Connor Clark & Lunn Investment Management Ltd. Makes New $1.05 Million Investment in Terreno Realty Corporation $TRNO

Key Points

• Connor Clark & Lunn Investment Management Ltd. made a new investment of approximately $1.05 million in Terreno Realty Corporation, acquiring 16,604 shares during the first quarter.
• Terreno Realty recently announced an increase in its quarterly dividend from $0.49 to $0.52, representing an annual yield of 3.8%.
• Wall Street analysts have given Terreno Realty a consensus rating of "Hold" with a target price averaging $64.00, reflecting mixed sentiment from eight hold ratings and two buy ratings.

Connor Clark & Lunn Investment Management Ltd. acquired a new position in Terreno Realty Corporation (NYSE:TRNO - Free Report) in the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor acquired 16,604 shares of the real estate investment trust's stock, valued at approximately $1,050,000.

A number of other hedge funds have also recently made changes to their positions in TRNO. Townsquare Capital LLC boosted its stake in Terreno Realty by 3.0% during the first quarter. Townsquare Capital LLC now owns 40,054 shares of the real estate investment trust's stock valued at $2,532,000 after buying an additional 1,172 shares during the last quarter. Citigroup Inc. boosted its stake in Terreno Realty by 12.1% during the first quarter. Citigroup Inc. now owns 171,160 shares of the real estate investment trust's stock valued at $10,821,000 after buying an additional 18,477 shares during the last quarter. Swiss National Bank boosted its stake in Terreno Realty by 1.4% during the first quarter. Swiss National Bank now owns 193,200 shares of the real estate investment trust's stock valued at $12,214,000 after buying an additional 2,600 shares during the last quarter. Mitsubishi UFJ Asset Management Co. Ltd. boosted its stake in Terreno Realty by 5.5% during the first quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 69,785 shares of the real estate investment trust's stock valued at $4,412,000 after buying an additional 3,653 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. boosted its stake in Terreno Realty by 2.5% during the first quarter. Charles Schwab Investment Management Inc. now owns 1,884,086 shares of the real estate investment trust's stock valued at $119,112,000 after buying an additional 45,583 shares during the last quarter.

Analysts Set New Price Targets

A number of equities analysts recently commented on TRNO shares. The Goldman Sachs Group set a $64.00 price target on Terreno Realty and gave the company a "buy" rating in a research note on Tuesday, August 12th. Barclays lowered their price objective on Terreno Realty from $57.00 to $56.00 and set an "equal weight" rating for the company in a research note on Tuesday, May 27th. KeyCorp lowered their price objective on Terreno Realty from $70.00 to $64.00 and set an "overweight" rating for the company in a research note on Thursday. Wells Fargo & Company set a $72.00 price objective on Terreno Realty in a research note on Sunday, July 13th. Finally, Wall Street Zen raised Terreno Realty from a "sell" rating to a "hold" rating in a research note on Tuesday, May 20th. Three investment analysts have rated the stock with a Buy rating, seven have given a Hold rating and one has given a Sell rating to the company's stock. According to MarketBeat.com, the stock has an average rating of "Hold" and an average price target of $64.00.

Insider Activity

In other Terreno Realty news, President Michael A. Coke sold 10,000 shares of the firm's stock in a transaction on Thursday, August 14th. The stock was sold at an average price of $53.96, for a total transaction of $539,600.00. Following the transaction, the president directly owned 412,415 shares in the company, valued at $22,253,913.40. This trade represents a 2.37% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Corporate insiders own 2.40% of the company's stock.

Terreno Realty Trading Down 0.7%

Shares of TRNO stock traded down $0.39 on Thursday, reaching $55.25. 798,537 shares of the company's stock were exchanged, compared to its average volume of 783,121. Terreno Realty Corporation has a 52 week low of $48.18 and a 52 week high of $71.63. The company has a current ratio of 1.75, a quick ratio of 1.75 and a debt-to-equity ratio of 0.20. The stock has a market capitalization of $5.71 billion, a PE ratio of 21.92, a P/E/G ratio of 2.37 and a beta of 1.02. The company's fifty day simple moving average is $56.33 and its 200 day simple moving average is $59.35.

Terreno Realty Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, October 10th. Investors of record on Monday, September 29th will be paid a dividend of $0.52 per share. The ex-dividend date of this dividend is Monday, September 29th. This represents a $2.08 dividend on an annualized basis and a dividend yield of 3.8%. This is an increase from Terreno Realty's previous quarterly dividend of $0.49. Terreno Realty's dividend payout ratio is 77.78%.

Terreno Realty Company Profile

Terreno Realty Corporation (Terreno, and together with its subsidiaries, the Company) acquires, owns and operates industrial real estate in six major coastal U.S. markets: Los Angeles, Northern New Jersey/New York City, San Francisco Bay Area, Seattle, Miami, and Washington, DC All square feet, acres, occupancy and number of properties disclosed in these notes to the consolidated financial statements are unaudited.