Terreno Realty (NYSE:TRNO) Downgraded by Zacks Investment Research

Zacks Investment Research cut shares of Terreno Realty (NYSE:TRNO) from a hold rating to a sell rating in a report issued on Friday morning, Zacks.com reports.

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 equities analysts have also commented on TRNO. Mitsubishi UFJ Financial Group lifted their price target on shares of Terreno Realty to $45.00 and gave the company a neutral rating in a research report on Friday, May 3rd. KeyCorp boosted their target price on shares of Terreno Realty from $49.00 to $52.00 and gave the stock an overweight rating in a research report on Wednesday, July 10th. Finally, Goldman Sachs Group began coverage on shares of Liberty Property Trust in a research report on Wednesday, May 15th. They set a neutral rating and a $49.00 target price on the stock. One analyst has rated the stock with a sell rating, three have issued a hold rating and three have given a buy rating to the stock. The company presently has a consensus rating of Hold and an average price target of $49.25.

NYSE:TRNO opened at $48.75 on Friday. Terreno Realty has a 12 month low of $33.52 and a 12 month high of $50.79. The company has a debt-to-equity ratio of 0.34, a quick ratio of 2.41 and a current ratio of 2.41. The company has a 50 day moving average price of $48.21.

Terreno Realty (NYSE:TRNO) last released its quarterly earnings results on Wednesday, May 1st. The real estate investment trust reported $0.25 EPS for the quarter, missing the Zacks’ consensus estimate of $0.35 by ($0.10). Terreno Realty had a net margin of 44.18% and a return on equity of 5.62%. The firm had revenue of $40.88 million during the quarter, compared to the consensus estimate of $40.02 million. Analysts predict that Terreno Realty will post 1.41 earnings per share for the current fiscal year.

The business also recently announced a quarterly dividend, which was paid on Friday, July 19th. Investors of record on Friday, July 5th were given a dividend of $0.24 per share. This represents a $0.96 dividend on an annualized basis and a yield of 1.97%. The ex-dividend date of this dividend was Wednesday, July 3rd.

A number of hedge funds have recently made changes to their positions in the stock. FMR LLC increased its position in Terreno Realty by 3.1% during the fourth quarter. FMR LLC now owns 4,367,421 shares of the real estate investment trust’s stock worth $153,603,000 after acquiring an additional 132,935 shares during the period. JPMorgan Chase & Co. boosted its stake in Terreno Realty by 11.3% during the first quarter. JPMorgan Chase & Co. now owns 2,335,127 shares of the real estate investment trust’s stock worth $98,169,000 after buying an additional 237,748 shares in the last quarter. Principal Financial Group Inc. boosted its stake in Terreno Realty by 34.0% during the first quarter. Principal Financial Group Inc. now owns 1,702,479 shares of the real estate investment trust’s stock worth $71,572,000 after buying an additional 432,198 shares in the last quarter. Dimensional Fund Advisors LP boosted its stake in Terreno Realty by 3.7% during the fourth quarter. Dimensional Fund Advisors LP now owns 886,559 shares of the real estate investment trust’s stock worth $31,180,000 after buying an additional 32,004 shares in the last quarter. Finally, Norges Bank acquired a new stake in Terreno Realty during the fourth quarter worth $26,019,000. 99.75% 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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