Bank of New York Mellon Corp Acquires New Shares in Terreno Realty Corporation $TRNO

Key Points

• Bank of New York Mellon acquired 831,700 shares of Terreno Realty in the second quarter, worth approximately $53.9 million and representing about 0.78% of the REIT.
• Terreno Realty reported quarterly EPS of $0.54, beating estimates of $0.41, while revenue of $124.7 million fell short of expectations. The company also raised its quarterly dividend from $0.52 to $0.57, implying a 3.4% annualized yield.
• Analysts maintain a “Moderate Buy” consensus rating with an average price target of $72.86, versus shares trading near $67.57; meanwhile, two company executives recently sold shares.

Bank of New York Mellon Corp bought a new stake in Terreno Realty Corporation (NYSE:TRNO - Free Report) during the second quarter, according to its most recent filing with the Securities & Exchange Commission. The firm bought 831,700 shares of the real estate investment trust's stock, valued at approximately $53,869,000. Bank of New York Mellon Corp owned about 0.78% of Terreno Realty as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors also recently modified their holdings of the company. Jones Financial Companies Lllp increased its stake in shares of Terreno Realty by 90.2% in the first quarter. Jones Financial Companies Lllp now owns 797 shares of the real estate investment trust's stock valued at $50,000 after purchasing an additional 378 shares during the period. Geneos Wealth Management Inc. grew its holdings in Terreno Realty by 304.3% in the 1st quarter. Geneos Wealth Management Inc. now owns 465 shares of the real estate investment trust's stock worth $29,000 after buying an additional 350 shares in the last quarter. EverSource Wealth Advisors LLC increased its position in Terreno Realty by 73.3% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 447 shares of the real estate investment trust's stock valued at $25,000 after acquiring an additional 189 shares during the period. First Trust Advisors LP increased its position in Terreno Realty by 78.9% in the 2nd quarter. First Trust Advisors LP now owns 52,473 shares of the real estate investment trust's stock valued at $2,942,000 after acquiring an additional 23,135 shares during the period. Finally, Amundi raised its stake in Terreno Realty by 18.6% during the 2nd quarter. Amundi now owns 67,020 shares of the real estate investment trust's stock valued at $3,799,000 after acquiring an additional 10,525 shares in the last quarter.

Terreno Realty Trading Down 1.2%

Shares of NYSE TRNO opened at $67.57 on Thursday. The company has a quick ratio of 0.43, a current ratio of 0.43 and a debt-to-equity ratio of 0.22. Terreno Realty Corporation has a 12 month low of $55.71 and a 12 month high of $78.94. The company has a market cap of $7.36 billion, a price-to-earnings ratio of 18.12 and a beta of 1.03. The business has a fifty day simple moving average of $69.16 and a 200-day simple moving average of $66.31.

Terreno Realty (NYSE:TRNO - Get Free Report) last posted its quarterly earnings data on Wednesday, August 5th. The real estate investment trust reported $0.54 EPS for the quarter, beating analysts' consensus estimates of $0.41 by $0.13. Terreno Realty had a net margin of 77.22% and a return on equity of 9.21%. The company had revenue of $124.71 million during the quarter, compared to analyst estimates of $127.15 million. Sell-side analysts predict that Terreno Realty Corporation will post 2.82 EPS for the current 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 $0.57 dividend. The ex-dividend date is Wednesday, September 30th. This is an increase from Terreno Realty's previous quarterly dividend of $0.52. This represents a $2.28 dividend on an annualized basis and a dividend yield of 3.4%. Terreno Realty's dividend payout ratio is currently 55.76%.

Wall Street Analysts Forecast Growth

A number of brokerages have recently weighed in on TRNO. Barclays upped their price target on shares of Terreno Realty from $60.00 to $69.00 and gave the stock an "equal weight" rating in a research note on Thursday, July 16th. Piper Sandler increased their price target on Terreno Realty from $79.00 to $91.00 and gave the company an "overweight" rating in a research note on Tuesday, July 21st. Scotiabank lifted their price target on Terreno Realty from $68.00 to $72.00 and gave the company an "outperform" rating in a research report on Wednesday, August 12th. Citigroup upped their price objective on Terreno Realty from $70.00 to $73.00 and gave the company a "neutral" rating in a report on Monday, August 10th. Finally, Wells Fargo & Company lowered their target price 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. One analyst has rated the stock with a Strong Buy rating, seven have assigned a Buy rating, three have given a Hold rating and two have issued a Sell rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $72.86.

Insiders Place Their Bets

In related news, President Michael A. Coke sold 8,000 shares of the company's stock in a transaction on Friday, August 7th. The stock was sold at an average price of $68.38, for a total transaction of $547,040.00. Following the transaction, the president directly 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 transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP John Tull Meyer sold 4,447 shares of the stock in a transaction dated Tuesday, August 11th. The stock was sold at an average price of $68.64, for a total value of $305,242.08. Following the completion of the sale, the executive vice president directly owned 131,825 shares of the company's stock, valued at approximately $9,048,468. This represents a 3.26% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. 1.90% of the stock is owned by corporate insiders.

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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