Massachusetts Financial Services Co. MA Acquires New Stake in Terreno Realty Co. (NYSE:TRNO)

Massachusetts Financial Services Co. MA bought a new position in Terreno Realty Co. (NYSE:TRNO) during the 2nd quarter, Holdings Channel reports. The institutional investor bought 660,080 shares of the real estate investment trust’s stock, valued at approximately $39,064,000.

A number of other institutional investors have also recently modified their holdings of TRNO. Vanguard Group Inc. boosted its stake in Terreno Realty by 7.6% in the 1st quarter. Vanguard Group Inc. now owns 12,981,741 shares of the real estate investment trust’s stock worth $861,988,000 after purchasing an additional 919,851 shares in the last quarter. Norges Bank purchased a new position in Terreno Realty in the fourth quarter worth about $54,302,000. Principal Financial Group Inc. lifted its stake in shares of Terreno Realty by 16.4% in the first quarter. Principal Financial Group Inc. now owns 5,155,458 shares of the real estate investment trust’s stock worth $342,322,000 after buying an additional 727,995 shares in the last quarter. Public Employees Retirement Association of Colorado grew its holdings in shares of Terreno Realty by 91,086.2% during the fourth quarter. Public Employees Retirement Association of Colorado now owns 713,076 shares of the real estate investment trust’s stock valued at $44,688,000 after buying an additional 712,294 shares during the last quarter. Finally, Price T Rowe Associates Inc. MD increased its position in shares of Terreno Realty by 7.5% during 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 acquiring an additional 291,051 shares in the last quarter.

Analyst Upgrades and Downgrades

TRNO has been the topic of several recent analyst reports. JMP Securities increased their target price on Terreno Realty from $65.00 to $72.00 and gave the company a “market outperform” rating in a research note on Tuesday, August 13th. Barclays reduced their price objective on Terreno Realty from $71.00 to $68.00 and set an “overweight” rating for the company in a report on Friday, May 24th. Wells Fargo & Company lowered Terreno Realty from an “overweight” rating to an “equal weight” rating and boosted their target price for the stock from $71.00 to $75.00 in a research report on Wednesday, August 28th. Scotiabank raised their price target on shares of Terreno Realty from $59.00 to $70.00 and gave the company a “sector perform” rating in a report on Monday, August 26th. Finally, BNP Paribas assumed coverage on shares of Terreno Realty in a report on Tuesday, June 4th. They set an “outperform” rating and a $68.00 price objective for the company. Two research analysts have rated the stock with a sell rating, four have issued a hold rating and four have issued a buy rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and an average price target of $69.56.

Terreno Realty Stock Up 1.7 %

Shares of TRNO stock opened at $69.48 on Friday. The company has a current ratio of 2.34, a quick ratio of 2.34 and a debt-to-equity ratio of 0.24. Terreno Realty Co. has a 12 month low of $50.42 and a 12 month high of $71.63. The stock has a market cap of $6.73 billion, a P/E ratio of 36.19, a P/E/G ratio of 3.20 and a beta of 0.90. The company has a 50 day simple moving average of $68.13 and a two-hundred day simple moving average of $62.34.

Terreno Realty (NYSE:TRNO) last announced its earnings results on Wednesday, August 7th. The real estate investment trust reported $0.37 EPS for the quarter, missing analysts’ consensus estimates of $0.54 by ($0.17). The company had revenue of $94.25 million during the quarter, compared to the consensus estimate of $89.07 million. Terreno Realty had a return on equity of 5.08% and a net margin of 45.69%. On average, research analysts expect that Terreno Realty Co. will post 2.42 earnings per share for the current year.

Terreno Realty Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, October 11th. Stockholders of record on Monday, September 30th will be given a dividend of $0.49 per share. This is a boost from Terreno Realty’s previous quarterly dividend of $0.45. This represents a $1.96 dividend on an annualized basis and a dividend yield of 2.82%. The ex-dividend date of this dividend is Monday, September 30th. Terreno Realty’s payout ratio is presently 93.75%.

Insider Activity at Terreno Realty

In other Terreno Realty news, 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 sale, the chief financial officer now owns 101,927 shares in the company, valued at approximately $6,970,787.53. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. In other Terreno Realty news, CFO Jaime Jackson Cannon sold 4,998 shares of the firm’s stock in a transaction dated Friday, August 9th. The stock was sold at an average price of $68.39, for a total transaction of $341,813.22. Following the sale, the chief financial officer now directly owns 101,927 shares of the company’s stock, valued at $6,970,787.53. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, President Michael A. Coke sold 7,500 shares of the business’s stock in a transaction dated Friday, August 9th. The shares were sold at an average price of $68.53, for a total value of $513,975.00. Following the completion of the transaction, the president now owns 402,164 shares in the company, valued at $27,560,298.92. The disclosure for this sale can be found here. In the last ninety days, insiders sold 18,643 shares of company stock worth $1,277,581. 2.40% of the stock is owned by company insiders.

Terreno Realty 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.