BOSTON—Jeffrey E. Witherell, CEO of Plymouth Industrial REIT, Inc. (NYSE:PLYM), recently acquired additional shares in the company. According to a filing with the Securities and Exchange Commission, Witherell purchased 2,000 shares of Plymouth Industrial REIT common stock on November 15, 2024, at a price of $18.49 per share. This transaction totaled $36,980.
Following the acquisition, Witherell's direct ownership in the company increased to 252,248 shares. This move reflects Witherell's continued investment in the real estate investment trust, which focuses on industrial properties.
In other recent news, Plymouth Industrial REIT experienced a reduction in its stock price target from $26.00 to $25.00, as per a Baird analyst, despite maintaining an Outperform rating. This adjustment came following recent market developments, including a joint venture transaction that added complexity to the company's operations and significant tenant lease expirations set for 2025. The focus for Plymouth Industrial REIT moving forward includes the effective redeployment of capital from the joint venture transaction, with the Cincinnati portfolio being cited as the initial positive indicator.
During its third quarter 2024 earnings call, Plymouth Industrial REIT reported a strategic partnership with Sixth Street, providing $500 million for acquisitions and expanding its borrowing capacity to $1.5 billion. The company also disclosed a forthcoming acquisition in Cincinnati valued at approximately $40 million, expected to close by year-end. Plymouth Industrial REIT has over 11 million square feet of acquisition opportunities, totaling more than $1 billion, in its pipeline.
The company's fourth-quarter implied guidance for FFO stands between 47 to 48 cents, with a one-time $500,000 cleanup fee impacting Q4 financials. Despite a slowdown in leasing activity and a 2.7% vacancy rate due to tenant challenges, the company's management remains confident in their strategies and future growth, leveraging its substantial 35 million-square-foot portfolio into 2025.
InvestingPro Insights
Jeffrey E. Witherell's recent purchase of Plymouth Industrial REIT (NYSE:PLYM) shares aligns with several intriguing market indicators. According to InvestingPro data, PLYM's stock is currently trading near its 52-week low, with a significant price drop of 21.21% over the last three months. This context makes the CEO's investment particularly noteworthy.
Despite the recent downturn, PLYM maintains a healthy dividend yield of 5.23%, which may be attractive to income-focused investors. The company has also demonstrated a 6.67% dividend growth over the last twelve months, suggesting a commitment to shareholder returns even in challenging market conditions.
InvestingPro Tips highlight that while PLYM's RSI suggests the stock is in oversold territory, it's also trading at a high earnings multiple. This combination could indicate a potential value opportunity, especially considering the CEO's recent insider buying.
For investors seeking a more comprehensive analysis, InvestingPro offers 10 additional tips for PLYM, providing a deeper understanding of the company's financial health and market position.
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