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

Terreno Realty Co. (NYSE:TRNO)’s stock price gapped down before the market opened 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 changing hands.

A number of other equities analysts also recently commented on the company. JMP Securities restated a “market outperform” rating and issued a $72.00 price objective on shares of Terreno Realty in a report on Monday, February 10th. The Goldman Sachs Group upgraded 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 report on Friday, February 21st. Deutsche Bank Aktiengesellschaft began coverage on Terreno Realty in a research note on Tuesday, January 14th. They set a “hold” rating and a $60.00 price target for the company. Piper Sandler lowered their price objective on Terreno Realty from $80.00 to $78.00 and set an “overweight” rating on the stock in a report on Thursday, February 6th. Finally, Scotiabank upped 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. Two analysts have rated the stock with a sell rating, seven have given a hold rating and four have issued a buy rating to the company’s stock. According to MarketBeat.com, the stock has an average rating of “Hold” and a consensus target price of $69.09.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of TRNO. Mariner LLC boosted its stake in 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 raised its stake in shares of Terreno Realty by 6.1% in the third quarter. MML Investors Services LLC now owns 4,358 shares of the real estate investment trust’s stock valued at $291,000 after acquiring an additional 249 shares during the last quarter. First Trust Advisors LP boosted its stake in 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 worth $1,810,000 after purchasing an additional 271 shares in the last quarter. Arizona State Retirement System grew its holdings in Terreno Realty by 1.0% during the 4th quarter. Arizona State Retirement System now owns 28,122 shares of the real estate investment trust’s stock worth $1,663,000 after acquiring an additional 276 shares during the last quarter. Finally, Summit Investment Advisors Inc. lifted its holdings 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 buying an additional 316 shares in the last quarter.

Terreno Realty Stock Performance

The company has a quick ratio of 0.23, a current ratio of 0.23 and a debt-to-equity ratio of 0.24. The firm has a market cap of $6.38 billion, a P/E ratio of 33.29, a PEG ratio of 2.82 and a beta of 0.93. The firm has a fifty day moving average of $66.04 and a 200-day moving average of $63.71.

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

Terreno Realty Dividend Announcement

The business 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. The ex-dividend date is Thursday, March 27th. This represents a $1.96 dividend on an annualized basis and a dividend yield of 3.07%. Terreno Realty’s dividend payout ratio (DPR) is presently 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.