Zacks Investment Research upgraded shares of Terreno Realty (NYSE:TRNO) from a hold rating to a buy rating in a research report released on Tuesday morning. The firm currently has $42.00 price target on the real estate investment trust’s stock.
According to Zacks, “Terreno Realty Corporation is an internally managed real estate investment trust (REIT) focused on acquiring industrial real estate located in major coastal U.S. markets. The Company’s main focus is on markets in Los Angeles Area; Northern New Jersey/New York City; San Francisco Bay Area; Seattle Area; Miami Area; and Washington, D.C./Baltimore. Terreno Realty Corporation focuses on investing in several types of industrial real estate, including warehouse/distribution, flex (including light manufacturing, and research and development) and trans-shipment. The Company will target functional buildings in infill locations that may be shared by multiple tenants and that cater to customer demand within the various submarkets, in which it operates. The Company will utilize local third-party property managers for day-to-day property management. Terreno Realty Corporationy will make all operating and leasing decisions on its properties. “
A number of other research firms have also weighed in on TRNO. JMP Securities reissued a hold rating on shares of Terreno Realty in a report on Tuesday, October 16th. Mizuho assumed coverage on Terreno Realty in a report on Wednesday, October 3rd. They set a neutral rating on the stock. ValuEngine lowered Terreno Realty from a buy rating to a hold rating in a report on Wednesday, September 19th. Finally, KeyCorp boosted their target price on Terreno Realty from $39.00 to $40.00 and gave the stock a buy rating in a report on Friday, August 3rd. Five investment analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company. The company has a consensus rating of Buy and a consensus price target of $39.50.
Shares of Terreno Realty stock opened at $38.48 on Tuesday. Terreno Realty has a 12-month low of $31.56 and a 12-month high of $39.26. The company has a market cap of $2.19 billion, a PE ratio of 35.30, a P/E/G ratio of 2.90 and a beta of 0.69. The company has a current ratio of 0.16, a quick ratio of 0.16 and a debt-to-equity ratio of 0.42.
Terreno Realty (NYSE:TRNO) last announced its quarterly earnings data on Thursday, November 1st. The real estate investment trust reported $0.17 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.16 by $0.01. Terreno Realty had a return on equity of 4.68% and a net margin of 34.83%. The company had revenue of $37.90 million for the quarter, compared to analysts’ expectations of $37.68 million. As a group, equities analysts expect that Terreno Realty will post 1.29 earnings per share for the current fiscal year.
The firm also recently announced a quarterly dividend, which will be paid on Friday, January 11th. Investors of record on Tuesday, December 18th will be issued a dividend of $0.24 per share. This represents a $0.96 dividend on an annualized basis and a dividend yield of 2.49%. The ex-dividend date of this dividend is Monday, December 17th. Terreno Realty’s payout ratio is presently 88.07%.
Several hedge funds have recently bought and sold shares of the stock. Sumitomo Mitsui Trust Holdings Inc. grew its holdings in Terreno Realty by 2.4% in the 3rd quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 58,642 shares of the real estate investment trust’s stock valued at $2,211,000 after buying an additional 1,350 shares in the last quarter. Bessemer Group Inc. acquired a new position in Terreno Realty in the 3rd quarter valued at $256,000. Los Angeles Capital Management & Equity Research Inc. grew its holdings in Terreno Realty by 123.9% in the 3rd quarter. Los Angeles Capital Management & Equity Research Inc. now owns 90,275 shares of the real estate investment trust’s stock valued at $3,403,000 after buying an additional 49,960 shares in the last quarter. Resolution Capital Ltd grew its holdings in Terreno Realty by 24.8% in the 3rd quarter. Resolution Capital Ltd now owns 1,412,953 shares of the real estate investment trust’s stock valued at $53,268,000 after buying an additional 280,375 shares in the last quarter. Finally, Wells Fargo & Company MN grew its holdings in Terreno Realty by 29.8% in the 3rd quarter. Wells Fargo & Company MN now owns 420,036 shares of the real estate investment trust’s stock valued at $15,836,000 after buying an additional 96,359 shares in the last quarter. 97.51% of the stock is currently owned by institutional investors and hedge funds.
About Terreno Realty
Terreno Realty Corporation acquires, owns and operates industrial real estate in six major coastal U.S. markets: Los Angeles, Northern New Jersey/New York City, San Francisco Bay Area, Seattle, Miami, and Washington, DC
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