Plymouth Industrial REIT (NYSE:PLYM) Releases Quarterly Earnings Results, Misses Expectations By $0.33 EPS

Plymouth Industrial REIT (NYSE:PLYM) released its quarterly earnings data on Wednesday. The company reported $0.14 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.47 by ($0.33), Zacks reports. The firm had revenue of $50.23 million for the quarter, compared to the consensus estimate of $50.73 million. Plymouth Industrial REIT had a net margin of 11.42% and a return on equity of 4.74%. During the same quarter in the prior year, the firm posted $0.45 earnings per share. Plymouth Industrial REIT updated its FY 2024 guidance to 1.880-1.920 EPS.

Plymouth Industrial REIT Price Performance

NYSE PLYM traded up $0.04 during trading hours on Friday, reaching $20.56. 233,112 shares of the company’s stock were exchanged, compared to its average volume of 244,475. The firm has a fifty day moving average of $21.42 and a 200-day moving average of $21.97. The company has a current ratio of 0.12, a quick ratio of 0.11 and a debt-to-equity ratio of 1.46. Plymouth Industrial REIT has a one year low of $19.21 and a one year high of $25.55. The stock has a market cap of $933.01 million, a PE ratio of 47.78, a price-to-earnings-growth ratio of 1.53 and a beta of 1.35.

Plymouth Industrial REIT Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Tuesday, April 30th. Stockholders of record on Thursday, March 28th were issued a $0.24 dividend. This is an increase from Plymouth Industrial REIT’s previous quarterly dividend of $0.23. This represents a $0.96 annualized dividend and a dividend yield of 4.67%. The ex-dividend date of this dividend was Wednesday, March 27th. Plymouth Industrial REIT’s payout ratio is presently 223.26%.

Analyst Ratings Changes

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

Insider Buying and Selling at Plymouth Industrial REIT

In related news, Director Pendleton P. White purchased 4,000 shares of Plymouth Industrial REIT stock in a transaction that occurred on Thursday, March 14th. The shares were acquired at an average price of $21.58 per share, for a total transaction of $86,320.00. Following the transaction, the director now directly owns 4,000 shares in the company, valued at $86,320. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Corporate insiders own 1.30% 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.