Zacks Investment Research Downgrades Plymouth Industrial Reit (NYSEAMERICAN:PLYM) to Sell

Zacks Investment Research cut shares of Plymouth Industrial Reit (NYSEAMERICAN:PLYM) from a hold rating to a sell rating in a research note published on Tuesday morning, Zacks.com reports.

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. “

PLYM has been the subject of a number of other reports. Wedbush set a $20.00 target price on Plymouth Industrial Reit and gave the company a buy rating in a research report on Monday, May 20th. National Securities began coverage on Plymouth Industrial Reit in a research report on Wednesday, June 19th. They issued a buy rating for the company.



Shares of NYSEAMERICAN PLYM opened at $18.50 on Tuesday. Plymouth Industrial Reit has a 52-week low of $10.95 and a 52-week high of $19.59.

The company also recently announced a quarterly dividend, which was paid on Wednesday, July 31st. Investors of record on Friday, June 28th were given a $0.375 dividend. The ex-dividend date of this dividend was Thursday, June 27th. This represents a $1.50 dividend on an annualized basis and a dividend yield of 8.11%.

Several hedge funds and other institutional investors have recently made changes to their positions in the stock. D.A. Davidson & CO. boosted its position in shares of Plymouth Industrial Reit by 1.6% in the 2nd quarter. D.A. Davidson & CO. now owns 76,795 shares of the company’s stock valued at $1,454,000 after purchasing an additional 1,238 shares during the period. Mesirow Financial Investment Management Inc. boosted its position in shares of Plymouth Industrial Reit by 12.0% in the 2nd quarter. Mesirow Financial Investment Management Inc. now owns 23,141 shares of the company’s stock valued at $437,000 after purchasing an additional 2,484 shares during the period. Wells Fargo & Company MN boosted its position in shares of Plymouth Industrial Reit by 507.2% in the 2nd quarter. Wells Fargo & Company MN now owns 3,036 shares of the company’s stock valued at $57,000 after purchasing an additional 2,536 shares during the period. Wedbush Securities Inc. boosted its position in shares of Plymouth Industrial Reit by 25.1% in the 1st quarter. Wedbush Securities Inc. now owns 23,973 shares of the company’s stock valued at $403,000 after purchasing an additional 4,809 shares during the period. Finally, BlackRock Inc. boosted its position in shares of Plymouth Industrial Reit by 74.0% in the 4th quarter. BlackRock Inc. now owns 22,663 shares of the company’s stock valued at $286,000 after purchasing an additional 9,637 shares during the period.

Plymouth Industrial Reit Company Profile

Plymouth Industrial REIT, Inc is a vertically integrated and self-managed real estate investment trust focused on the acquisition and operation of single and multi-tenant industrial properties located in secondary and select primary markets across the United States. The Company seeks to acquire properties that provide income and growth that enable the Company to leverage its real estate operating expertise to enhance shareholder value through active asset management, prudent property re-positioning and disciplined capital deployment.

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