Zacks Investment Research upgraded shares of Terreno Realty (NYSE:TRNO) from a hold rating to a buy rating in a report released on Tuesday morning. Zacks Investment Research 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. “
TRNO has been the subject of several other research reports. JMP Securities reaffirmed a hold rating on shares of Terreno Realty in a report on Tuesday, October 16th. Mizuho assumed coverage on shares of Terreno Realty in a report on Wednesday, October 3rd. They set a neutral rating for the company. ValuEngine lowered shares of Terreno Realty from a buy rating to a hold rating in a report on Wednesday, September 19th. Finally, KeyCorp raised their price objective on shares of Terreno Realty from $39.00 to $40.00 and gave the stock a buy rating in a report on Friday, August 3rd. Six analysts have rated the stock with a hold rating and six have issued a buy rating to the company. The stock currently has an average rating of Buy and a consensus price target of $39.50.
Terreno Realty (NYSE:TRNO) last posted its quarterly earnings data on Thursday, November 1st. The real estate investment trust reported $0.17 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.16 by $0.01. The company had revenue of $37.90 million during the quarter, compared to analyst estimates of $37.68 million. Terreno Realty had a net margin of 34.83% and a return on equity of 4.68%. Equities analysts predict that Terreno Realty will post 1.3 earnings per share for the current year.
The business also recently declared a quarterly dividend, which will be paid on Friday, January 11th. Stockholders of record on Tuesday, December 18th will be paid a dividend of $0.24 per share. The ex-dividend date of this dividend is Monday, December 17th. This represents a $0.96 annualized dividend and a dividend yield of 2.46%. Terreno Realty’s dividend payout ratio (DPR) is currently 88.07%.
Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. Teachers Insurance & Annuity Association of America grew its stake in shares of Terreno Realty by 3.2% during the third quarter. Teachers Insurance & Annuity Association of America now owns 72,921 shares of the real estate investment trust’s stock valued at $2,749,000 after purchasing an additional 2,266 shares during the last quarter. American International Group Inc. grew its stake in shares of Terreno Realty by 6.2% during the third quarter. American International Group Inc. now owns 38,069 shares of the real estate investment trust’s stock valued at $1,435,000 after purchasing an additional 2,213 shares during the last quarter. Suffolk Capital Management LLC grew its stake in shares of Terreno Realty by 10.2% during the third quarter. Suffolk Capital Management LLC now owns 26,154 shares of the real estate investment trust’s stock valued at $986,000 after purchasing an additional 2,429 shares during the last quarter. BlackRock Inc. grew its stake in shares of Terreno Realty by 2.4% during the third quarter. BlackRock Inc. now owns 5,808,106 shares of the real estate investment trust’s stock valued at $218,965,000 after purchasing an additional 138,624 shares during the last quarter. Finally, Martingale Asset Management L P bought a new stake in shares of Terreno Realty during the third quarter valued at approximately $434,000. 97.51% of the stock is currently owned by institutional investors and hedge funds.
Terreno Realty Company Profile
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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