Plymouth Industrial REIT (NYSE:PLYM) Sees Unusually-High Trading Volume

Shares of Plymouth Industrial REIT, Inc. (NYSE:PLYM) saw strong trading volume on Wednesday . 330,091 shares were traded during mid-day trading, an increase of 37% from the previous session’s volume of 240,123 shares.The stock last traded at $22.36 and had previously closed at $22.98.

Analyst Ratings Changes

PLYM has been the topic of a number of research reports. BMO Capital Markets dropped their target price on shares of Plymouth Industrial REIT from $26.00 to $25.00 and set a “market perform” rating on the stock in a report on Wednesday, August 28th. Truist Financial lifted 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 report on Wednesday, August 28th. B. Riley upped their price objective on shares of Plymouth Industrial REIT from $26.00 to $27.00 and gave the stock a “buy” rating in a report on Monday, August 5th. Wedbush raised their target price on shares of Plymouth Industrial REIT from $23.00 to $25.00 and gave the company a “neutral” rating in a research note on Monday, August 5th. Finally, Barclays boosted their price target on Plymouth Industrial REIT from $22.00 to $25.00 and gave the stock an “equal weight” rating in a research report on Wednesday, August 14th. One 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. Based on data from MarketBeat, the company has an average rating of “Hold” and a consensus target price of $25.57.

Plymouth Industrial REIT Stock Down 0.9 %

The company has a debt-to-equity ratio of 1.49, a quick ratio of 0.16 and a current ratio of 0.16. The company has a market capitalization of $1.03 billion, a PE ratio of 53.44, a P/E/G ratio of 1.72 and a beta of 1.36. The company’s 50-day moving average is $23.40 and its 200 day moving average is $21.97.

Plymouth Industrial REIT Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Wednesday, July 31st. Investors of record on Friday, June 28th were given a dividend of $0.24 per share. This represents a $0.96 annualized dividend and a dividend yield of 4.22%. The ex-dividend date was Friday, June 28th. Plymouth Industrial REIT’s dividend payout ratio (DPR) is currently 223.26%.

Insider Buying and Selling

In related news, major shareholder Mirelf Vi Reit Investments Iv, sold 563,438 shares of the stock in a transaction on Monday, August 19th. The stock was sold at an average price of $23.58, for a total transaction of $13,285,868.04. Following 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 at this link. 1.30% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Several hedge funds have recently made changes to their positions in PLYM. Quadrant Capital Group LLC lifted its holdings in Plymouth Industrial REIT by 77.4% in the fourth quarter. Quadrant Capital Group LLC now owns 1,751 shares of the company’s stock valued at $42,000 after acquiring an additional 764 shares during the period. New York State Teachers Retirement System bought a new position in shares of Plymouth Industrial REIT in the 1st quarter worth approximately $89,000. Garner Asset Management Corp purchased a new position in shares of Plymouth Industrial REIT in the fourth quarter worth approximately $98,000. EntryPoint Capital LLC grew its position in Plymouth Industrial REIT by 33.9% during the first quarter. EntryPoint Capital LLC now owns 4,997 shares of the company’s stock valued at $112,000 after buying an additional 1,266 shares during the period. Finally, Point72 Asia Singapore Pte. Ltd. increased its holdings in Plymouth Industrial REIT by 431.0% during the second quarter. Point72 Asia Singapore Pte. Ltd. now owns 9,447 shares of the company’s stock valued at $202,000 after buying an additional 7,668 shares during the last quarter. 92.67% of the stock is owned by hedge funds and other institutional investors.

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.