Zacks Investment Research upgraded shares of Terreno Realty (NYSE:TRNO) from a hold rating to a buy rating in a research note issued to investors on Tuesday. The brokerage currently has $42.00 target price 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 issued reports on TRNO. Mizuho assumed coverage on Terreno Realty in a research report on Wednesday, October 3rd. They issued a neutral rating on the stock. KeyCorp increased their price target on Terreno Realty from $39.00 to $40.00 and gave the company a buy rating in a research report on Friday, August 3rd. ValuEngine lowered Terreno Realty from a buy rating to a hold rating in a research report on Wednesday, September 19th. Finally, JMP Securities reaffirmed a hold rating on shares of Terreno Realty in a research report on Tuesday, October 16th. Six investment analysts have rated the stock with a hold rating and six have issued a buy rating to the company’s stock. The stock presently has an average rating of Buy and a consensus target price of $39.50.
TRNO opened at $38.91 on Tuesday. Terreno Realty has a 12-month low of $31.56 and a 12-month high of $39.39. The company has a current ratio of 0.16, a quick ratio of 0.16 and a debt-to-equity ratio of 0.42. The stock has a market cap of $2.28 billion, a P/E ratio of 35.70, a PEG ratio of 2.96 and a beta of 0.69.
Terreno Realty (NYSE:TRNO) last posted its earnings results on Thursday, November 1st. The real estate investment trust reported $0.17 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.16 by $0.01. Terreno Realty had a return on equity of 4.68% and a net margin of 34.83%. The firm had revenue of $37.90 million for the quarter, compared to analyst estimates of $37.68 million. Equities analysts forecast that Terreno Realty will post 1.3 earnings per share for the current year.
The firm also recently announced a quarterly dividend, which will be paid on Friday, January 11th. Stockholders of record on Tuesday, December 18th will be given a dividend of $0.24 per share. This represents a $0.96 annualized dividend and a dividend yield of 2.47%. The ex-dividend date is Monday, December 17th. Terreno Realty’s dividend payout ratio (DPR) is presently 88.07%.
Several hedge funds and other institutional investors have recently modified their holdings of the company. Sumitomo Mitsui Trust Holdings Inc. raised its position in shares of Terreno Realty by 2.4% during the 3rd quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 58,642 shares of the real estate investment trust’s stock worth $2,211,000 after acquiring an additional 1,350 shares in the last quarter. Suffolk Capital Management LLC raised its position in shares of Terreno Realty by 6.4% during the 2nd quarter. Suffolk Capital Management LLC now owns 23,725 shares of the real estate investment trust’s stock worth $894,000 after acquiring an additional 1,420 shares in the last quarter. Metropolitan Life Insurance Co. NY raised its position in shares of Terreno Realty by 8.4% during the 2nd quarter. Metropolitan Life Insurance Co. NY now owns 21,708 shares of the real estate investment trust’s stock worth $818,000 after acquiring an additional 1,676 shares in the last quarter. Granite Investment Partners LLC raised its position in shares of Terreno Realty by 0.5% during the 2nd quarter. Granite Investment Partners LLC now owns 364,366 shares of the real estate investment trust’s stock worth $13,726,000 after acquiring an additional 1,756 shares in the last quarter. Finally, Alliancebernstein L.P. raised its position in shares of Terreno Realty by 2.0% during the 3rd quarter. Alliancebernstein L.P. now owns 96,855 shares of the real estate investment trust’s stock worth $3,651,000 after acquiring an additional 1,857 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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