Squarepoint Ops LLC Trims Stake in Terreno Realty Corporation $TRNO

Key Points

• Squarepoint Ops LLC cut its Terreno Realty stake by 85.4% in the second quarter, selling 55,523 shares and retaining 9,483 shares valued at approximately $614,000.
• Terreno insiders also sold shares, while analysts remained broadly positive: the stock has a “Moderate Buy” consensus rating and an average price target of $73.29.
• Terreno raised its quarterly dividend to $0.57 per share, equivalent to $2.28 annually and a 3.5% yield. The REIT also exceeded quarterly EPS expectations, reporting $0.54 versus the $0.41 consensus estimate.

Squarepoint Ops LLC lessened its holdings in shares of Terreno Realty Corporation (NYSE:TRNO - Free Report) by 85.4% in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 9,483 shares of the real estate investment trust's stock after selling 55,523 shares during the period. Squarepoint Ops LLC's holdings in Terreno Realty were worth $614,000 at the end of the most recent reporting period.

Other hedge funds have also recently modified their holdings of the company. Clearstead Trust LLC purchased a new position in Terreno Realty during the 2nd quarter valued at $28,000. EverSource Wealth Advisors LLC increased its stake in Terreno Realty by 57.0% in the first quarter. EverSource Wealth Advisors LLC now owns 438 shares of the real estate investment trust's stock worth $27,000 after purchasing an additional 159 shares during the period. Quantbot Technologies LP bought a new stake in shares of Terreno Realty during the second quarter worth $53,000. State of Wyoming bought a new stake in shares of Terreno Realty during the second quarter worth $71,000. Finally, Caitong International Asset Management Co. Ltd boosted its stake in shares of Terreno Realty by 125.3% during the fourth quarter. Caitong International Asset Management Co. Ltd now owns 1,122 shares of the real estate investment trust's stock valued at $66,000 after purchasing an additional 624 shares during the period.

Insider Buying and Selling

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

Wall Street Analysts Forecast Growth

Several research analysts recently commented on TRNO shares. The Goldman Sachs Group raised their price target on shares of Terreno Realty from $75.00 to $85.00 and gave the stock a "buy" rating in a research note on Friday, July 24th. Scotiabank upped their target price on shares of Terreno Realty from $68.00 to $72.00 and gave the stock an "outperform" rating in a research note on Wednesday, August 12th. Wells Fargo & Company raised their target price on shares of Terreno Realty from $64.00 to $70.00 and gave the stock an "equal weight" rating in a research report on Tuesday, September 1st. Piper Sandler lifted their price target on shares of Terreno Realty from $79.00 to $91.00 and gave the company an "overweight" rating in a research note on Tuesday, July 21st. Finally, UBS Group set a $68.00 price target on shares of Terreno Realty in a research note on Thursday, June 18th. One analyst has rated the stock with a Strong Buy rating, seven have assigned a Buy rating, three have issued a Hold rating and two have assigned a Sell rating to the stock. According to MarketBeat, the company presently has an average rating of "Moderate Buy" and an average target price of $73.29.

Terreno Realty Stock Performance

TRNO stock opened at $65.75 on Friday. 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 business has a 50-day moving average price of $68.94 and a 200 day moving average price of $66.31. The company has a market capitalization of $7.16 billion, a P/E ratio of 17.63 and a beta of 1.02. Terreno Realty Corporation has a 1-year low of $55.92 and a 1-year high of $78.94.

Terreno Realty (NYSE:TRNO - Get Free Report) last issued its earnings results on Wednesday, August 5th. The real estate investment trust reported $0.54 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.41 by $0.13. Terreno Realty had a net margin of 77.22% and a return on equity of 9.21%. The company had revenue of $124.71 million for the quarter, compared to analysts' expectations of $127.15 million. As a group, equities research analysts forecast that Terreno Realty Corporation will post 2.83 EPS for the current fiscal year.

Terreno Realty Increases Dividend

The firm also recently disclosed 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 3.5%. This is a positive change from Terreno Realty's previous quarterly dividend of $0.52. The ex-dividend date of this dividend is Wednesday, September 30th. Terreno Realty's payout ratio is presently 55.76%.

About Terreno Realty

Terreno Realty Corporation NYSE: TRNO is a real estate investment trust that acquires, owns, and operates industrial properties in major coastal U.S. markets. The company focuses primarily on functional, well-located properties that support distribution, transportation, and other industrial activities.

Terreno's portfolio includes warehouses, distribution facilities, transshipment buildings, and industrial properties that may offer outdoor storage or other specialized features. Its strategy emphasizes infill locations with access to population centers, transportation infrastructure, ports, airports, and other important logistics networks.

The company serves six key coastal markets: Los Angeles, Northern New Jersey and New York City, the San Francisco Bay Area, Seattle, Miami, and Washington, DC Terreno Realty was founded in 2009 and became a publicly traded company in 2010.

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