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

Plymouth Industrial REIT, Inc. (NYSE:PLYM) declared a quarterly dividend on Friday, March 14th, RTT News reports. Investors 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 annualized dividend and a yield of 5.67%.

Plymouth Industrial REIT has a 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. 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 Price Performance

PLYM opened at $16.94 on Friday. The stock has a 50-day moving average price of $16.80 and a 200-day moving average price of $19.26. Plymouth Industrial REIT has a 12-month low of $16.06 and a 12-month high of $24.71. The company has a current ratio of 0.12, a quick ratio of 0.12 and a debt-to-equity ratio of 1.42. The stock has a market capitalization of $771.59 million, a P/E ratio of 846.95 and a beta of 1.45.

Wall Street Analysts Forecast Growth

Several equities research analysts recently weighed in on PLYM shares. JMP Securities restated a “market outperform” rating and set a $27.00 target price on shares of Plymouth Industrial REIT in a report on Tuesday, January 14th. JPMorgan Chase & Co. decreased their target price on Plymouth Industrial REIT from $20.00 to $19.00 and set an “underweight” rating for the company in a research report on Tuesday, January 14th. Barclays reduced their price objective on Plymouth Industrial REIT from $25.00 to $22.00 and set an “equal weight” rating for the company in a research report on Monday, November 18th. Wedbush set a $17.00 price objective on Plymouth Industrial REIT in a research report on Friday, February 28th. Finally, Truist Financial downgraded Plymouth Industrial REIT from a “buy” rating to a “hold” rating in a research note on Friday, January 17th. One research analyst has rated the stock with a sell rating, five have assigned a hold rating and three have given a buy rating to the company’s stock. According to MarketBeat.com, Plymouth Industrial REIT presently has an average rating of “Hold” and an average price target 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.