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Plymouth Industrial REIT Inc . (NYSE:PLYM) stock has touched a 52-week low, dipping to $16.23, signaling a period of bearish sentiment among investors. The $750 million market cap REIT currently offers a substantial 5.76% dividend yield, though InvestingPro analysis suggests the stock is trading above its Fair Value. This latest price level reflects a significant downturn from the company’s performance over the past year, with the stock experiencing a 1-year change of -24.84%. The decline to this year’s low point underscores the challenges faced by the real estate investment trust sector, as Plymouth Industrial REIT navigates through a complex market environment marked by investor caution and recalibration of asset values. Despite the recent decline, analysts maintain price targets ranging from $19 to $27, and InvestingPro has identified 8 additional key insights about PLYM’s financial health and market position in its comprehensive Pro Research Report.
In other recent news, Plymouth Industrial REIT has been subject to adjustments in analyst outlooks and significant asset transactions. Truist Securities recently revised its price target for Plymouth Industrial REIT to $22 from $27, despite maintaining a Buy rating. The adjustment was driven by the announcement of two evictions in Cleveland, leading to a reduction in the 2024 normalized Funds From Operations (FFO) estimate. The firm also revised its 2025 normalized FFO estimate, incorporating assumptions such as $430 million in acquisitions and the lease-up of specific properties.
In addition to these developments, Plymouth Industrial REIT completed a major asset disposition, selling a portfolio of 34 properties around the Chicago Metropolitan Statistical Area to Isosceles JV, LLC for $357.9 million. This strategic move is part of the company’s ongoing portfolio management and capital recycling efforts.
Furthermore, a Baird analyst also revised the price target for Plymouth Industrial REIT, reducing it to $25.00 from the previous $26.00, while maintaining an Outperform rating. The adjustment was in response to recent market developments, including a joint venture transaction and potential tenant lease expirations in 2025. The company’s future focus includes the effective redeployment of capital from the joint venture transaction and strategies to mitigate risks associated with upcoming large tenant lease expirations. These are recent developments that investors should keep an eye on.
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