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.

Several other analysts have also commented on TRNO. Piper Sandler cut their target price on shares of Terreno Realty from $80.00 to $78.00 and set an “overweight” rating for the company in a research note on Thursday, February 6th. JMP Securities reiterated a “market outperform” rating and set a $72.00 price objective on shares of Terreno Realty in a research report on Monday, February 10th. BMO Capital Markets lifted their target price on Terreno Realty from $71.00 to $73.00 and gave the stock a “market perform” rating in a report on Wednesday, February 12th. Scotiabank boosted their target price on Terreno Realty from $64.00 to $68.00 and gave the stock a “sector perform” rating in a research report on Friday, February 28th. Finally, The Goldman Sachs Group upgraded Terreno Realty from a “neutral” rating to a “buy” rating and increased their price target for the company from $65.00 to $77.00 in a research report on Friday, February 21st. Two equities research analysts have rated the stock with a sell rating, seven have issued a hold rating and four have assigned a buy rating to the stock. According to MarketBeat.com, the company has a consensus rating of “Hold” and a consensus price target of $69.09.

Institutional Trading of Terreno Realty

Institutional investors have recently made changes to their positions in the stock. Quest Partners LLC acquired a new stake in shares of Terreno Realty during the 3rd quarter valued at $370,000. Pathstone Holdings LLC raised its holdings in shares of Terreno Realty by 4.4% during the third quarter. Pathstone Holdings LLC now owns 23,624 shares of the real estate investment trust’s stock worth $1,579,000 after acquiring an additional 995 shares in the last quarter. Intech Investment Management LLC acquired a new stake in Terreno Realty during the third quarter valued at $1,397,000. Massachusetts Financial Services Co. MA grew its stake in Terreno Realty by 59.8% in the third quarter. Massachusetts Financial Services Co. MA now owns 1,054,516 shares of the real estate investment trust’s stock valued at $70,473,000 after purchasing an additional 394,436 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. increased its position in Terreno Realty by 22.3% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 1,727,893 shares of the real estate investment trust’s stock worth $115,475,000 after purchasing an additional 315,506 shares during the last quarter.

Terreno Realty Price Performance

The company has a market capitalization of $6.31 billion, a PE ratio of 32.92, a P/E/G 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. The stock has a 50 day moving average price of $65.89 and a two-hundred day moving average price of $63.75.

Terreno Realty (NYSE:TRNO) last issued its quarterly earnings data on Wednesday, February 5th. The real estate investment trust reported $0.62 earnings per share for the quarter, beating the consensus estimate of $0.38 by $0.24. Terreno Realty had a net margin of 48.18% and a return on equity of 5.20%. Equities analysts forecast that Terreno Realty Co. will post 2.64 earnings per share for the current year.

Terreno Realty Announces Dividend

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

About Terreno Realty

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.