T. Rowe Price Investment Management Inc. Grows Stake in Terreno Realty Corporation $TRNO

Key Points

• T. Rowe Price Investment Management Inc. increased its stake in Terreno Realty Corporation by 2.4% in Q1, now owning 5.12% of the company, valued at approximately $333 million.
• Terreno Realty plans to pay a quarterly dividend of $0.52 per share on October 10th, which reflects an increase from its previous dividend of $0.49 and results in an annualized dividend yield of 3.7%.
• Current analyst ratings reveal a consensus "Hold" rating for Terreno Realty, with a price target of $64.00, while its share price as of Thursday stands at $55.64.

T. Rowe Price Investment Management Inc. raised its position in Terreno Realty Corporation (NYSE:TRNO - Free Report) by 2.4% in the first quarter, according to its most recent disclosure with the SEC. The firm owned 5,271,442 shares of the real estate investment trust's stock after acquiring an additional 125,940 shares during the period. T. Rowe Price Investment Management Inc. owned approximately 5.12% of Terreno Realty worth $333,261,000 as of its most recent filing with the SEC.

Other hedge funds also recently modified their holdings of the company. Quarry LP boosted its position in shares of Terreno Realty by 613.7% during the fourth quarter. Quarry LP now owns 728 shares of the real estate investment trust's stock valued at $43,000 after buying an additional 626 shares during the last quarter. Blue Trust Inc. boosted its position in shares of Terreno Realty by 143.6% during the first quarter. Blue Trust Inc. now owns 1,111 shares of the real estate investment trust's stock valued at $70,000 after buying an additional 655 shares during the last quarter. State of Tennessee Department of Treasury purchased a new position in shares of Terreno Realty during the fourth quarter valued at approximately $71,000. GAMMA Investing LLC boosted its position in shares of Terreno Realty by 840.2% during the first quarter. GAMMA Investing LLC now owns 1,241 shares of the real estate investment trust's stock valued at $78,000 after buying an additional 1,109 shares during the last quarter. Finally, GF Fund Management CO. LTD. purchased a new position in shares of Terreno Realty during the fourth quarter valued at approximately $104,000.

Analysts Set New Price Targets

A number of brokerages recently commented on TRNO. Wall Street Zen upgraded Terreno Realty from a "sell" rating to a "hold" rating in a report on Tuesday, May 20th. The Goldman Sachs Group set a $64.00 target price on Terreno Realty and gave the stock a "buy" rating in a research report on Tuesday, August 12th. Wells Fargo & Company set a $72.00 price objective on Terreno Realty in a report on Sunday, July 13th. Barclays dropped their target price on Terreno Realty from $57.00 to $56.00 and set an "equal weight" rating for the company in a report on Tuesday, May 27th. Finally, KeyCorp dropped their price objective on Terreno Realty from $70.00 to $64.00 and set an "overweight" rating for the company in a report on Thursday, August 21st. Three investment analysts have rated the stock with a Buy rating, seven have assigned a Hold rating and one has given a Sell rating to the company's stock. Based on data from MarketBeat.com, the company currently has an average rating of "Hold" and an average target price of $64.00.

Insider Activity

In other 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 value 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 filing with the SEC, which is available at this link. 2.00% of the stock is currently owned by company insiders.

Terreno Realty Stock Down 0.6%

Shares of Terreno Realty stock traded down $0.32 on Tuesday, reaching $57.54. The company's stock had a trading volume of 177,521 shares, compared to its average volume of 914,646. The company has a market capitalization of $5.94 billion, a price-to-earnings ratio of 22.83, a P/E/G ratio of 2.46 and a beta of 1.02. The firm's fifty day simple moving average is $56.31 and its two-hundred day simple moving average is $59.12. Terreno Realty Corporation has a 52 week low of $48.18 and a 52 week high of $70.36. The company has a quick ratio of 1.75, a current ratio of 1.75 and a debt-to-equity ratio of 0.20.

Terreno Realty Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, October 10th. Shareholders of record on Monday, September 29th will be issued a $0.52 dividend. This represents a $2.08 dividend on an annualized basis and a dividend yield of 3.6%. The ex-dividend date of this dividend is Monday, September 29th. This is a positive change from Terreno Realty's previous quarterly dividend of $0.49. Terreno Realty's dividend payout ratio is 77.78%.

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.