Terreno Realty (NYSE:TRNO) Shares Gap Down After Analyst Downgrade

Terreno Realty Co. (NYSE:TRNO) shares gapped down prior to trading on Tuesday after Barclays lowered their price target on the stock from $60.00 to $57.00. The stock had previously closed at $64.04, but opened at $62.55. Barclays currently has an equal weight rating on the stock. Terreno Realty shares last traded at $63.43, with a volume of 41,641 shares traded.

Other analysts also recently issued reports about the stock. Scotiabank upped their price objective on shares of Terreno Realty from $64.00 to $68.00 and gave the stock a “sector perform” rating in a report on Friday, February 28th. Deutsche Bank Aktiengesellschaft assumed coverage on shares of Terreno Realty in a report on Tuesday, January 14th. They set a “hold” rating and a $60.00 price target for the company. The Goldman Sachs Group upgraded Terreno Realty from a “neutral” rating to a “buy” rating and lifted their price objective for the stock from $65.00 to $77.00 in a research note on Friday, February 21st. Piper Sandler lowered their price objective on shares of Terreno Realty from $80.00 to $78.00 and set an “overweight” rating on the stock in a research note on Thursday, February 6th. Finally, BMO Capital Markets boosted their price objective on Terreno Realty from $71.00 to $73.00 and gave the company a “market perform” rating in a research report on Wednesday, February 12th. Two research analysts have rated the stock with a sell rating, seven have assigned a hold rating and four have given a buy rating to the company. Based on data from MarketBeat, the company presently has an average rating of “Hold” and an average target price of $69.09.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of TRNO. Mariner LLC lifted its holdings in shares of Terreno Realty by 3.7% during the fourth quarter. Mariner LLC now owns 4,464 shares of the real estate investment trust’s stock worth $264,000 after buying an additional 161 shares in the last quarter. MML Investors Services LLC increased its holdings in shares of Terreno Realty by 6.1% during the third quarter. MML Investors Services LLC now owns 4,358 shares of the real estate investment trust’s stock worth $291,000 after purchasing an additional 249 shares during the period. First Trust Advisors LP raised its position in shares of Terreno Realty by 0.9% in the fourth quarter. First Trust Advisors LP now owns 30,612 shares of the real estate investment trust’s stock valued at $1,810,000 after buying an additional 271 shares in the last quarter. Arizona State Retirement System grew its position in Terreno Realty by 1.0% during the fourth quarter. Arizona State Retirement System now owns 28,122 shares of the real estate investment trust’s stock worth $1,663,000 after buying an additional 276 shares in the last quarter. Finally, Summit Investment Advisors Inc. increased its stake in Terreno Realty by 3.3% during the 4th quarter. Summit Investment Advisors Inc. now owns 9,994 shares of the real estate investment trust’s stock worth $591,000 after acquiring an additional 316 shares during the period.

Terreno Realty Price Performance

The company has a fifty day simple moving average of $65.89 and a two-hundred day simple moving average of $63.75. The stock has a market capitalization of $6.31 billion, a price-to-earnings ratio of 32.92, a PEG ratio of 2.82 and a beta of 0.93. The company has a debt-to-equity ratio of 0.24, a quick ratio of 0.23 and a current ratio of 0.23.

Terreno Realty (NYSE:TRNO) last issued its quarterly earnings results on Wednesday, February 5th. The real estate investment trust reported $0.62 earnings per share for the quarter, topping analysts’ consensus estimates of $0.38 by $0.24. Terreno Realty had a net margin of 48.18% and a return on equity of 5.20%. As a group, equities research analysts expect that Terreno Realty Co. will post 2.64 earnings per share for the current fiscal year.

Terreno Realty Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, April 4th. Stockholders of record on Thursday, March 27th will be paid a $0.49 dividend. This represents a $1.96 dividend on an annualized basis and a dividend yield of 3.10%. The ex-dividend date of this dividend is Thursday, March 27th. Terreno Realty’s payout ratio is 102.08%.

Terreno Realty Company Profile

Terreno Realty Corporation (Terreno, and together with its subsidiaries, the Company) 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 All square feet, acres, occupancy and number of properties disclosed in these notes to the consolidated financial statements are unaudited.