Plymouth Industrial REIT (NYSE:PLYM) Sees Strong Trading Volume – Here’s What Happened

Plymouth Industrial REIT (NYSE:PLYM) shares saw strong trading volume on Wednesday . 1,995,976 shares changed hands during mid-day trading, an increase of 210% from the previous session’s volume of 643,635 shares.The stock last traded at $22.1090 and had previously closed at $22.68.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently commented on the stock. Industrial Alliance Securities set a $22.00 price target on shares of Plymouth Industrial REIT in a report on Monday, October 27th. Robert W. Baird cut shares of Plymouth Industrial REIT from an “outperform” rating to a “neutral” rating and boosted their price objective for the company from $19.00 to $24.00 in a research note on Thursday, October 23rd. Colliers Securities cut shares of Plymouth Industrial REIT from a “buy” rating to a “hold” rating and set a $22.00 target price on the stock. in a research note on Monday, October 27th. Truist Financial upped their price target on shares of Plymouth Industrial REIT from $18.00 to $21.00 and gave the stock a “hold” rating in a report on Wednesday, August 20th. Finally, JMP Securities restated a “market perform” rating on shares of Plymouth Industrial REIT in a research note on Wednesday, August 20th. One investment analyst has rated the stock with a Buy rating, ten have given a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus price target of $21.40.

Plymouth Industrial REIT Stock Performance

The business’s 50-day moving average is $22.01 and its 200 day moving average is $18.88. The company has a market cap of $987.01 million, a PE ratio of 11.09 and a beta of 1.18. The company has a debt-to-equity ratio of 1.31, a quick ratio of 0.13 and a current ratio of 0.13.

Plymouth Industrial REIT (NYSE:PLYM) last issued its earnings results on Monday, November 10th. The company reported ($1.23) earnings per share for the quarter, missing the consensus estimate of $0.47 by ($1.70). The company had revenue of $51.16 million for the quarter, compared to analysts’ expectations of $49.62 million. Plymouth Industrial REIT had a net margin of 47.78% and a return on equity of 16.76%. On average, equities research analysts predict that Plymouth Industrial REIT will post 1.83 EPS for the current fiscal year.

Plymouth Industrial REIT Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, October 31st. Investors of record on Tuesday, September 30th were given a dividend of $0.24 per share. The ex-dividend date was Tuesday, September 30th. This represents a $0.96 annualized dividend and a dividend yield of 4.3%. Plymouth Industrial REIT’s payout ratio is currently 48.00%.

Hedge Funds Weigh In On Plymouth Industrial REIT

Institutional investors have recently added to or reduced their stakes in the company. CIBC Bancorp USA Inc. purchased a new stake in shares of Plymouth Industrial REIT in the 3rd quarter worth about $339,000. DigitalBridge Group Inc. bought a new stake in shares of Plymouth Industrial REIT in the 3rd quarter worth approximately $7,476,000. CANADA LIFE ASSURANCE Co increased its position in Plymouth Industrial REIT by 12.2% during the 3rd quarter. CANADA LIFE ASSURANCE Co now owns 68,905 shares of the company’s stock valued at $1,529,000 after buying an additional 7,497 shares in the last quarter. Dark Forest Capital Management LP bought a new stake in Plymouth Industrial REIT in the third quarter worth $1,647,000. Finally, Verition Fund Management LLC grew its stake in shares of Plymouth Industrial REIT by 476.4% in the third quarter. Verition Fund Management LLC now owns 338,880 shares of the company’s stock worth $7,567,000 after acquiring an additional 280,089 shares during the last quarter. Institutional investors own 92.67% of the company’s stock.

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.