Terreno Realty Co. (NYSE:TRNO) Declares Dividend Increase – $0.40 Per Share

Terreno Realty Co. (NYSE:TRNO – Get Rating) announced a quarterly dividend on Wednesday, August 3rd, Zacks reports. Stockholders of record on Friday, September 30th will be paid a dividend of 0.40 per share by the real estate investment trust on Friday, October 14th. This represents a $1.60 annualized dividend and a dividend yield of 2.58%. The ex-dividend date is Thursday, September 29th. This is a boost from Terreno Realty’s previous quarterly dividend of $0.34.

Terreno Realty has a payout ratio of 110.6% meaning the company cannot currently cover its dividend with earnings alone and is relying on its balance sheet to cover its dividend payments. Analysts expect Terreno Realty to earn $2.16 per share next year, which means the company should continue to be able to cover its $1.36 annual dividend with an expected future payout ratio of 63.0%.

Terreno Realty Stock Performance

Shares of TRNO traded up $0.01 during midday trading on Friday, reaching $61.91. The stock had a trading volume of 3,281 shares, compared to its average volume of 347,832. The firm has a 50 day simple moving average of $58.54 and a 200-day simple moving average of $66.53. The company has a current ratio of 2.43, a quick ratio of 2.43 and a debt-to-equity ratio of 0.36. The firm has a market cap of $4.68 billion, a PE ratio of 49.52 and a beta of 0.75. Terreno Realty has a one year low of $54.51 and a one year high of $86.00.

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Terreno Realty (NYSE:TRNO – Get Rating) last issued its earnings results on Wednesday, May 4th. The real estate investment trust reported $0.26 EPS for the quarter, missing the consensus estimate of $0.46 by ($0.20). Terreno Realty had a net margin of 38.50% and a return on equity of 4.79%. The firm had revenue of $64.04 million during the quarter, compared to analyst estimates of $62.16 million. As a group, sell-side analysts anticipate that Terreno Realty will post 1.92 EPS for the current year.

Insider Activity

In other news, CEO W Blake Baird bought 1,000 shares of the company’s stock in a transaction that occurred on Monday, May 9th. The stock was bought at an average price of $64.00 per share, for a total transaction of $64,000.00. Following the transaction, the chief executive officer now directly owns 588,376 shares of the company’s stock, valued at approximately $37,656,064. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Corporate insiders own 2.40% of the company’s stock.

Hedge Funds Weigh In On Terreno Realty

Large investors have recently bought and sold shares of the stock. Point72 Hong Kong Ltd purchased a new position in Terreno Realty in the 1st quarter worth approximately $28,000. Advisor Group Holdings Inc. increased its stake in shares of Terreno Realty by 6.8% during the first quarter. Advisor Group Holdings Inc. now owns 3,948 shares of the real estate investment trust’s stock valued at $320,000 after buying an additional 253 shares during the period. Jane Street Group LLC increased its stake in shares of Terreno Realty by 18.9% during the first quarter. Jane Street Group LLC now owns 4,884 shares of the real estate investment trust’s stock valued at $362,000 after buying an additional 778 shares during the period. Toroso Investments LLC increased its stake in shares of Terreno Realty by 27.6% during the first quarter. Toroso Investments LLC now owns 4,930 shares of the real estate investment trust’s stock valued at $365,000 after buying an additional 1,067 shares during the period. Finally, Advisors Asset Management Inc. increased its stake in shares of Terreno Realty by 211.7% during the first quarter. Advisors Asset Management Inc. now owns 5,290 shares of the real estate investment trust’s stock valued at $392,000 after buying an additional 3,593 shares during the period.

Analyst Upgrades and Downgrades

TRNO has been the subject of a number of analyst reports. KeyCorp cut their price target on Terreno Realty from $86.00 to $70.00 and set an “overweight” rating for the company in a research note on Tuesday, June 28th. Jefferies Financial Group cut their target price on Terreno Realty from $88.00 to $68.00 and set a “buy” rating for the company in a research note on Thursday, June 30th. Piper Sandler cut their target price on Terreno Realty to $73.00 in a research note on Monday, July 4th. Mizuho cut their target price on Terreno Realty from $76.00 to $64.00 and set a “na” rating for the company in a research note on Tuesday, May 17th. Finally, JMP Securities assumed coverage on Terreno Realty in a research note on Wednesday, May 18th. They issued an “outperform” rating and a $75.00 target price for the company. Three equities research analysts have rated the stock with a hold rating and five have issued a buy rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $74.33.

About Terreno Realty

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Terreno Realty Corporation 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 condensed notes to the consolidated financial statements are unaudited.

Further Reading

Dividend History for Terreno Realty (NYSE:TRNO)

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