Plymouth Industrial REIT (NYSE: PLYM) recently jumped up over 40% from March lows. Investors may be looking PLYM because of the recent surge and for the dividend.
Recent trading in PLYM has been in the $11.50/share range. Looking back PLYM was trading in general over $19.00/share in the second half of 2019 and continued on that trend into February 2020.
Plymouth Industrial REIT (PLYM) Bottomline
Many investors will be tempted by Plymouth’s current dividend of 10% and bullish trend. A few readers have asked AlphaBetaStock.com, “Is Plymouth Industrial REIT (PLYM) A Buy? The short and quick answer is NO. We cannot recommend that investors buy any REITs right now because of the coronavirus.
Currently, Haselkorn & Thibaut, a national investor law firm (www.investmentfraudlawyers.com), is investigating potential sales practice violations by financial advisors who were recommended PLYM and other related real estate investment trust (REIT) investments sold to investors.
What is Plymouth Industrial REIT (NYSE: PLYM)?
Plymouth Industrial REIT (PLYM) is a vertically integrated and self-managed real estate investment trust (REIT) focused on the acquisition and operation of single and multi-tenant industrial properties located in secondary and select primary markets across the United States. PLYM 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.
Stock Market Recap 4-29-2020
U.S. markets rose on hopes of a coronavirus treatment . Gilead (GILD) noted positive data surrounding its remdesivir treatment for coronavirus. Effective treatment will likely spark optimism over states reopening their economies. That would go a long way to getting the U.S. economy back to growth. Gilead’s positive news outweighed weak first-quarter gross domestic product (“GDP”), which fell 4.8%. The decline in GDP was a foregone conclusion, given the effects of the coronavirus. In its April policy meeting, the Federal Reserve renewed its commitment to supporting the domestic economy. It said it’s committed to using the full range of tools at its disposal to support growth, adding that it will continue its asset purchase program “as needed.”
The top sectors today were energy, communication services, and technology. Paycom (PAYC) boosted the technology sector on a strong first-quarter report. Alphabet (GOOGL) led the communications sector higher after posting a strong quarter and adding that its internet search business is stabilizing in April. Gilead (GILD) surged on the positive data on remdesivir.
The worst performing sectors were utilities, consumer staples, and health care. Utilities and staples underperformed as defensive sectors with investors rotating into higher-performing names. Hertz (HTZ) fell as the rental car company skipped a lease payment, and the company approached bankruptcy.
Donald S. Wiggins loves learning about business trends. He has 5 years of experience in financial news and worked his way up from a writer to a senior staff member. He is one of the original writers of alphabetastock.com with a goal to increase readership and financial news coverage throughout 2019. Wiggins is the editor and manager of “Services” category.