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

Terreno Realty Co. (NYSE:TRNO - Get Free Report) 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 trading hands.

A number of other analysts have also recently commented on the stock. Piper Sandler dropped their price target 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. The Goldman Sachs Group raised shares of Terreno Realty from a "neutral" rating to a "buy" rating and raised their target price for the company from $65.00 to $77.00 in a research note on Friday, February 21st. BMO Capital Markets upped their target price on shares of Terreno Realty from $71.00 to $73.00 and gave the stock a "market perform" rating in a research report on Wednesday, February 12th. JMP Securities restated a "market outperform" rating and set a $72.00 price target on shares of Terreno Realty in a research report on Monday, February 10th. Finally, Deutsche Bank Aktiengesellschaft initiated coverage on Terreno Realty in a report on Tuesday, January 14th. They issued a "hold" rating and a $60.00 price objective for the company. Two research analysts have rated the stock with a sell rating, seven have assigned a hold rating and four have issued a buy rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of "Hold" and a consensus price target of $69.09.

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Institutional Investors Weigh In On Terreno Realty

Large investors have recently added to or reduced their stakes in the company. Stifel Financial Corp grew its stake in shares of Terreno Realty by 39.3% in the third quarter. Stifel Financial Corp now owns 92,115 shares of the real estate investment trust's stock worth $6,156,000 after purchasing an additional 25,988 shares during the last quarter. Barclays PLC lifted its holdings in Terreno Realty by 131.0% in the 3rd quarter. Barclays PLC now owns 169,980 shares of the real estate investment trust's stock worth $11,360,000 after buying an additional 96,380 shares during the period. Geode Capital Management LLC grew its position in shares of Terreno Realty by 0.4% in the 3rd quarter. Geode Capital Management LLC now owns 2,415,004 shares of the real estate investment trust's stock worth $161,423,000 after buying an additional 8,940 shares during the last quarter. Verition Fund Management LLC bought a new position in shares of Terreno Realty during the third quarter valued at approximately $225,000. Finally, HighTower Advisors LLC purchased a new stake in Terreno Realty in the third quarter worth $255,000.

Terreno Realty Price Performance

The company has a debt-to-equity ratio of 0.24, a current ratio of 0.23 and a quick ratio of 0.23. The business has a 50 day moving average of $66.11 and a 200 day moving average of $63.67. The company has a market cap of $6.46 billion, a PE ratio of 32.64, a price-to-earnings-growth ratio of 2.82 and a beta of 0.93.

Terreno Realty (NYSE:TRNO - Get Free Report) last announced its earnings results on Wednesday, February 5th. The real estate investment trust reported $0.62 earnings per share for the quarter, beating 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, research analysts predict that Terreno Realty Co. will post 2.64 EPS for the current year.

Terreno Realty Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, April 4th. Shareholders of record on Thursday, March 27th will be issued a dividend of $0.49 per share. The ex-dividend date of this dividend is Thursday, March 27th. This represents a $1.96 dividend on an annualized basis and a dividend yield of 3.13%. Terreno Realty's dividend payout ratio (DPR) 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.