Terreno Realty (NYSE:TRNO) PT Lowered to $67.00

Terreno Realty (NYSE:TRNO - Free Report) had its price target cut by Scotiabank from $70.00 to $67.00 in a research note issued to investors on Friday morning, Benzinga reports. They currently have a sector perform rating on the real estate investment trust's stock.

Several other research analysts also recently issued reports on the company. JMP Securities lifted their price objective on Terreno Realty from $65.00 to $72.00 and gave the stock a "market outperform" rating in a research report on Tuesday, August 13th. Mizuho restated an "underperform" rating and issued a $62.00 price objective on shares of Terreno Realty in a research report on Thursday, September 5th. Wedbush reaffirmed a "neutral" rating and set a $70.00 price objective (up previously from $57.00) on shares of Terreno Realty in a research note on Friday, August 16th. The Goldman Sachs Group boosted their target price on shares of Terreno Realty from $60.00 to $68.00 and gave the company a "neutral" rating in a research note on Monday, August 12th. Finally, Wells Fargo & Company cut shares of Terreno Realty from an "overweight" rating to an "equal weight" rating and raised their price target for the stock from $71.00 to $75.00 in a research note on Wednesday, August 28th. Two research analysts have rated the stock with a sell rating, five have assigned a hold rating and four have assigned a buy rating to the company. According to data from MarketBeat.com, Terreno Realty presently has an average rating of "Hold" and an average target price of $69.22.

Terreno Realty Price Performance

Shares of TRNO stock traded down $1.84 during midday trading on Friday, reaching $61.47. 725,953 shares of the company traded hands, compared to its average volume of 703,935. The firm's 50 day simple moving average is $67.09 and its two-hundred day simple moving average is $62.57. The firm has a market cap of $5.94 billion, a PE ratio of 32.72, a price-to-earnings-growth ratio of 2.92 and a beta of 0.90. The company has a debt-to-equity ratio of 0.24, a current ratio of 2.34 and a quick ratio of 2.34. Terreno Realty has a 1-year low of $50.65 and a 1-year high of $71.63.

Terreno Realty (NYSE:TRNO - Get Free Report) last released its quarterly earnings data on Wednesday, August 7th. The real estate investment trust reported $0.37 earnings per share for the quarter, missing the consensus estimate of $0.54 by ($0.17). The firm had revenue of $94.25 million during the quarter, compared to analysts' expectations of $89.07 million. Terreno Realty had a net margin of 45.69% and a return on equity of 5.08%. On average, equities research analysts expect that Terreno Realty will post 2.41 EPS for the current fiscal year.

Terreno Realty Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, October 11th. Investors of record on Monday, September 30th were issued a $0.49 dividend. This represents a $1.96 dividend on an annualized basis and a yield of 3.19%. This is an increase from Terreno Realty's previous quarterly dividend of $0.45. The ex-dividend date was Monday, September 30th. Terreno Realty's payout ratio is presently 102.08%.

Insider Buying and Selling

In other news, EVP John Tull Meyer sold 6,145 shares of the company's stock in a transaction on Friday, August 9th. The stock was sold at an average price of $68.64, for a total transaction of $421,792.80. Following the completion of the sale, the executive vice president now directly owns 110,988 shares in the company, valued at $7,618,216.32. This represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this link. In other news, EVP John Tull Meyer sold 6,145 shares of the business's stock in a transaction dated Friday, August 9th. The stock was sold at an average price of $68.64, for a total transaction of $421,792.80. Following the completion of the sale, the executive vice president now owns 110,988 shares in the company, valued at approximately $7,618,216.32. The trade was a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CFO Jaime Jackson Cannon sold 4,998 shares of the firm's stock in a transaction that occurred on Friday, August 9th. The shares were sold at an average price of $68.39, for a total transaction of $341,813.22. Following the completion of the transaction, the chief financial officer now owns 101,927 shares in the company, valued at $6,970,787.53. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 18,643 shares of company stock valued at $1,277,581. Insiders own 2.40% of the company's stock.

Hedge Funds Weigh In On Terreno Realty

Several hedge funds and other institutional investors have recently made changes to their positions in TRNO. Thrivent Financial for Lutherans increased its stake in Terreno Realty by 238.3% during the 2nd quarter. Thrivent Financial for Lutherans now owns 1,327,932 shares of the real estate investment trust's stock worth $78,587,000 after buying an additional 935,418 shares during the period. Vanguard Group Inc. lifted its stake in shares of Terreno Realty by 7.6% in the first quarter. Vanguard Group Inc. now owns 12,981,741 shares of the real estate investment trust's stock worth $861,988,000 after acquiring an additional 919,851 shares in the last quarter. Massachusetts Financial Services Co. MA acquired a new position in shares of Terreno Realty in the second quarter worth about $39,064,000. Price T Rowe Associates Inc. MD boosted its holdings in Terreno Realty by 7.5% in the first quarter. Price T Rowe Associates Inc. MD now owns 4,162,332 shares of the real estate investment trust's stock valued at $276,381,000 after purchasing an additional 291,051 shares during the last quarter. Finally, American Century Companies Inc. grew its stake in Terreno Realty by 7.3% during the 2nd quarter. American Century Companies Inc. now owns 2,150,842 shares of the real estate investment trust's stock valued at $127,287,000 after purchasing an additional 146,808 shares in the last quarter.

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.