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

Plymouth Industrial REIT (NYSE:PLYM) released its quarterly earnings results 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. Plymouth Industrial REIT had a return on equity of 4.74% and a net margin of 11.42%. The firm had revenue of $50.23 million for the quarter, compared to analysts’ expectations of $50.73 million. During the same quarter in the prior year, the business earned $0.45 EPS. Plymouth Industrial REIT updated its FY 2024 guidance to 1.880-1.920 EPS.

Plymouth Industrial REIT Stock Performance

NYSE PLYM traded up $0.04 on Friday, hitting $20.56. 233,112 shares of the company’s stock were exchanged, compared to its average volume of 244,475. The firm has a market cap of $933.01 million, a price-to-earnings ratio of 47.78, a P/E/G ratio of 1.53 and a beta of 1.35. The firm’s 50-day moving average price is $21.42 and its two-hundred day moving average price is $21.97. Plymouth Industrial REIT has a fifty-two week low of $19.21 and a fifty-two week high of $25.55. The company has a debt-to-equity ratio of 1.46, a current ratio of 0.12 and a quick ratio of 0.11.

Plymouth Industrial REIT Increases Dividend

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

Insider Transactions at Plymouth Industrial REIT

In other Plymouth Industrial REIT news, Director Pendleton P. White bought 4,000 shares of Plymouth Industrial REIT stock in a transaction on Thursday, March 14th. The stock was bought at an average price of $21.58 per share, with a total value of $86,320.00. Following the completion of the acquisition, the director now owns 4,000 shares in the company, valued at $86,320. The purchase was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Company insiders own 1.30% of the company’s stock.

Analyst Ratings Changes

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

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.