Terreno Realty (NYSE:TRNO) Price Target Raised to $73.00

Terreno Realty (NYSE:TRNO) had its price target boosted by Citigroup from $70.00 to $73.00 in a research report released on Monday morning,Benzinga reports. The brokerage currently has a neutral rating on the real estate investment trust’s stock.

Other equities research analysts have also issued research reports about the company. Piper Sandler increased their target price on Terreno Realty from $79.00 to $91.00 and gave the company an “overweight” rating in a research note on Tuesday, July 21st. UBS Group set a $68.00 price target on Terreno Realty in a research report on Thursday, June 18th. Weiss Ratings restated a “buy (b)” rating on shares of Terreno Realty in a report on Friday, July 31st. Robert W. Baird set a $69.00 price objective on shares of Terreno Realty in a research report on Friday, May 8th. Finally, Scotiabank lowered their price objective on shares of Terreno Realty from $70.00 to $68.00 and set a “sector outperform” rating for the company in a research report on Thursday, June 18th. One analyst has rated the stock with a Strong Buy rating, seven have assigned a Buy rating, three have assigned a Hold rating and two have given a Sell rating to the company’s stock. Based on data from MarketBeat, Terreno Realty has an average rating of “Moderate Buy” and a consensus target price of $72.43.

Terreno Realty Stock Performance

NYSE:TRNO opened at $68.70 on Monday. The company has a current ratio of 0.43, a quick ratio of 0.43 and a debt-to-equity ratio of 0.22. The firm has a market capitalization of $7.49 billion, a price-to-earnings ratio of 18.42 and a beta of 1.03. The firm’s fifty day simple moving average is $68.62 and its 200 day simple moving average is $65.87. Terreno Realty has a twelve month low of $53.46 and a twelve month high of $78.94.

Terreno Realty (NYSE:TRNO) last announced its quarterly earnings results on Wednesday, August 5th. The real estate investment trust reported $0.54 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.41 by $0.13. Terreno Realty had a return on equity of 9.21% and a net margin of 77.22%.The firm had revenue of $124.71 million during the quarter, compared to the consensus estimate of $127.15 million. As a group, equities research analysts expect that Terreno Realty will post 2.82 earnings per share for the current fiscal year.

Terreno Realty Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, October 9th. Stockholders of record on Wednesday, September 30th will be given a dividend of $0.57 per share. The ex-dividend date of this dividend is Wednesday, September 30th. This is a positive change from Terreno Realty’s previous quarterly dividend of $0.52. This represents a $2.28 dividend on an annualized basis and a dividend yield of 3.3%. Terreno Realty’s dividend payout ratio is presently 55.76%.

Insider Activity

In other Terreno Realty news, President Michael A. Coke sold 8,000 shares of the firm’s stock in a transaction that occurred on Friday, August 7th. The stock was sold at an average price of $68.38, for a total transaction of $547,040.00. Following the completion of the sale, the president owned 425,381 shares in the company, valued at $29,087,552.78. This trade represents a 1.85% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP John Tull Meyer sold 4,447 shares of the firm’s stock in a transaction that occurred on Tuesday, August 11th. The shares were sold at an average price of $68.64, for a total value of $305,242.08. Following the sale, the executive vice president owned 131,825 shares of the company’s stock, valued at approximately $9,048,468. This trade represents a 3.26% decrease in their position. The SEC filing for this sale provides additional information. Insiders own 1.90% of the company’s stock.

Hedge Funds Weigh In On Terreno Realty

Several institutional investors and hedge funds have recently made changes to their positions in TRNO. Sage Rhino Capital LLC lifted its stake in Terreno Realty by 36.6% during the fourth quarter. Sage Rhino Capital LLC now owns 40,190 shares of the real estate investment trust’s stock worth $2,360,000 after purchasing an additional 10,777 shares during the last quarter. Principal Financial Group Inc. raised its holdings in shares of Terreno Realty by 7.2% during the fourth quarter. Principal Financial Group Inc. now owns 1,208,471 shares of the real estate investment trust’s stock worth $70,950,000 after purchasing an additional 81,444 shares during the period. Bank of America Corp DE raised its holdings in shares of Terreno Realty by 21.8% during the first quarter. Bank of America Corp DE now owns 912,214 shares of the real estate investment trust’s stock worth $56,028,000 after purchasing an additional 163,347 shares during the period. Strs Ohio lifted its position in shares of Terreno Realty by 27.0% in the 4th quarter. Strs Ohio now owns 363,700 shares of the real estate investment trust’s stock worth $21,353,000 after buying an additional 77,400 shares during the last quarter. Finally, Bessemer Group Inc. lifted its position in shares of Terreno Realty by 15.6% in the 4th quarter. Bessemer Group Inc. now owns 653,017 shares of the real estate investment trust’s stock worth $38,338,000 after buying an additional 88,322 shares during the last quarter.

About Terreno Realty

Terreno Realty Corporation (NYSE: TRNO) is a real estate investment trust specializing in the acquisition, ownership and operation of industrial properties in key coastal markets across the United States. The company’s portfolio primarily consists of bulk distribution, warehouse and light-industrial assets that serve a diverse tenant base, including third-party logistics providers, e-commerce companies and manufacturers. Terreno aims to generate stable rental income while pursuing long-term capital appreciation through targeted investment and active asset management.

Terreno focuses on eight major coastal regions, emphasizing markets with strong supply-and-demand fundamentals and barriers to new development.