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Plymouth Industrial REIT, Inc. (PLYM)

NYSE - NYSE Delayed price. Currency in USD
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23.05-0.21 (-0.90%)
At close: 4:00PM EDT
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  • J
    Jim
    1.3M shares today, what the news?
  • Y
    Yahoo Finance Insights
    Plymouth Industrial REIT is up 5.19% to 22.50
  • J
    Jimmy C
    EARNINGS CALL 1) any delinquent rent would be offset by rent increases on renewals. 2) dividend to be rightsized to $.20 from $.3 while AFFO remained unchanged. 3) Long term prospects look positive if not better once through the pandemic.
  • D
    Doug
    Apr. 29, 2019 12:28 PM ET|About: Oppenheimer Holdings Inc. (OPY)
    Summary
    We have a friend at the FED now.
    Insiders are always buying shares.
    The Market is rip for deals and IPO's today.
    Assets at all time highs.
    Earnings up 68% in the latest quarter.
    Oppenheimer Holdings ($26.40 OPY) Tangible book value grows by 15% each year, due to strong earnings and low dividend payout ratio.
    They trade at only six times this year's earnings and is run conservatively by the CEO.
    They are known to run a tight ship.
    Keep Background Facts:
    . Price $26.40
    . Market cap $340 million
    . Dividend $.044 Yield 1.40%
    . Location: New York, NY
    . The inflection point is the earnings report out today up 68%
    . Acquisitions made before the crash are starting to pay off.
    Again virtually no one covers this name on the buy or sell- side since 2014; this is still why this is miss-priced massively.
    Record earnings out today of $0.86 for the first quarter up 68% from the same period prior.
    75% of their earning or $2.60 a share of their earnings today is stable interest swap income. If short-term interest rates stay between 2.30% and 2.50%. If they go above 2.50, they make even more money. So basically their core earnings today are like a regular bank.
    If earnings were going at a bank by 68% it would trade at 2.5 times tangible book, OPY trades under tangible book.
    Many significant funds like Blackrock own about 5% of the shares, so the float is about half of the 13 million shares that can trade each day.
    Many people think OPY is an investment bank when it is a right-sized asset management firm with a small investment bank on the side.
    With the current market so strong and IPO pipeline so strong they could earn as much as $5.00 a share this year and next. Next quarters earnings will be over $1.00 a share, that lowers the P/E to six, that does not make sense, it should trade at a P/E of 10 or more.
    They just moved their main office last year, and the rent savings will go to the bottom line now, also helping with earnings power going forward.
    Results the last several quarters have beaten any estimates, but no one seems to care.
    Even without incentive fee income, they are in much better shape from just two years ago, as short-term interest rates are way up and are staying up for the foreseeable future.
    Costs for technology upgrades also are now behind them which was a vast number, $65 million.
    Costs for 98% of regulatory and legal issues are now behind them.
    With the great first quarter market move, the biggest in over a decade, this will favorably impact their asset management fees for the second quarter of 2019.
    Franchise:
    Strong brand name.
    Solid balance sheet.
    Powerful CEO
    A recurring revenue stream that is stable now.
    Strong asset management business

    The main reason they are superior to their peers, even if the market sells-off again big in 2019, they now have a more stable earnings platform, as an everyday vanilla bank, generating about $2.60 plus in earning per share alone just on interest swap income, that’s there for many years to come. Most people don’t understand this is a considerable advantage to their peers.
    The risks they have to take to make numbers are much less than any of their peers.
    The CEO controls the voting so only he can sell the firm and owns over 22% of the stock.
    Downside risks as with any investment bank can vary and do, but OPY runs a tight ship for over 40 years.
    If short -term interest rates were to turn down sharply go under 1.50%, now about 2.40%, then this would hit their earnings by about 25%, but this is most likely this is not going to happen anytime soon. The most critical factor is going forward, stable earnings, that have a chance to expand actively if the market stays strong and deals keep coming.
    We would go long now today, under $26.50 and hold till it hits full value at around $50 in a sale or just fair amount of at least $45 a share.
    Valuations do matter even while they don’t seem to in today's world on many stocks, OPY has a cheap valuation, strong earnings growth, stable earnings underneath the growing part, proven management with a significant stake in the firm and they always add to their holdings and never sell.
    Since it is just a $337 million market cap company today no one is following this firm anymore in many years, but us. That is where the opportunity lies.
    Compared to any of its competitors it is about 50% cheaper right now. It has better earnings growth than any that I can find, and they are growing faster and have more stable earnings power.
    The company still has over 200,000 shares left in there stock buyback, and they have paid higher prices already this year than it is trading at now.
    I am sure they will buy shares substantial soon and add a new buyback, as it will grow book and earnings handsomely from these levels. The downside is limited from these levels as well due to these factors.
    They are adding about $1.00 to book value every quarter going forward from here, that alone is all
  • H
    Herb
    A perfect example of how a thinly traded stock can suffer from a small number of sellers. Way oversold. Just picked up another thousand at a crazy low price.
  • B
    Bob
    This is one of the few reits that is Still in the solid buy range after November’s reit explosion. Dividend will likely be raised over the next year, stock price likely to double as well over the next 1 to 2 years as the new acquisitions and new financing deals begin to be reflected on operating results. Insiders incentives are aligned with shareholders too!!! Buy buy buy!
  • J
    Jeannie
    Love the dividend, but anyone know how the new work-from-home trend will affect PLYM's properties? More defaults/cancellations on the horizon?
  • J
    Jimmy C
    The annual report mentions that 43% of rent is up for renewals over the next three years. Does anyone have information on what tenants are up for renew and how that might impact tenant retention over the next few years. Any risks that I should consider before making a purchase decision ?
  • H
    Herb
    Aggressive management and increasing institutional interest maker this an interesting company. I was a former owner with new interest.
  • B
    Bob
    Good Q. Why this is down today is a head scratcher. Have had a nice run up the past couple weeks though.
  • m
    michael
    They pay a dividend without earnings??
  • H
    HillbillyHeaven
    Stock in free fall. Looks like it hit an air pocket. Down over 8%. Don't buy yet...keep your power dry. The $15-$16 zone looks like a good entry point.
  • D
    Dan
    In at 16 out at 18.95 while collecting a fat dividend. I'm happy...
  • J
    Jeffrey san
    just broke out of an ascending triangle! might be a good sign. Now to see some action in Real Estate as well.
  • Y
    Yahoo Finance Insights
    Plymouth Industrial REIT is down 13.44% to 11.98
  • Y
    Yahoo Finance Insights
    Plymouth Industrial REIT is down 9.20% to 12.53
  • Y
    Yahoo Finance Insights
    Plymouth Industrial REIT is up 12.75% to 14.64
  • Y
    Yahoo Finance Insights
    Plymouth Industrial REIT is up 13.23% to 12.67
  • Y
    Yahoo Finance Insights
    Plymouth Industrial REIT is up 10.78% to 13.46
  • Y
    Yahoo Finance Insights
    Plymouth Industrial REIT is up 10.43% to 12.28