BlackRock Inc. Takes $1.21 Billion Position in Terreno Realty Corporation $TRNO

Key Points

• BlackRock acquired 18.74 million Terreno Realty shares worth approximately $1.21 billion, giving it a 17.63% stake in the industrial REIT.
• Analysts maintain a “Moderate Buy” consensus on TRNO, with an average price target of $72.86; targets range from $60 to $91.
• Terreno Realty beat quarterly EPS expectations ($0.54 versus $0.41) and increased its quarterly dividend to $0.57, implying an annualized yield of about 3.3%.

BlackRock Inc. purchased a new position in shares of Terreno Realty Corporation (NYSE:TRNO - Free Report) in the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund purchased 18,739,008 shares of the real estate investment trust's stock, valued at approximately $1,213,726,000. BlackRock Inc. owned about 17.63% of Terreno Realty as of its most recent SEC filing.

Other institutional investors and hedge funds have also made changes to their positions in the company. Jones Financial Companies Lllp raised its stake in Terreno Realty by 90.2% in the 1st 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 last quarter. Geneos Wealth Management Inc. grew its holdings in shares of Terreno Realty by 304.3% during the first 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 grew its holdings in shares of Terreno Realty by 73.3% during the second quarter. EverSource Wealth Advisors LLC now owns 447 shares of the real estate investment trust's stock worth $25,000 after buying an additional 189 shares in the last quarter. First Trust Advisors LP raised its position in shares of Terreno Realty by 78.9% in the second quarter. First Trust Advisors LP now owns 52,473 shares of the real estate investment trust's stock valued at $2,942,000 after buying an additional 23,135 shares during the last quarter. Finally, Amundi raised its position in shares of Terreno Realty by 18.6% in the second quarter. Amundi now owns 67,020 shares of the real estate investment trust's stock valued at $3,799,000 after buying an additional 10,525 shares during the last quarter.

Analyst Ratings Changes

A number of analysts recently issued reports on TRNO shares. Wells Fargo & Company decreased their target price on shares of Terreno Realty from $68.00 to $64.00 and set an "equal weight" rating on the stock in a research report on Monday, June 1st. The Goldman Sachs Group boosted their price target on Terreno Realty from $75.00 to $85.00 and gave the company a "buy" rating in a report on Friday, July 24th. Mizuho increased their price target on Terreno Realty from $56.00 to $60.00 and gave the stock an "underperform" rating in a research note on Wednesday. KeyCorp raised their price objective on Terreno Realty from $72.00 to $75.00 and gave the stock an "overweight" rating in a report on Wednesday, August 12th. Finally, Piper Sandler lifted their price objective on Terreno Realty from $79.00 to $91.00 and gave the company an "overweight" rating in a research report on Tuesday, July 21st. One 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 given a Sell rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $72.86.

Terreno Realty Stock Performance

Shares of TRNO opened at $68.21 on Friday. The firm has a market cap of $7.43 billion, a price-to-earnings ratio of 18.29 and a beta of 1.03. The company has a quick ratio of 0.43, a current ratio of 0.43 and a debt-to-equity ratio of 0.22. The business's 50 day moving average is $69.00 and its two-hundred day moving average is $66.19. Terreno Realty Corporation has a 52-week low of $55.70 and a 52-week high of $78.94.

Terreno Realty (NYSE:TRNO - Get Free Report) last posted its quarterly earnings results on Wednesday, August 5th. The real estate investment trust reported $0.54 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.41 by $0.13. The firm had revenue of $124.71 million for the quarter, compared to analysts' expectations of $127.15 million. Terreno Realty had a net margin of 77.22% and a return on equity of 9.21%. Analysts forecast that Terreno Realty Corporation will post 2.82 EPS for the current fiscal year.

Terreno Realty Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, October 9th. Investors of record on Wednesday, September 30th will be paid a $0.57 dividend. This represents a $2.28 dividend on an annualized basis and a yield of 3.3%. This is a positive change from Terreno Realty's previous quarterly dividend of $0.52. The ex-dividend date is Wednesday, September 30th. Terreno Realty's payout ratio is 55.76%.

Insider Activity

In other news, EVP John Tull Meyer sold 4,447 shares of Terreno Realty stock in a transaction that occurred on 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 transaction, the executive vice president owned 131,825 shares in the company, valued at approximately $9,048,468. This trade represents a 3.26% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, President Michael A. Coke sold 8,000 shares of Terreno Realty stock in a transaction that occurred on Friday, August 7th. The stock was sold at an average price of $68.38, for a total value 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 position. The SEC filing for this sale provides additional information. 1.90% of the stock is owned by insiders.

Terreno Realty 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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