Zacks Investment Research upgraded shares of Plymouth Industrial Reit (NYSEAMERICAN:PLYM) from a hold rating to a buy rating in a research note released on Wednesday morning. They currently have $19.00 target price on the stock.
According to Zacks, “Plymouth Industrial REIT, Inc. is a full service, vertically integrated real estate investment company. It focused on the acquisition and management of single and multi-tenant distribution centers, warehouses and light industrial properties, primarily located in secondary and select primary markets. Plymouth Industrial REIT, Inc. is based in Boston, United States. “
Shares of PLYM opened at $17.24 on Wednesday. Plymouth Industrial Reit has a twelve month low of $16.21 and a twelve month high of $19.00.
Plymouth Industrial Reit (NYSEAMERICAN:PLYM) last announced its quarterly earnings results on Thursday, March 8th. The company reported ($1.44) earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.08 by ($1.52). Plymouth Industrial Reit had a negative net margin of 42.59% and a negative return on equity of 98.43%. The company had revenue of $8.41 million during the quarter, compared to the consensus estimate of $8.45 million.
The business also recently declared a quarterly dividend, which will be paid on Monday, April 30th. Shareholders of record on Friday, March 30th will be paid a $0.375 dividend. This represents a $1.50 dividend on an annualized basis and a yield of 8.70%. The ex-dividend date of this dividend is Wednesday, March 28th.
Several hedge funds have recently made changes to their positions in the company. BB&T Securities LLC bought a new stake in shares of Plymouth Industrial Reit in the fourth quarter worth $507,000. Kennedy Capital Management Inc. bought a new stake in shares of Plymouth Industrial Reit in the fourth quarter worth $753,000. Finally, D.A. Davidson & CO. bought a new stake in shares of Plymouth Industrial Reit in the fourth quarter worth $516,000.
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About Plymouth Industrial Reit
Plymouth Industrial REIT, Inc, formerly Plymouth Opportunity REIT, Inc, is a self-administered and self-managed real estate investment trust. The Company primarily focused on single-tenant industrial properties and multi-tenant industrial properties. The Company also focused on the acquisition, ownership and management of single-and multi-tenant class B industrial properties, including distribution centers, warehouses and light industrial properties, primarily located in secondary and select primary markets across the Eastern half of the United States and Texas.
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