Terreno Realty Corporation $TRNO Stake Lessened by Bank of New York Mellon Corp

Key Points

• Bank of New York Mellon reduced its Terreno Realty stake by 6.4% in the first quarter, selling 53,241 shares and ending with 781,366 shares valued at about $48 million.
• Terreno Realty reported strong quarterly earnings, posting $0.66 EPS versus the $0.30 consensus estimate and revenue of $124.44 million, which also topped expectations.
• The stock has attracted mixed Wall Street views: analysts currently hold a Moderate Buy consensus with a $71.71 price target, while the shares recently traded at $72.63 and pay a quarterly dividend of $0.52 per share.

Bank of New York Mellon Corp trimmed its stake in shares of Terreno Realty Corporation (NYSE:TRNO - Free Report) by 6.4% during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 781,366 shares of the real estate investment trust's stock after selling 53,241 shares during the quarter. Bank of New York Mellon Corp owned approximately 0.74% of Terreno Realty worth $47,992,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently modified their holdings of the stock. Delphi Management Inc. MA acquired a new position in Terreno Realty in the fourth quarter worth $1,238,000. Principal Financial Group Inc. raised its holdings in shares of Terreno Realty by 7.2% during the fourth quarter. Principal Financial Group Inc. now owns 1,208,471 shares of the real estate investment trust's stock worth $70,950,000 after purchasing an additional 81,444 shares during the period. Sage Rhino Capital LLC lifted its position in shares of Terreno Realty by 36.6% in the 4th quarter. Sage Rhino Capital LLC now owns 40,190 shares of the real estate investment trust's stock worth $2,360,000 after buying an additional 10,777 shares during the last quarter. Phocas Financial Corp. lifted its position in shares of Terreno Realty by 53.8% in the 4th quarter. Phocas Financial Corp. now owns 180,452 shares of the real estate investment trust's stock worth $10,594,000 after buying an additional 63,122 shares during the last quarter. Finally, Allspring Global Investments Holdings LLC boosted its holdings in shares of Terreno Realty by 2.8% in the 4th quarter. Allspring Global Investments Holdings LLC now owns 403,367 shares of the real estate investment trust's stock valued at $23,807,000 after buying an additional 10,936 shares during the period.

Wall Street Analysts Forecast Growth

TRNO has been the subject of a number of recent research reports. UBS Group set a $68.00 price objective on shares of Terreno Realty in a research report on Thursday, June 18th. Robert W. Baird set a $69.00 price target on Terreno Realty in a research report on Friday, May 8th. Raymond James Financial started coverage on Terreno Realty in a report on Wednesday, June 17th. They issued an "underperform" rating on the stock. Wells Fargo & Company reduced their price objective on Terreno Realty from $68.00 to $64.00 and set an "equal weight" rating for the company in a research report on Monday, June 1st. Finally, Piper Sandler upped their price target on shares of Terreno Realty from $79.00 to $91.00 and gave the stock an "overweight" rating in a research report on Tuesday. One analyst has rated the stock with a Strong Buy rating, seven have given a Buy rating, three have issued a Hold rating and two have assigned a Sell rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $71.71.

Terreno Realty Price Performance

TRNO stock opened at $72.63 on Friday. Terreno Realty Corporation has a one year low of $53.00 and a one year high of $78.94. The firm has a 50-day moving average of $67.36 and a two-hundred day moving average of $64.95. The firm has a market capitalization of $7.72 billion, a PE ratio of 17.76 and a beta of 1.05. The company has a current ratio of 0.91, a quick ratio of 0.91 and a debt-to-equity ratio of 0.23.

Terreno Realty (NYSE:TRNO - Get Free Report) last released its quarterly earnings results on Wednesday, May 6th. The real estate investment trust reported $0.66 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.30 by $0.36. Terreno Realty had a net margin of 86.44% and a return on equity of 10.35%. The business had revenue of $124.44 million for the quarter, compared to analyst estimates of $122.60 million. On average, analysts forecast that Terreno Realty Corporation will post 2.81 earnings per share for the current year.

Terreno Realty Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, July 10th. Stockholders of record on Friday, June 26th were issued a dividend of $0.52 per share. The ex-dividend date was Friday, June 26th. This represents a $2.08 dividend on an annualized basis and a dividend yield of 2.9%. Terreno Realty's payout ratio is currently 50.86%.

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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