Principal Financial Group Inc. Sells 3,114,171 Shares of Terreno Realty Corporation (NYSE:TRNO)

Principal Financial Group Inc. trimmed its stake in shares of Terreno Realty Corporation (NYSE:TRNO - Free Report) by 65.3% during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 1,652,319 shares of the real estate investment trust's stock after selling 3,114,171 shares during the period. Principal Financial Group Inc. owned about 1.60% of Terreno Realty worth $104,460,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also made changes to their positions in the stock. Tandem Investment Advisors Inc. increased its stake in Terreno Realty by 1.6% in the 1st quarter. Tandem Investment Advisors Inc. now owns 1,098,733 shares of the real estate investment trust's stock valued at $69,462,000 after buying an additional 17,509 shares during the last quarter. Sumitomo Mitsui DS Asset Management Company Ltd increased its stake in Terreno Realty by 10.6% in the 1st quarter. Sumitomo Mitsui DS Asset Management Company Ltd now owns 22,513 shares of the real estate investment trust's stock valued at $1,423,000 after buying an additional 2,158 shares during the last quarter. New York State Teachers Retirement System increased its stake in Terreno Realty by 0.9% in the 1st quarter. New York State Teachers Retirement System now owns 22,900 shares of the real estate investment trust's stock valued at $1,448,000 after buying an additional 200 shares during the last quarter. KBC Group NV increased its stake in Terreno Realty by 12.8% in the 1st quarter. KBC Group NV now owns 4,132 shares of the real estate investment trust's stock valued at $261,000 after buying an additional 470 shares during the last quarter. Finally, Sumitomo Mitsui Trust Group Inc. increased its stake in Terreno Realty by 1.7% in the 1st quarter. Sumitomo Mitsui Trust Group Inc. now owns 109,789 shares of the real estate investment trust's stock valued at $6,941,000 after buying an additional 1,830 shares during the last quarter.

Wall Street Analysts Forecast Growth

Several equities research analysts have issued reports on the stock. Scotiabank lowered their price target on shares of Terreno Realty from $68.00 to $57.00 and set a "sector perform" rating on the stock in a research note on Monday, April 7th. Wall Street Zen upgraded shares of Terreno Realty from a "sell" rating to a "hold" rating in a research note on Tuesday, May 20th. Wells Fargo & Company lowered their price target on shares of Terreno Realty from $67.00 to $63.00 and set an "equal weight" rating on the stock in a research note on Monday, May 19th. Barclays decreased their price objective on shares of Terreno Realty from $57.00 to $56.00 and set an "equal weight" rating for the company in a research report on Tuesday, May 27th. Finally, Piper Sandler decreased their price objective on shares of Terreno Realty from $61.00 to $60.00 and set a "neutral" rating for the company in a research report on Tuesday, April 15th. One research analyst has rated the stock with a sell rating, nine have issued a hold rating and two have given a buy rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of "Hold" and an average target price of $65.00.

Terreno Realty Stock Performance

Shares of TRNO traded up $0.48 during midday trading on Friday, reaching $57.16. The stock had a trading volume of 345,554 shares, compared to its average volume of 945,725. The firm has a market cap of $5.91 billion, a PE ratio of 28.72, a P/E/G ratio of 2.44 and a beta of 1.06. The company has a current ratio of 2.35, a quick ratio of 2.35 and a debt-to-equity ratio of 0.20. The firm has a 50 day simple moving average of $57.37 and a 200-day simple moving average of $60.56. Terreno Realty Corporation has a one year low of $48.18 and a one year high of $71.63.

Terreno Realty Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, July 11th. Investors of record on Friday, June 27th will be issued a dividend of $0.49 per share. This represents a $1.96 annualized dividend and a dividend yield of 3.43%. The ex-dividend date is Friday, June 27th. Terreno Realty's payout ratio is 98.49%.

Terreno Realty 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.