Plymouth Industrial REIT, Inc. (NYSE:PLYM) Short Interest Up 68.6% in March

Plymouth Industrial REIT, Inc. (NYSE:PLYM) was the recipient of a significant growth in short interest during the month of March. As of March 15th, there was short interest totalling 805,500 shares, a growth of 68.6% from the February 28th total of 477,800 shares. Based on an average trading volume of 356,400 shares, the short-interest ratio is currently 2.3 days. Approximately 1.8% of the company’s shares are short sold.

Plymouth Industrial REIT Stock Performance

PLYM stock traded up $0.03 during trading on Friday, hitting $16.84. The company had a trading volume of 261,515 shares, compared to its average volume of 294,186. Plymouth Industrial REIT has a 1-year low of $16.06 and a 1-year high of $24.71. The firm has a 50-day moving average price of $16.83 and a 200-day moving average price of $18.78. The company has a quick ratio of 0.12, a current ratio of 0.12 and a debt-to-equity ratio of 1.42. The firm has a market cap of $766.90 million, a PE ratio of 841.80 and a beta of 1.45.

Plymouth Industrial REIT Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, April 30th. Investors of record on Monday, March 31st will be given a $0.24 dividend. The ex-dividend date is Monday, March 31st. This represents a $0.96 dividend on an annualized basis and a yield of 5.70%. Plymouth Industrial REIT’s dividend payout ratio (DPR) is 31.37%.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently issued reports on PLYM shares. JPMorgan Chase & Co. reduced their price target 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. Truist Financial decreased their price target on shares of Plymouth Industrial REIT from $20.00 to $18.00 and set a “hold” rating for the company in a research report on Monday, March 24th. Robert W. Baird reduced their price objective on Plymouth Industrial REIT from $21.00 to $20.00 and set an “outperform” rating on the stock in a research note on Wednesday, March 5th. JMP Securities reissued a “market outperform” rating and set a $27.00 price objective on shares of Plymouth Industrial REIT in a research report on Tuesday, January 14th. Finally, Wedbush set a $17.00 target price on shares of Plymouth Industrial REIT in a research note on Friday, February 28th. One equities research analyst has rated the stock with a sell rating, five have assigned a hold rating and three have assigned a buy rating to the company’s stock. According to MarketBeat.com, the company has a consensus rating of “Hold” and an average target price of $22.00.

Institutional Trading of Plymouth Industrial REIT

Several hedge funds have recently made changes to their positions in the company. Westwood Holdings Group Inc. raised its holdings in Plymouth Industrial REIT by 33.0% during the fourth quarter. Westwood Holdings Group Inc. now owns 3,631,111 shares of the company’s stock worth $64,634,000 after purchasing an additional 901,251 shares in the last quarter. State Street Corp boosted its stake in shares of Plymouth Industrial REIT by 1.4% in the third quarter. State Street Corp now owns 1,223,747 shares of the company’s stock valued at $27,949,000 after buying an additional 16,398 shares in the last quarter. Geode Capital Management LLC grew its holdings in Plymouth Industrial REIT by 2.9% during the third quarter. Geode Capital Management LLC now owns 1,047,832 shares of the company’s stock worth $23,685,000 after acquiring an additional 29,924 shares during the period. Charles Schwab Investment Management Inc. raised its position in Plymouth Industrial REIT by 24.6% in the third quarter. Charles Schwab Investment Management Inc. now owns 910,751 shares of the company’s stock worth $20,583,000 after acquiring an additional 180,003 shares in the last quarter. Finally, JPMorgan Chase & Co. lifted its holdings in Plymouth Industrial REIT by 1.7% in the fourth quarter. JPMorgan Chase & Co. now owns 906,149 shares of the company’s stock valued at $16,129,000 after acquiring an additional 15,496 shares during the period. Institutional investors and hedge funds 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.