Zacks Investment Research Downgrades Terreno Realty (TRNO) to Hold

Zacks Investment Research cut shares of Terreno Realty (NYSE:TRNO) from a buy rating to a hold rating in a research report report published on Friday morning.

According to Zacks, “Terreno Realty Corporation is an internally managed real estate investment trust (REIT) focused on acquiring industrial real estate located in major coastal U.S. markets. The Company’s main focus is on markets in Los Angeles Area; Northern New Jersey/New York City; San Francisco Bay Area; Seattle Area; Miami Area; and Washington, D.C./Baltimore. Terreno Realty Corporation focuses on investing in several types of industrial real estate, including warehouse/distribution, flex (including light manufacturing, and research and development) and trans-shipment. The Company will target functional buildings in infill locations that may be shared by multiple tenants and that cater to customer demand within the various submarkets, in which it operates. The Company will utilize local third-party property managers for day-to-day property management. Terreno Realty Corporationy will make all operating and leasing decisions on its properties. “

Several other brokerages also recently commented on TRNO. KeyCorp raised their target price on shares of Terreno Realty from $39.00 to $40.00 and gave the stock a buy rating in a report on Friday, August 3rd. ValuEngine downgraded shares of Terreno Realty from a buy rating to a hold rating in a report on Wednesday, September 19th. Mizuho started coverage on shares of Terreno Realty in a report on Wednesday, October 3rd. They set a neutral rating on the stock. Finally, JMP Securities restated a hold rating on shares of Terreno Realty in a report on Tuesday, October 16th. Four research analysts have rated the stock with a hold rating and eight have issued a buy rating to the company’s stock. The company presently has an average rating of Buy and an average price target of $39.75.

TRNO stock traded down $0.06 during mid-day trading on Friday, hitting $39.01. 416,153 shares of the company were exchanged, compared to its average volume of 385,114. The company has a debt-to-equity ratio of 0.42, a quick ratio of 0.16 and a current ratio of 0.16. The company has a market capitalization of $2.31 billion, a P/E ratio of 35.79, a price-to-earnings-growth ratio of 2.97 and a beta of 0.69. Terreno Realty has a 1-year low of $31.56 and a 1-year high of $39.62.

Terreno Realty (NYSE:TRNO) last announced its earnings results on Thursday, November 1st. The real estate investment trust reported $0.17 EPS for the quarter, topping the consensus estimate of $0.16 by $0.01. The firm had revenue of $37.90 million for the quarter, compared to the consensus estimate of $37.68 million. Terreno Realty had a net margin of 34.83% and a return on equity of 4.68%. Analysts forecast that Terreno Realty will post 1.32 earnings per share for the current year.

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, January 11th. Stockholders of record on Tuesday, December 18th will be issued a $0.24 dividend. The ex-dividend date is Monday, December 17th. This represents a $0.96 dividend on an annualized basis and a dividend yield of 2.46%. Terreno Realty’s dividend payout ratio (DPR) is presently 88.07%.

Several hedge funds and other institutional investors have recently bought and sold shares of TRNO. JPMorgan Chase & Co. raised its holdings in shares of Terreno Realty by 479.3% in the third quarter. JPMorgan Chase & Co. now owns 1,622,069 shares of the real estate investment trust’s stock valued at $61,152,000 after purchasing an additional 1,342,083 shares during the last quarter. Chevy Chase Trust Holdings Inc. acquired a new stake in shares of Terreno Realty in the second quarter valued at approximately $45,789,000. FMR LLC raised its holdings in shares of Terreno Realty by 12.2% in the second quarter. FMR LLC now owns 4,290,117 shares of the real estate investment trust’s stock valued at $161,608,000 after purchasing an additional 465,641 shares during the last quarter. Northern Trust Corp raised its holdings in shares of Terreno Realty by 36.8% in the second quarter. Northern Trust Corp now owns 1,408,641 shares of the real estate investment trust’s stock valued at $53,063,000 after purchasing an additional 378,809 shares during the last quarter. Finally, Vanguard Group Inc. raised its holdings in shares of Terreno Realty by 4.2% in the third quarter. Vanguard Group Inc. now owns 8,106,157 shares of the real estate investment trust’s stock valued at $305,602,000 after purchasing an additional 330,152 shares during the last quarter.

About Terreno Realty

Terreno Realty Corporation 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

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