Bank of America Corp DE Buys New Holdings in Terreno Realty Corporation $TRNO

Key Points

• Bank of America acquired 808,368 Terreno Realty shares in the second quarter, worth approximately $52.4 million and representing about 0.74% of the industrial REIT. Other major institutions, including BlackRock, Principal Financial, and Norges Bank, also increased or initiated positions.
• Terreno Realty exceeded quarterly EPS expectations, reporting $0.54 versus the $0.41 consensus estimate, while revenue came in below forecasts at $124.7 million. The company raised its quarterly dividend to $0.57 per share, implying a 3.5% annualized yield.
• Analysts maintain a “Moderate Buy” consensus with an average price target of $73.29, although ratings remain mixed. The stock recently traded at $65.75, while company insiders sold shares in August.

Bank of America Corp DE purchased a new position in shares of Terreno Realty Corporation (NYSE:TRNO - Free Report) during the 2nd quarter, according to its most recent 13F filing with the SEC. The firm purchased 808,368 shares of the real estate investment trust's stock, valued at approximately $52,358,000. Bank of America Corp DE owned about 0.74% of Terreno Realty at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. BlackRock Inc. bought a new position in shares of Terreno Realty in the second quarter worth approximately $1,213,726,000. Principal Financial Group Inc. increased its position in shares of Terreno Realty by 246.6% in the first 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 acquiring an additional 2,979,982 shares during the period. Norges Bank bought a new position in shares of Terreno Realty during the fourth quarter valued at about $168,221,000. Geode Capital Management LLC raised its stake in shares of Terreno Realty by 0.7% during the fourth quarter. Geode Capital Management LLC now owns 2,718,337 shares of the real estate investment trust's stock valued at $159,620,000 after acquiring an additional 17,921 shares during the last quarter. Finally, Resolution Capital Ltd boosted its holdings in shares of Terreno Realty by 6.7% during the first quarter. Resolution Capital Ltd now owns 1,623,857 shares of the real estate investment trust's stock worth $99,737,000 after purchasing an additional 101,709 shares during the period.

Terreno Realty Stock Performance

Terreno Realty stock opened at $65.75 on Monday. Terreno Realty Corporation has a fifty-two week low of $55.92 and a fifty-two week high of $78.94. The stock's 50 day simple moving average is $68.94 and its two-hundred day simple moving average is $66.31. The company has a debt-to-equity ratio of 0.22, a quick ratio of 0.43 and a current ratio of 0.43. The stock has a market cap of $7.16 billion, a price-to-earnings ratio of 17.63 and a beta of 1.02.

Terreno Realty (NYSE:TRNO - Get Free Report) last announced its earnings results on Wednesday, August 5th. The real estate investment trust reported $0.54 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.41 by $0.13. The firm had revenue of $124.71 million during the quarter, compared to analyst estimates of $127.15 million. Terreno Realty had a return on equity of 9.21% and a net margin of 77.22%. As a group, analysts expect that Terreno Realty Corporation will post 2.83 earnings per share for the current fiscal year.

Terreno Realty Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, October 9th. Stockholders of record on Wednesday, September 30th will be issued a dividend of $0.57 per share. This is a boost from Terreno Realty's previous quarterly dividend of $0.52. The ex-dividend date is Wednesday, September 30th. This represents a $2.28 dividend on an annualized basis and a dividend yield of 3.5%. Terreno Realty's dividend payout ratio (DPR) is presently 55.76%.

Insiders Place Their Bets

In other news, EVP John Meyer sold 4,447 shares of the company's stock in a transaction dated Tuesday, August 11th. The shares were sold at an average price of $68.64, for a total value of $305,242.08. Following the sale, the executive vice president directly owned 131,825 shares of the company's stock, valued at $9,048,468. This represents a 3.26% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, President Michael Coke sold 8,000 shares of the stock in a transaction dated Friday, August 7th. The stock was sold at an average price of $68.38, for a total transaction of $547,040.00. Following the completion of the transaction, the president owned 425,381 shares of the company's stock, valued at approximately $29,087,552.78. The trade was a 1.85% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders own 1.90% of the company's stock.

Analyst Upgrades and Downgrades

TRNO has been the topic of a number of research analyst reports. Mizuho boosted their price target on Terreno Realty from $56.00 to $60.00 and gave the company an "underperform" rating in a report on Wednesday, August 19th. The Goldman Sachs Group increased their price objective on Terreno Realty from $75.00 to $85.00 and gave the stock a "buy" rating in a report on Friday, July 24th. Raymond James Financial started coverage on Terreno Realty in a research note on Wednesday, June 17th. They set an "underperform" rating on the stock. Piper Sandler boosted their target price on Terreno Realty from $79.00 to $91.00 and gave the company an "overweight" rating in a research note on Tuesday, July 21st. Finally, Cantor Fitzgerald upped their target price on Terreno Realty from $75.00 to $77.00 and gave the company an "overweight" rating in a report on Monday, August 17th. One equities research analyst has rated the stock with a Strong Buy rating, seven have assigned a Buy rating, three have assigned a Hold rating and two have issued a Sell rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $73.29.

Terreno Realty Company Profile

Terreno Realty Corporation NYSE: TRNO is a real estate investment trust that acquires, owns, and operates industrial properties in major coastal U.S. markets. The company focuses primarily on functional, well-located properties that support distribution, transportation, and other industrial activities.

Terreno's portfolio includes warehouses, distribution facilities, transshipment buildings, and industrial properties that may offer outdoor storage or other specialized features. Its strategy emphasizes infill locations with access to population centers, transportation infrastructure, ports, airports, and other important logistics networks.

The company serves six key coastal markets: Los Angeles, Northern New Jersey and New York City, the San Francisco Bay Area, Seattle, Miami, and Washington, DC Terreno Realty was founded in 2009 and became a publicly traded company in 2010.

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