Zacks Investment Research upgraded shares of Terreno Realty (NYSE:TRNO) from a hold rating to a buy rating in a research report sent to investors on Friday. Zacks Investment Research currently has $44.00 price objective 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. “
Several other equities research analysts also recently weighed in on the stock. ValuEngine raised shares of Terreno Realty from a hold rating to a buy rating in a research note on Tuesday. JMP Securities reaffirmed a hold rating on shares of Terreno Realty in a research note on Tuesday, October 16th. Mizuho began coverage on shares of Terreno Realty in a research note on Wednesday, October 3rd. They issued a neutral rating for the company. Finally, KeyCorp lifted their price target on shares of Terreno Realty from $39.00 to $40.00 and gave the company a buy rating in a research note on Friday, August 3rd. Four analysts have rated the stock with a hold rating and eight have issued a buy rating to the company’s stock. Terreno Realty has a consensus rating of Buy and an average target price of $39.75.
Terreno Realty (NYSE:TRNO) last posted its quarterly earnings results on Thursday, November 1st. The real estate investment trust reported $0.17 earnings per share for the quarter, beating the consensus estimate of $0.16 by $0.01. Terreno Realty had a net margin of 34.83% and a return on equity of 4.68%. The firm had revenue of $37.90 million during the quarter, compared to the consensus estimate of $37.68 million. On average, research analysts predict that Terreno Realty will post 1.31 EPS for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which will be paid on Friday, January 11th. Stockholders of record on Tuesday, December 18th will be issued a dividend of $0.24 per share. This represents a $0.96 dividend on an annualized basis and a dividend yield of 2.47%. The ex-dividend date of this dividend is Monday, December 17th. Terreno Realty’s dividend payout ratio is currently 88.07%.
Hedge funds and other institutional investors have recently modified their holdings of the company. Vident Investment Advisory LLC grew its holdings in shares of Terreno Realty by 241.5% during the second quarter. Vident Investment Advisory LLC now owns 47,001 shares of the real estate investment trust’s stock valued at $1,771,000 after buying an additional 33,238 shares during the last quarter. Standard Life Aberdeen plc acquired a new position in shares of Terreno Realty during the second quarter valued at about $1,923,000. Eagle Asset Management Inc. grew its holdings in shares of Terreno Realty by 56.7% during the second quarter. Eagle Asset Management Inc. now owns 229,758 shares of the real estate investment trust’s stock valued at $8,654,000 after buying an additional 83,118 shares during the last quarter. Adelante Capital Management LLC grew its holdings in shares of Terreno Realty by 2.8% during the second quarter. Adelante Capital Management LLC now owns 497,510 shares of the real estate investment trust’s stock valued at $18,741,000 after buying an additional 13,680 shares during the last quarter. Finally, Bank of New York Mellon Corp grew its holdings in shares of Terreno Realty by 1.2% during the second quarter. Bank of New York Mellon Corp now owns 448,412 shares of the real estate investment trust’s stock valued at $16,892,000 after buying an additional 5,197 shares during the last quarter.
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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