Plymouth Industrial REIT (NYSE:PLYM) Issues Earnings Results, Misses Estimates By $0.33 EPS

Plymouth Industrial REIT (NYSE:PLYM) posted its earnings results on Wednesday. The company reported $0.14 earnings per share for the quarter, missing analysts’ consensus estimates of $0.47 by ($0.33), Zacks reports. The business had revenue of $50.23 million for the quarter, compared to the consensus estimate of $50.73 million. Plymouth Industrial REIT had a return on equity of 4.76% and a net margin of 11.42%. During the same period in the previous year, the firm earned $0.45 earnings per share. Plymouth Industrial REIT updated its FY 2024 guidance to 1.880-1.920 EPS.

Plymouth Industrial REIT Stock Performance

Shares of NYSE PLYM traded up $0.03 during midday trading on Friday, reaching $20.55. The company’s stock had a trading volume of 233,112 shares, compared to its average volume of 241,700. The stock has a market capitalization of $932.33 million, a P/E ratio of 47.77, a PEG ratio of 1.57 and a beta of 1.35. The company has a debt-to-equity ratio of 1.47, a current ratio of 0.11 and a quick ratio of 0.11. The firm has a 50 day moving average price of $21.44 and a 200-day moving average price of $21.97. Plymouth Industrial REIT has a 12-month low of $19.21 and a 12-month high of $25.55.

Plymouth Industrial REIT Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, April 30th. Shareholders of record on Thursday, March 28th were paid a $0.24 dividend. This is a positive change from Plymouth Industrial REIT’s previous quarterly dividend of $0.23. The ex-dividend date was Wednesday, March 27th. This represents a $0.96 annualized dividend and a yield of 4.67%. Plymouth Industrial REIT’s dividend payout ratio (DPR) is 223.26%.

Analyst Ratings Changes

Several research analysts recently issued reports on PLYM shares. Truist Financial lowered their target price on Plymouth Industrial REIT from $26.00 to $24.00 and set a “buy” rating for the company in a research report on Thursday, February 29th. JMP Securities upgraded shares of Plymouth Industrial REIT from a “market perform” rating to an “outperform” rating and set a $27.00 price objective on the stock in a report on Monday, January 22nd. Finally, Barclays assumed coverage on shares of Plymouth Industrial REIT in a research report on Wednesday, March 27th. They set an “equal weight” rating and a $22.00 target price for the company. One research analyst has rated the stock with a sell rating, one has given a hold rating and four have assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $25.00.

Insider Activity at Plymouth Industrial REIT

In related news, Director Pendleton P. White bought 4,000 shares of Plymouth Industrial REIT stock in a transaction on Thursday, March 14th. The stock was acquired at an average price of $21.58 per share, with a total value of $86,320.00. Following the acquisition, the director now directly owns 4,000 shares of the company’s stock, valued at $86,320. The acquisition was disclosed in a filing with the SEC, which can be accessed through the SEC website. 1.30% of the stock is currently owned by company insiders.

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.