Terreno Realty Corporation $TRNO Shares Sold by Congress Asset Management Co.

Key Points

• Congress Asset Management reduced its Terreno Realty stake by 21.8%, selling 131,956 shares in the third quarter and retaining 474,049 shares valued at approximately $30.6 million.
• Terreno Realty reported quarterly EPS of $0.54, beating estimates of $0.41, while revenue reached $124.71 million. The company also raised its quarterly dividend from $0.52 to $0.57, representing a 3.5% annualized yield.
• Analysts maintain a generally positive outlook, with a consensus “Moderate Buy” rating and a $73.71 price target, compared with the stock’s reported price of $64.31.

Congress Asset Management Co. trimmed its position in Terreno Realty Corporation (NYSE:TRNO - Free Report) by 21.8% during the third quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 474,049 shares of the real estate investment trust's stock after selling 131,956 shares during the quarter. Congress Asset Management Co. owned approximately 0.44% of Terreno Realty worth $30,600,000 at the end of the most recent reporting period.

Other hedge funds have also recently modified their holdings of the company. BlackRock Inc. acquired a new position in shares of Terreno Realty in the second quarter valued at approximately $1,213,726,000. Principal Financial Group Inc. grew its stake in Terreno Realty by 246.6% in the 1st quarter. Principal Financial Group Inc. now owns 4,188,453 shares of the real estate investment trust's stock worth $257,257,000 after acquiring an additional 2,979,982 shares during the period. Resolution Capital Ltd increased its stake in shares of Terreno Realty by 6.7% during the 1st quarter. Resolution Capital Ltd now owns 1,623,857 shares of the real estate investment trust's stock valued at $99,737,000 after acquiring an additional 101,709 shares during the last quarter. Dimensional Fund Advisors LP increased its holdings in shares of Terreno Realty by 2.4% during the 1st quarter. Dimensional Fund Advisors LP now owns 1,584,304 shares of the real estate investment trust's stock worth $97,306,000 after buying an additional 36,955 shares during the last quarter. Finally, Legal & General Group Plc purchased a new position in shares of Terreno Realty in the 2nd quarter worth about $61,764,000.

Terreno Realty Stock Performance

Terreno Realty stock opened at $64.31 on Wednesday. Terreno Realty Corporation has a 52 week low of $55.92 and a 52 week high of $78.94. The company has a current ratio of 0.43, a quick ratio of 0.43 and a debt-to-equity ratio of 0.22. The stock has a market cap of $7.01 billion, a P/E ratio of 17.24 and a beta of 1.03. The stock has a 50 day moving average of $67.15 and a 200-day moving average of $66.50.

Terreno Realty (NYSE:TRNO - Get Free Report) last announced its quarterly earnings data on Wednesday, August 5th. The real estate investment trust reported $0.54 earnings per share for the quarter, topping the consensus estimate of $0.41 by $0.13. The company had revenue of $124.71 million during the quarter, compared to analyst estimates of $127.15 million. Terreno Realty had a net margin of 77.22% and a return on equity of 9.21%. On average, analysts expect that Terreno Realty Corporation will post 2.85 EPS for the current fiscal year.

Terreno Realty Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, October 9th. Shareholders 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. The ex-dividend date is Wednesday, September 30th. This represents a $2.28 annualized dividend and a yield of 3.5%. Terreno Realty's payout ratio is currently 61.13%.

Insider Activity at Terreno Realty

In other news, EVP John Meyer sold 4,447 shares of the firm'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 transaction, the executive vice president directly owned 131,825 shares of the company's stock, valued at approximately $9,048,468. This trade represents a 3.26% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, President Michael Coke sold 8,000 shares of the 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 transaction, the president directly owned 425,381 shares of the company's stock, valued at approximately $29,087,552.78. The trade was a 1.85% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. 1.90% of the stock is owned by company insiders.

Analyst Ratings Changes

Several equities research analysts recently commented on the company. KeyCorp raised 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. Raymond James Financial began coverage on Terreno Realty in a report on Wednesday, June 17th. They issued an "underperform" rating for the company. Scotiabank increased their price objective 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. Barclays lifted 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 note on Thursday, July 16th. Finally, Cantor Fitzgerald boosted their target price on shares of Terreno Realty from $75.00 to $77.00 and gave the stock an "overweight" rating in a research report on Monday, August 17th. One research analyst has rated the stock with a Strong Buy rating, seven have given a Buy rating, four have assigned a Hold rating and two have issued a Sell rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus target price of $73.71.

Terreno Realty Company Profile

Terreno Realty Corporation is a real estate investment trust that acquires, owns, and operates industrial properties in major coastal U.S. markets. Its portfolio is focused primarily on functional, well-located properties that support logistics, distribution, warehousing, and other industrial uses.

The company serves metropolitan areas including Los Angeles, the San Francisco Bay Area, Seattle, New York City and Northern New Jersey, Miami, and Washington, DC Its properties generally include warehouse, distribution, flex, and other industrial facilities leased to businesses across a range of industries.

Terreno Realty was founded in 2009 and became a publicly traded company in 2010.

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