th. One research analyst has rated the stock with a sell rating, two have assigned a hold rating and three have assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of Hold and an average target price of $24.67.

Plymouth Industrial REIT Stock Performance

Shares of PLYM opened at $23.24 on Monday. The company has a market cap of $1.05 billion, a price-to-earnings ratio of 54.05, a P/E/G ratio of 1.81 and a beta of 1.36. The business’s fifty day simple moving average is $22.24 and its two-hundred day simple moving average is $21.75. Plymouth Industrial REIT has a 12 month low of $19.21 and a 12 month high of $25.55. The company has a current ratio of 0.16, a quick ratio of 0.12 and a debt-to-equity ratio of 1.49.

Plymouth Industrial REIT Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Wednesday, July 31st. Shareholders of record on Friday, June 28th were given a $0.24 dividend. The ex-dividend date of this dividend was Friday, June 28th. This represents a $0.96 annualized dividend and a yield of 4.13%. Plymouth Industrial REIT’s payout ratio is 223.26%.

Institutional Investors Weigh In On Plymouth Industrial REIT

Hedge funds and other institutional investors have recently made changes to their positions in the business. Envestnet Asset Management Inc. boosted its holdings in shares of Plymouth Industrial REIT by 9.8% in the second quarter. Envestnet Asset Management Inc. now owns 198,431 shares of the company’s stock worth $4,242,000 after buying an additional 17,710 shares during the last quarter. Meeder Asset Management Inc. bought a new position in Plymouth Industrial REIT in the second quarter worth approximately $1,078,000. Victory Capital Management Inc. raised its position in Plymouth Industrial REIT by 7.6% in the second quarter. Victory Capital Management Inc. now owns 55,100 shares of the company’s stock worth $1,178,000 after acquiring an additional 3,900 shares during the period. F M Investments LLC purchased a new position in shares of Plymouth Industrial REIT during the 2nd quarter worth $6,088,000. Finally, Bank of New York Mellon Corp grew its position 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 valued at $4,844,000 after acquiring an additional 6,736 shares during the period. Hedge funds and other institutional investors own 92.67% of the company’s stock.

Plymouth Industrial REIT Company 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.