Osterweis Capital Management Inc. Makes New Investment in Terreno Realty Corporation $TRNO

Key Points

• Osterweis Capital Management initiated a 508,667-share stake in Terreno Realty valued at approximately $32.9 million, representing 1.6% of its portfolio and 0.47% of TRNO’s outstanding shares.
• 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 to $0.57, implying a 3.3% annualized yield.
• Analysts maintain a consensus “Moderate Buy” rating with an average price target of $72.86 versus the reported share price of $68.88; meanwhile, two executives sold shares in August.

Osterweis Capital Management Inc. purchased a new stake in shares of Terreno Realty Corporation (NYSE:TRNO - Free Report) during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund purchased 508,667 shares of the real estate investment trust's stock, valued at approximately $32,946,000. Terreno Realty makes up approximately 1.6% of Osterweis Capital Management Inc.'s portfolio, making the stock its 21st largest position. Osterweis Capital Management Inc. owned 0.47% of Terreno Realty as of its most recent SEC filing.

Other institutional investors and hedge funds have also modified their holdings of the company. EverSource Wealth Advisors LLC raised 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 acquiring an additional 189 shares in the last quarter. Wiser Advisor Group LLC purchased a new position in Terreno Realty in the third quarter valued at about $25,000. Clearstead Trust LLC purchased a new position in Terreno Realty in the second quarter valued at about $28,000. Caitong International Asset Management Co. Ltd increased its position in 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 purchasing an additional 172 shares during the last quarter. Finally, Geneos Wealth Management Inc. increased its position 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 purchasing an additional 350 shares during the last quarter.

Terreno Realty Price Performance

Shares of NYSE:TRNO opened at $68.88 on Tuesday. The stock has a market capitalization of $7.51 billion, a P/E ratio of 18.47 and a beta of 1.03. The business has a 50-day moving average of $69.04 and a two-hundred day moving average of $66.26. Terreno Realty Corporation has a fifty-two week low of $55.71 and a fifty-two week high of $78.94. The company has a debt-to-equity ratio of 0.22, a current ratio of 0.43 and a quick ratio of 0.43.

Terreno Realty (NYSE:TRNO - Get Free Report) last issued 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 return on equity of 9.21% and a net margin of 77.22%.The business had revenue of $124.71 million for the quarter, compared to analyst estimates of $127.15 million. On average, equities research analysts predict 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. Stockholders of record on Wednesday, September 30th will be given a $0.57 dividend. This is a positive change 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 3.3%. The ex-dividend date of this dividend is Wednesday, September 30th. Terreno Realty's payout ratio is 55.76%.

Insider Buying and Selling

In other news, President Michael A. Coke sold 8,000 shares of the business's stock in a transaction on Friday, August 7th. The shares were sold at an average price of $68.38, for a total value of $547,040.00. Following the completion of the sale, 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 sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, EVP John Tull Meyer sold 4,447 shares of the company's stock in a transaction on Tuesday, August 11th. The stock was sold at an average price of $68.64, for a total transaction of $305,242.08. Following 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. Additional details regarding this sale are available in the official SEC disclosure. Company insiders own 1.90% of the company's stock.

Analysts Set New Price Targets

Several brokerages have recently issued reports on TRNO. Weiss Ratings reiterated a "buy (b)" rating on shares of Terreno Realty in a report on Friday, July 31st. Raymond James Financial initiated coverage on Terreno Realty in a report on Wednesday, June 17th. They issued an "underperform" rating on the stock. Barclays raised their price objective on shares of Terreno Realty from $60.00 to $69.00 and gave the company an "equal weight" rating in a research report on Thursday, July 16th. Mizuho lifted their target price on shares of Terreno Realty from $56.00 to $60.00 and gave the company an "underperform" rating in a research note on Wednesday, August 19th. Finally, Citigroup boosted their target price on shares of Terreno Realty from $70.00 to $73.00 and gave the stock a "neutral" rating in a research report on Monday, August 10th. One research 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 company presently has an average rating of "Moderate Buy" and a consensus price target of $72.86.

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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