Connor Clark & Lunn Investment Management Ltd. Takes Position in Terreno Realty Corporation $TRNO

Key Points

• Connor Clark & Lunn Investment Management acquired 30,092 Terreno Realty shares worth approximately $1.95 million in the second quarter, while several other institutional investors also increased or initiated positions.
• Analysts maintain a “Moderate Buy” consensus on TRNO, with an average price target of $72.86; recent target increases range from $73 at Citigroup to $85 at Goldman Sachs.
• Terreno Realty raised its quarterly dividend to $0.57 per share from $0.52, implying a $2.28 annualized payout and a 3.4% yield. The REIT also reported quarterly EPS of $0.54, exceeding the $0.41 consensus estimate.

Connor Clark & Lunn Investment Management Ltd. acquired a new stake in shares of Terreno Realty Corporation (NYSE:TRNO - Free Report) during the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 30,092 shares of the real estate investment trust's stock, valued at approximately $1,949,000.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in the stock. EverSource Wealth Advisors LLC grew 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 worth $25,000 after purchasing an additional 189 shares during the period. Wiser Advisor Group LLC bought a new position in shares of Terreno Realty during the 3rd quarter valued at $25,000. Clearstead Trust LLC bought a new position in shares of Terreno Realty during the 2nd quarter valued at $28,000. Caitong International Asset Management Co. Ltd boosted its stake in shares of Terreno Realty by 52.8% in the 3rd quarter. Caitong International Asset Management Co. Ltd now owns 498 shares of the real estate investment trust's stock worth $28,000 after buying an additional 172 shares during the last quarter. Finally, Geneos Wealth Management Inc. boosted its stake in shares of 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 during the last quarter.

Insider Transactions at Terreno Realty

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

Analyst Ratings Changes

TRNO has been the subject of a number of research reports. Mizuho upped their price objective on Terreno Realty from $56.00 to $60.00 and gave the company an "underperform" rating in a research report on Wednesday, August 19th. KeyCorp increased their target price on Terreno Realty from $72.00 to $75.00 and gave the company an "overweight" rating in a report on Wednesday, August 12th. Citigroup raised their target price on Terreno Realty from $70.00 to $73.00 and gave the stock a "neutral" rating in a research report on Monday, August 10th. 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 research note on Friday, July 24th. Finally, Scotiabank upped their price target on shares of Terreno Realty from $68.00 to $72.00 and gave the company an "outperform" rating in a research report on Wednesday, August 12th. One 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 company's stock. Based on data from MarketBeat, Terreno Realty has an average rating of "Moderate Buy" and a consensus target price of $72.86.

Terreno Realty Trading Down 0.8%

Shares of TRNO stock opened at $66.57 on Friday. Terreno Realty Corporation has a 1 year low of $55.71 and a 1 year high of $78.94. The firm has a fifty day moving average price of $69.26 and a 200-day moving average price of $66.32. The company has a debt-to-equity ratio of 0.22, a current ratio of 0.43 and a quick ratio of 0.43. The company has a market cap of $7.25 billion, a price-to-earnings ratio of 17.85 and a beta of 1.03.

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, topping the consensus estimate of $0.41 by $0.13. Terreno Realty had a return on equity of 9.21% and a net margin of 77.22%.The firm had revenue of $124.71 million during the quarter, compared to analyst estimates of $127.15 million. As a group, equities analysts predict that Terreno Realty Corporation will post 2.82 earnings per share for the current year.

Terreno Realty Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, October 9th. Shareholders 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. This represents a $2.28 annualized dividend and a yield of 3.4%. The ex-dividend date of this dividend is Wednesday, September 30th. Terreno Realty's dividend payout ratio is presently 55.76%.

About Terreno Realty

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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