Plymouth Industrial REIT (NYSE:PLYM) Updates FY 2024 Earnings Guidance

Plymouth Industrial REIT (NYSE:PLYM) issued an update on its FY 2024 earnings guidance on Thursday morning. The company provided EPS guidance of 1.880-1.900 for the period, compared to the consensus EPS estimate of 1.890. The company issued revenue guidance of -.

Plymouth Industrial REIT Stock Performance

Plymouth Industrial REIT stock opened at $22.54 on Friday. The company has a market cap of $1.02 billion, a PE ratio of 52.42, a P/E/G ratio of 1.75 and a beta of 1.36. Plymouth Industrial REIT has a 12 month low of $19.21 and a 12 month high of $25.55. The company has a fifty day moving average price of $23.59 and a two-hundred day moving average price of $22.04. The company has a debt-to-equity ratio of 1.49, a current ratio of 0.16 and a quick ratio of 0.16.

Plymouth Industrial REIT Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, October 31st. Shareholders of record on Monday, September 30th will be issued a $0.24 dividend. The ex-dividend date of this dividend is Monday, September 30th. This represents a $0.96 dividend on an annualized basis and a yield of 4.26%. Plymouth Industrial REIT’s dividend payout ratio is currently 223.26%.

Analysts Set New Price Targets

A number of research analysts recently commented on the company. JPMorgan Chase & Co. lowered their price objective on Plymouth Industrial REIT from $24.00 to $23.00 and set an underweight rating for the company in a research note on Wednesday, July 10th. B. Riley raised their price target on shares of Plymouth Industrial REIT from $26.00 to $27.00 and gave the company a buy rating in a research note on Monday, August 5th. Wedbush boosted their price objective on Plymouth Industrial REIT from $23.00 to $25.00 and gave the stock a neutral rating in a research report on Monday, August 5th. Barclays raised their target price on Plymouth Industrial REIT from $22.00 to $25.00 and gave the company an equal weight rating in a research report on Wednesday, August 14th. Finally, JMP Securities reissued a market outperform rating and issued a $27.00 price target on shares of Plymouth Industrial REIT in a research note on Wednesday, August 28th. One research analyst has rated the stock with a sell rating, three have assigned a hold rating and three have issued a buy rating to the company’s stock. According to data from MarketBeat.com, Plymouth Industrial REIT has a consensus rating of Hold and an average price target of $25.57.

Insiders Place Their Bets

In other news, major shareholder Mirelf Vi Reit Investments Iv, sold 563,438 shares of the stock in a transaction that occurred on Monday, August 19th. The shares were sold at an average price of $23.58, for a total value of $13,285,868.04. Following the completion of the sale, the insider now directly owns 4,474,292 shares of the company’s stock, valued at $105,503,805.36. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Corporate insiders own 1.30% 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.