Allspring Global Investments Holdings LLC Lowers Holdings in Terreno Realty Corporation $TRNO

Key Points

• Allspring Global Investments cut its Terreno Realty stake by 5.2% in the first quarter, selling 21,057 shares and leaving it with 382,310 shares worth about $23.6 million.
• Wall Street sentiment is mixed: several firms maintained or improved ratings, but Wells Fargo and Scotiabank trimmed price targets, while Raymond James initiated coverage with an underperform rating. The current consensus remains Moderate Buy with a $69.86 price target.
• Terreno Realty reported stronger-than-expected quarterly results, posting EPS of $0.66 versus the $0.30 estimate and revenue of $124.44 million. The company also paid a quarterly dividend of $0.52 per share, equal to a 2.8% annualized yield.

Allspring Global Investments Holdings LLC trimmed its stake in Terreno Realty Corporation (NYSE:TRNO - Free Report) by 5.2% during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 382,310 shares of the real estate investment trust's stock after selling 21,057 shares during the quarter. Allspring Global Investments Holdings LLC owned 0.36% of Terreno Realty worth $23,615,000 at the end of the most recent quarter.

A number of other institutional investors have also recently modified their holdings of TRNO. State Street Corp increased its position in shares of Terreno Realty by 4.0% during the second quarter. State Street Corp now owns 5,944,559 shares of the real estate investment trust's stock valued at $336,139,000 after acquiring an additional 230,444 shares in the last quarter. Principal Financial Group Inc. boosted its stake in Terreno Realty by 246.6% during the 1st quarter. Principal Financial Group Inc. now owns 4,188,453 shares of the real estate investment trust's stock valued at $257,257,000 after purchasing an additional 2,979,982 shares during the last quarter. Norges Bank bought a new stake in shares of Terreno Realty in the 4th quarter worth $168,221,000. Geode Capital Management LLC increased its holdings in shares of Terreno Realty by 0.7% in the 4th quarter. Geode Capital Management LLC now owns 2,718,337 shares of the real estate investment trust's stock worth $159,620,000 after purchasing an additional 17,921 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. raised its stake in shares of Terreno Realty by 3.6% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 2,078,910 shares of the real estate investment trust's stock worth $122,053,000 after purchasing an additional 72,909 shares during the last quarter.

Analyst Upgrades and Downgrades

TRNO has been the topic of a number of research analyst reports. Wells Fargo & Company lowered their price target on Terreno Realty from $68.00 to $64.00 and set an "equal weight" rating on the stock in a report on Monday, June 1st. Weiss Ratings raised Terreno Realty from a "buy (b-)" rating to a "buy (b)" rating in a research report on Monday, May 4th. Scotiabank lowered their target price on shares of Terreno Realty from $70.00 to $68.00 and set a "sector outperform" rating on the stock in a research note on Thursday, June 18th. KeyCorp restated an "overweight" rating on shares of Terreno Realty in a research note on Tuesday, June 23rd. Finally, Raymond James Financial started coverage on shares of Terreno Realty in a report on Wednesday, June 17th. They set an "underperform" rating on the stock. One equities research analyst has rated the stock with a Strong Buy rating, seven have given a Buy rating, three have given a Hold rating and two have issued a Sell rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $69.86.

Terreno Realty Trading Down 1.3%

Shares of NYSE:TRNO opened at $74.07 on Tuesday. The stock has a market capitalization of $7.87 billion, a price-to-earnings ratio of 18.11 and a beta of 1.05. The company has a debt-to-equity ratio of 0.23, a quick ratio of 0.91 and a current ratio of 0.91. The stock's 50-day simple moving average is $66.76 and its two-hundred day simple moving average is $64.59. Terreno Realty Corporation has a 52-week low of $53.00 and a 52-week high of $78.94.

Terreno Realty (NYSE:TRNO - Get Free Report) last posted its quarterly earnings data on Wednesday, May 6th. The real estate investment trust reported $0.66 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.30 by $0.36. The company had revenue of $124.44 million for the quarter, compared to the consensus estimate of $122.60 million. Terreno Realty had a net margin of 86.44% and a return on equity of 10.35%. Analysts expect that Terreno Realty Corporation will post 2.81 EPS for the current year.

Terreno Realty Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, July 10th. Stockholders of record on Friday, June 26th were given a dividend of $0.52 per share. The ex-dividend date of this dividend was Friday, June 26th. This represents a $2.08 dividend on an annualized basis and a dividend yield of 2.8%. Terreno Realty's payout ratio is presently 50.86%.

Terreno Realty Company Profile

Terreno Realty Corporation NYSE: TRNO is a real estate investment trust specializing in the acquisition, ownership and operation of industrial properties in key coastal markets across the United States. The company's portfolio primarily consists of bulk distribution, warehouse and light-industrial assets that serve a diverse tenant base, including third-party logistics providers, e-commerce companies and manufacturers. Terreno aims to generate stable rental income while pursuing long-term capital appreciation through targeted investment and active asset management.

Terreno focuses on eight major coastal regions, emphasizing markets with strong supply-and-demand fundamentals and barriers to new development.

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