Plymouth Industrial REIT, Inc. (NYSE:PLYM) to Issue Quarterly Dividend of $0.24

Plymouth Industrial REIT, Inc. (NYSE:PLYM) declared a quarterly dividend on Friday, March 14th, RTT News reports. Stockholders of record on Monday, March 31st will be given a dividend of 0.24 per share on Wednesday, April 30th. This represents a $0.96 dividend on an annualized basis and a dividend yield of 5.67%. The ex-dividend date is Monday, March 31st.

Plymouth Industrial REIT has a dividend payout ratio of 1,285.7% meaning the company cannot currently cover its dividend with earnings alone and is relying on its balance sheet to cover its dividend payments. Research analysts expect Plymouth Industrial REIT to earn $1.95 per share next year, which means the company should continue to be able to cover its $0.90 annual dividend with an expected future payout ratio of 46.2%.

Plymouth Industrial REIT Stock Up 0.9 %

PLYM stock opened at $16.94 on Friday. The company has a quick ratio of 0.12, a current ratio of 0.12 and a debt-to-equity ratio of 1.42. Plymouth Industrial REIT has a fifty-two week low of $16.06 and a fifty-two week high of $24.71. The firm’s 50-day simple moving average is $16.80 and its 200 day simple moving average is $19.23. The stock has a market cap of $771.59 million, a PE ratio of 846.95 and a beta of 1.45.

Analyst Ratings Changes

Several research firms have commented on PLYM. JMP Securities reissued a “market outperform” rating and set a $27.00 target price on shares of Plymouth Industrial REIT in a research note on Tuesday, January 14th. Wedbush set a $17.00 target price on shares of Plymouth Industrial REIT in a research note on Friday, February 28th. Barclays lowered 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 research note on Monday, November 18th. Truist Financial cut shares of Plymouth Industrial REIT from a “buy” rating to a “hold” rating in a research note on Friday, January 17th. Finally, JPMorgan Chase & Co. lowered their price objective on shares of Plymouth Industrial REIT from $20.00 to $19.00 and set an “underweight” rating on the stock in a research note on Tuesday, January 14th. One investment analyst has rated the stock with a sell rating, five have given a hold rating and three have issued a buy rating to the company’s stock. According to MarketBeat.com, Plymouth Industrial REIT currently has a consensus rating of “Hold” and a consensus target price of $22.44.

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.