Terreno Realty (NYSE:TRNO) Stock Price Target Cut by Robert W. Baird

Key Points

• Robert W. Baird cut its Terreno Realty price target from $70 to $69 but maintained an “outperform” rating; the new target implies 2.65% upside from the current share price.
• Analyst sentiment remains broadly positive: the consensus rating is “Moderate Buy,” with an average price target of $73.88. Twelve analysts rate the stock Buy, two Hold, and two Sell.
• Terreno Realty beat quarterly estimates, reporting EPS of $0.62 versus $0.45 expected and revenue of $132.23 million versus $128.72 million expected.

Terreno Realty (NYSE:TRNO - Get Free Report) had its target price dropped by equities researchers at Robert W. Baird from $70.00 to $69.00 in a research report issued to clients and investors on Thursday, Benzinga reports. The brokerage currently has an "outperform" rating on the real estate investment trust's stock. Robert W. Baird's target price points to a potential upside of 2.65% from the company's current price.

A number of other equities analysts have also issued reports on TRNO. Weiss Ratings lowered shares of Terreno Realty from a "buy (b)" rating to a "buy (b-)" rating in a research report on Thursday, September 3rd. Citigroup restated a "market outperform" rating on shares of Terreno Realty in a research report on Wednesday, October 7th. Jefferies Financial Group reaffirmed a "buy" rating and issued a $74.00 price target on shares of Terreno Realty in a research note on Monday, November 2nd. Wells Fargo & Company increased their price objective on shares of Terreno Realty from $64.00 to $70.00 and gave the company an "equal weight" rating in a report on Tuesday, September 1st. Finally, Piper Sandler lowered their price objective on shares of Terreno Realty from $91.00 to $85.00 and set an "overweight" rating on the stock in a research note on Monday, October 12th. Twelve analysts have rated the stock with a Buy rating, two have issued a Hold rating and two have assigned a Sell rating to the company. According to MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average price target of $73.88.

Terreno Realty Stock Performance

Shares of TRNO stock opened at $67.22 on Thursday. Terreno Realty has a 12-month low of $57.95 and a 12-month high of $78.94. The company has a debt-to-equity ratio of 0.21, a current ratio of 0.77 and a quick ratio of 0.77. The firm has a market capitalization of $7.42 billion, a price-to-earnings ratio of 20.07 and a beta of 0.98. The business has a 50 day simple moving average of $65.55 and a 200 day simple moving average of $65.97.

Terreno Realty (NYSE:TRNO - Get Free Report) last announced its quarterly earnings results on Wednesday, November 4th. The real estate investment trust reported $0.62 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.45 by $0.17. The company had revenue of $132.23 million during the quarter, compared to analyst estimates of $128.72 million. Terreno Realty had a return on equity of 8.10% and a net margin of 68.05%. On average, equities research analysts anticipate that Terreno Realty will post 2.83 EPS for the current year.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the stock. Resona Asset Management Co. Ltd. raised its holdings in Terreno Realty by 2.5% in the 3rd quarter. Resona Asset Management Co. Ltd. now owns 47,869 shares of the real estate investment trust's stock valued at $3,165,000 after acquiring an additional 1,165 shares in the last quarter. Westpac Banking Corp grew its holdings in shares of Terreno Realty by 40.7% during the 3rd quarter. Westpac Banking Corp now owns 18,292 shares of the real estate investment trust's stock worth $1,181,000 after purchasing an additional 5,292 shares in the last quarter. Voya Investment Management LLC grew its holdings in shares of Terreno Realty by 1.0% during the 3rd quarter. Voya Investment Management LLC now owns 23,702 shares of the real estate investment trust's stock worth $1,530,000 after purchasing an additional 238 shares in the last quarter. Public Sector Pension Investment Board increased its position in shares of Terreno Realty by 90.5% during the third quarter. Public Sector Pension Investment Board now owns 695,801 shares of the real estate investment trust's stock valued at $45,996,000 after purchasing an additional 330,618 shares during the period. Finally, Impax Asset Management Group plc increased its position in shares of Terreno Realty by 62.5% during the third quarter. Impax Asset Management Group plc now owns 195,000 shares of the real estate investment trust's stock valued at $12,587,000 after purchasing an additional 75,000 shares during the period.

About Terreno Realty

Terreno Realty Corporation is a real estate investment trust that acquires, owns, and operates industrial properties. Its portfolio includes warehouses and distribution facilities, as well as other properties used for activities such as transportation, logistics, and light manufacturing. The company focuses on major coastal U.S. markets, including New York City, Northern New Jersey, Los Angeles, the San Francisco Bay Area, Seattle, and Miami. In addition to acquiring and leasing properties, Terreno pursues redevelopment and improvement projects to support its tenants' industrial and distribution needs.

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