Terreno Realty Corporation (NYSE:TRNO) Shares Sold by Westpac Banking Corp

Key Points

• Westpac Banking Corp significantly reduced its stake in Terreno Realty Corporation by selling 16,802 shares, resulting in an 84.2% decrease in holdings during the first quarter.
• Terreno Realty recently increased its quarterly dividend to $0.52 per share, up from $0.49, with a dividend yield of 3.8% and a payout ratio of 77.78%.
• Analysts have mixed opinions on Terreno Realty, with a consensus rating of "Hold"** and an average price target of $64.60, despite upgrades from some firms and downgrades from others.

Westpac Banking Corp trimmed its holdings in shares of Terreno Realty Corporation (NYSE:TRNO - Free Report) by 84.2% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 3,145 shares of the real estate investment trust's stock after selling 16,802 shares during the quarter. Westpac Banking Corp's holdings in Terreno Realty were worth $199,000 as of its most recent SEC filing.

Other large investors have also made changes to their positions in the company. Nuveen LLC acquired a new position in Terreno Realty in the 1st quarter valued at $83,095,000. Deutsche Bank AG raised its stake in Terreno Realty by 287.6% in the 4th quarter. Deutsche Bank AG now owns 1,546,406 shares of the real estate investment trust's stock valued at $91,454,000 after purchasing an additional 1,147,404 shares during the last quarter. Northern Trust Corp raised its stake in Terreno Realty by 51.6% in the 4th quarter. Northern Trust Corp now owns 1,845,621 shares of the real estate investment trust's stock valued at $109,150,000 after purchasing an additional 628,065 shares during the last quarter. Deprince Race & Zollo Inc. acquired a new position in Terreno Realty in the 4th quarter valued at $25,805,000. Finally, Raymond James Financial Inc. acquired a new position in Terreno Realty in the 4th quarter valued at $19,792,000.

Terreno Realty Stock Up 0.1%

TRNO stock traded up $0.06 during mid-day trading on Friday, reaching $54.19. The company had a trading volume of 865,190 shares, compared to its average volume of 749,110. The company has a debt-to-equity ratio of 0.20, a quick ratio of 1.75 and a current ratio of 1.75. The company has a market capitalization of $5.60 billion, a price-to-earnings ratio of 21.50, a price-to-earnings-growth ratio of 2.30 and a beta of 1.02. The firm has a fifty day simple moving average of $56.70 and a 200 day simple moving average of $59.64. Terreno Realty Corporation has a fifty-two week low of $48.18 and a fifty-two week high of $71.63.

Terreno Realty Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, October 10th. Shareholders of record on Monday, September 29th will be given a $0.52 dividend. The ex-dividend date of this dividend is Monday, September 29th. This represents a $2.08 dividend on an annualized basis and a yield of 3.8%. This is an increase from Terreno Realty's previous quarterly dividend of $0.49. Terreno Realty's dividend payout ratio is 82.54%.

Analyst Upgrades and Downgrades

Several research firms recently commented on TRNO. Wall Street Zen raised Terreno Realty from a "sell" rating to a "hold" rating in a research note on Tuesday, May 20th. 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. Wells Fargo & Company set a $72.00 target price on Terreno Realty in a report on Sunday, July 13th. Finally, The Goldman Sachs Group set a $64.00 target price on Terreno Realty and gave the company a "buy" rating in a report on Tuesday. One analyst has rated the stock with a sell rating, nine have given a hold rating and two have given a buy rating to the stock. According to MarketBeat.com, the company has a consensus rating of "Hold" and an average price target of $64.60.

Insider Transactions at Terreno Realty

In other Terreno Realty news, President Michael A. Coke sold 10,000 shares of the stock in a transaction dated Thursday, August 14th. The stock was sold at an average price of $53.96, for a total value of $539,600.00. Following the sale, the president owned 412,415 shares of the company's stock, valued at $22,253,913.40. This trade represents a 2.37% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 2.40% of the stock is owned by corporate insiders.

About Terreno Realty

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.