Terreno Realty (NYSE:TRNO) Price Target Raised to $77.00

Terreno Realty (NYSE:TRNO) had its price target hoisted by Cantor Fitzgerald from $75.00 to $77.00 in a research report report published on Monday, MarketBeat reports. Cantor Fitzgerald currently has an overweight rating on the real estate investment trust’s stock.

A number of other research analysts have also recently issued reports on the stock. Barclays increased their target price on shares of Terreno Realty from $60.00 to $69.00 and gave the company an “equal weight” rating in a report on Thursday, July 16th. Raymond James Financial initiated coverage on Terreno Realty in a research note on Wednesday, June 17th. They set an “underperform” rating on the stock. Citigroup upped their price target on Terreno Realty from $70.00 to $73.00 and gave the stock a “neutral” rating in a report on Monday, August 10th. KeyCorp raised their price objective on Terreno Realty from $72.00 to $75.00 and gave the company an “overweight” rating in a research note on Wednesday, August 12th. Finally, Wells Fargo & Company reduced their price objective on Terreno Realty from $68.00 to $64.00 and set an “equal weight” rating for the company in a report on Monday, June 1st. One analyst has rated the stock with a Strong Buy rating, seven have issued a Buy rating, three have issued a Hold rating and two have given a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $72.86.

Terreno Realty Price Performance

Shares of NYSE TRNO opened at $68.65 on Monday. The company has a debt-to-equity ratio of 0.22, a quick ratio of 0.43 and a current ratio of 0.43. Terreno Realty has a one year low of $54.97 and a one year high of $78.94. The firm has a market capitalization of $7.48 billion, a P/E ratio of 18.40 and a beta of 1.03. The company’s fifty day moving average is $68.94 and its two-hundred day moving average is $66.12.

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 analysts’ consensus estimates of $0.41 by $0.13. Terreno Realty had a net margin of 77.22% and a return on equity of 9.21%. The business had revenue of $124.71 million during the quarter, compared to the consensus estimate of $127.15 million. Analysts forecast that Terreno Realty will post 2.82 EPS 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. Shareholders of record on Wednesday, September 30th will be given a dividend of $0.57 per share. The ex-dividend date is Wednesday, September 30th. This is an increase from Terreno Realty’s previous quarterly dividend of $0.52. This represents a $2.28 dividend on an annualized basis and a yield of 3.3%. Terreno Realty’s dividend payout ratio (DPR) is presently 55.76%.

Insider Activity

In other news, President Michael A. Coke sold 8,000 shares of the firm’s stock in a transaction that occurred on Friday, August 7th. The shares were sold at an average price of $68.38, for a total transaction of $547,040.00. Following the completion of the transaction, the president directly owned 425,381 shares of the company’s stock, 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 SEC, which is available at this hyperlink. Also, EVP John Tull Meyer sold 4,447 shares of the firm’s stock in a transaction that occurred on Tuesday, August 11th. The stock was sold at an average price of $68.64, for a total transaction of $305,242.08. Following the transaction, the executive vice president directly owned 131,825 shares of the company’s stock, valued at approximately $9,048,468. This trade represents a 3.26% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. 1.90% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Terreno Realty

A number of large investors have recently bought and sold shares of TRNO. BlackRock Inc. purchased a new position in Terreno Realty during the second quarter worth about $1,213,726,000. Principal Financial Group Inc. grew its holdings in Terreno Realty by 246.6% in the 1st quarter. Principal Financial Group Inc. now owns 4,188,453 shares of the real estate investment trust’s stock valued at $257,257,000 after buying an additional 2,979,982 shares during the period. Norges Bank acquired a new position in shares of Terreno Realty during the 4th quarter valued at about $168,221,000. Legal & General Group Plc acquired a new position in shares of Terreno Realty during the 2nd quarter valued at about $61,764,000. Finally, Bank of New York Mellon Corp acquired a new position in shares of Terreno Realty during the 2nd quarter valued at about $53,869,000.

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.