Terreno Realty Corp. (TRNO) PT Raised to $28.00
Terreno Realty Corp. (NYSE:TRNO) had its target price increased by stock analysts at National Securities from $24.50 to $28.00 in a report released on Thursday. The brokerage currently has a “buy” rating on the stock. National Securities’ price target suggests a potential upside of 6.63% from the company’s previous close.
The analysts wrote, “TRNO 3Q16 Update: TRNO reported 3Q16 funds from operations (“AFFO”) of $9.92mln, +25.27% Q/Q and +23.59% Y/Y on $27.10mln of revenue, +5.0% Q/Q and +11.4% Y/Y. The increase in revenue and both FFO measures are attributable to TRNO’s continued robust portfolio growth, having added 1.147mln square feet for the TTM period, +10.9%, with a portfolio that as of 9/30/16 stood at 11,679,095. Congruent with increases in owned square footage, revenues, and FFO, is TRNO’s dividend, which was recently raised to $0.20 per share per quarter, +11.1% Q/Q and +25% Y/Y. As management continues to look for accretive expansion opportunities and increase operating efficiencies, another 1mln square feet is under contract, we expect the consistent history of dividend increases following acquisitions to continue. With industrial real estate prices up significantly and TRNO’s highly attractive acquisition vintage profile, we expect management to continue to harvest gains in 2016 and recycle capital. To date in 2016, TRNO has booked some $6.4mln in gains on $22.5mln of sales with an acquisitions cost of $16.1mln, a healthy +39.75% on a 7% investment CAGR. As TRNO has demonstrated in the past, it is well adept at timing the market, both on the acquisition and financing front, placing a $50mln 10-year note at 3.99% fixed on 7/7/16, a move saving them some $415k in annual interest, had they placed that same note today. The future remains bright for TRNO and we continue to favor the industrial REIT operators formed in 2010 and later, as their portfolios are absent legacy assets and more attractive on a relative basis. As of September 2016, industrial RE price indices have increased 8.1% Y/Y, trailing only multifamily which is up 13.47% for the same period. We’re maintaining our BUY rating and increasing our $24.50 price target to $28.00. “
A number of other equities research analysts have also weighed in on the stock. DA Davidson restated a “buy” rating on shares of Terreno Realty Corp. in a report on Monday, November 14th. FBR & Co restated a “hold” rating and issued a $26.00 price objective on shares of Terreno Realty Corp. in a report on Monday, November 7th. BTIG Research began coverage on shares of Terreno Realty Corp. in a report on Thursday, August 25th. They issued a “buy” rating and a $30.00 price objective for the company. JMP Securities lowered shares of Terreno Realty Corp. from an “outperform” rating to a “market perform” rating in a report on Monday, August 22nd. Finally, Jefferies Group boosted their price objective on shares of Terreno Realty Corp. from $25.00 to $26.00 and gave the stock a “hold” rating in a report on Thursday, August 18th. One investment analyst has rated the stock with a sell rating, six have issued a hold rating and five have given a buy rating to the company’s stock. Terreno Realty Corp. presently has a consensus rating of “Hold” and an average target price of $26.61.
Shares of Terreno Realty Corp. (NYSE:TRNO) opened at 26.26 on Thursday. Terreno Realty Corp. has a 12-month low of $20.44 and a 12-month high of $28.29. The firm has a market capitalization of $1.21 billion, a PE ratio of 113.19 and a beta of 0.69. The firm has a 50-day moving average of $25.94 and a 200-day moving average of $25.80.
The business also recently disclosed a quarterly dividend, which will be paid on Friday, January 13th. Shareholders of record on Friday, December 30th will be given a dividend of $0.20 per share. This represents a $0.80 dividend on an annualized basis and a yield of 3.05%. The ex-dividend date of this dividend is Wednesday, December 28th. Terreno Realty Corp.’s payout ratio is currently 347.83%.
Hedge funds and other institutional investors have recently modified their holdings of the stock. Bank of Montreal Can increased its position in shares of Terreno Realty Corp. by 17.6% in the third quarter. Bank of Montreal Can now owns 4,032 shares of the company’s stock worth $111,000 after buying an additional 603 shares during the last quarter. Teacher Retirement System of Texas increased its position in shares of Terreno Realty Corp. by 13.7% in the second quarter. Teacher Retirement System of Texas now owns 6,049 shares of the company’s stock worth $156,000 after buying an additional 729 shares during the last quarter. Spirit of America Management Corp NY bought a new position in shares of Terreno Realty Corp. during the third quarter worth about $156,000. Nuveen Fund Advisors LLC bought a new position in shares of Terreno Realty Corp. during the third quarter worth about $202,000. Finally, SG Americas Securities LLC bought a new position in shares of Terreno Realty Corp. during the third quarter worth about $209,000. 99.70% of the stock is currently owned by institutional investors and hedge funds.
About Terreno Realty Corp.
Terreno Realty Corporation (Terreno) is a real estate investment trust. The Company acquires, owns and operates industrial real estate located in approximately six coastal United States markets, such as Los Angeles Area; Northern New Jersey/New York City; San Francisco Bay Area; Seattle Area; Miami Area, and Washington, DC/Baltimore.
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