Terreno Realty (NYSE:TRNO) was downgraded by Zacks Investment Research from a "buy" rating to a "hold" rating in a note issued to investors on Wednesday, Zacks.com reports.
According to Zacks, "Terreno Realty Corporation is an internally managed real estate investment trust (REIT) focused on acquiring industrial real estate located in major coastal U.S. markets. The Company's main focus is on markets in Los Angeles Area; Northern New Jersey/New York City; San Francisco Bay Area; Seattle Area; Miami Area; and Washington, D.C./Baltimore. Terreno Realty Corporation focuses on investing in several types of industrial real estate, including warehouse/distribution, flex (including light manufacturing, and research and development) and trans-shipment. The Company will target functional buildings in infill locations that may be shared by multiple tenants and that cater to customer demand within the various submarkets, in which it operates. The Company will utilize local third-party property managers for day-to-day property management. Terreno Realty Corporationy will make all operating and leasing decisions on its properties. "
A number of other analysts have also recently issued reports on the stock. BTIG Research increased their price objective on shares of Terreno Realty from $62.00 to $67.00 in a research note on Monday, November 30th. Robert W. Baird raised shares of Terreno Realty from a "neutral" rating to an "outperform" rating and increased their price objective for the stock from $57.00 to $60.00 in a research note on Tuesday, September 22nd. The Goldman Sachs Group assumed coverage on shares of Terreno Realty in a research note on Tuesday, September 29th. They issued a "neutral" rating for the company. Berenberg Bank assumed coverage on shares of Terreno Realty in a research report on Wednesday, October 28th. They set a "buy" rating and a $70.00 target price for the company. Finally, Jefferies Financial Group upgraded shares of Terreno Realty from a "hold" rating to a "buy" rating and upped their target price for the stock from $64.00 to $68.00 in a research report on Wednesday, January 13th. Two research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the stock. Terreno Realty presently has an average rating of "Buy" and a consensus target price of $64.88.
TRNO stock traded up $1.12 during midday trading on Wednesday, reaching $56.63. 6,633 shares of the company's stock traded hands, compared to its average volume of 368,982. Terreno Realty has a 52-week low of $42.12 and a 52-week high of $64.24. The stock has a market cap of $3.87 billion, a P/E ratio of 47.59 and a beta of 0.54. The company has a current ratio of 5.32, a quick ratio of 5.32 and a debt-to-equity ratio of 0.30. The stock's 50-day moving average is $56.84 and its 200 day moving average is $57.60.
Terreno Realty (NYSE:TRNO) last announced its earnings results on Wednesday, November 4th. The real estate investment trust reported $0.33 EPS for the quarter, missing the Zacks' consensus estimate of $0.36 by ($0.03). Terreno Realty had a net margin of 44.26% and a return on equity of 5.20%. The business had revenue of $47.15 million for the quarter, compared to analysts' expectations of $46.12 million. As a group, research analysts expect that Terreno Realty will post 1.46 EPS for the current fiscal year.
Hedge funds have recently added to or reduced their stakes in the business. Van ECK Associates Corp lifted its position in Terreno Realty by 23.4% during the third quarter. Van ECK Associates Corp now owns 2,011 shares of the real estate investment trust's stock valued at $110,000 after purchasing an additional 382 shares during the last quarter. PNC Financial Services Group Inc. lifted its position in Terreno Realty by 137.2% during the second quarter. PNC Financial Services Group Inc. now owns 3,309 shares of the real estate investment trust's stock valued at $174,000 after purchasing an additional 1,914 shares during the last quarter. Teacher Retirement System of Texas bought a new position in Terreno Realty during the third quarter valued at $212,000. Sumitomo Mitsui DS Asset Management Company Ltd lifted its holdings in shares of Terreno Realty by 11.1% in the 3rd quarter. Sumitomo Mitsui DS Asset Management Company Ltd now owns 4,439 shares of the real estate investment trust's stock worth $243,000 after acquiring an additional 443 shares during the last quarter. Finally, AlphaCrest Capital Management LLC bought a new stake in shares of Terreno Realty in the 3rd quarter worth about $259,000. Institutional investors and hedge funds own 99.86% of the company's stock.
About Terreno Realty
Terreno Realty Corporation and together with its subsidiaries, the ÂCompanyÂ) 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 condensed notes to the consolidated financial statements are unaudited.
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