Terreno Realty Corporation (NYSE:TRNO) President Michael A. Coke Sells 10,000 Shares

Key Points

• Terreno Realty Corporation President Michael A. Coke sold 10,000 shares at an average price of $53.96, totaling $539,600, reducing his ownership stake by 2.37%.
• The company announced an increase in its quarterly dividend from $0.49 to $0.52, resulting in an annualized dividend yield of 3.8%.
• Analysts have a consensus rating of "Hold" for Terreno Realty, with a price target averaging $64.60, reflecting a mix of buy, hold, and sell ratings among various brokerages.

Terreno Realty Corporation (NYSE:TRNO - Get Free Report) President Michael A. Coke sold 10,000 shares of the firm's 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 directly owned 412,415 shares in the company, valued at approximately $22,253,913.40. This trade represents a 2.37% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website.

Terreno Realty Price Performance

NYSE:TRNO traded down $0.42 during trading hours on Thursday, reaching $54.14. 678,683 shares of the company traded hands, compared to its average volume of 766,340. The firm's 50-day moving average is $56.79 and its 200-day moving average is $59.72. The stock has a market cap of $5.59 billion, a P/E ratio of 21.48, a P/E/G ratio of 2.32 and a beta of 1.02. The company has a debt-to-equity ratio of 0.20, a current ratio of 1.75 and a quick ratio of 1.75. Terreno Realty Corporation has a 1-year low of $48.18 and a 1-year high of $71.63.

Terreno Realty Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, October 10th. Investors of record on Monday, September 29th will be issued a $0.52 dividend. The ex-dividend date is Monday, September 29th. This is an increase from Terreno Realty's previous quarterly dividend of $0.49. This represents a $2.08 dividend on an annualized basis and a yield of 3.8%. Terreno Realty's payout ratio is 77.78%.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently modified their holdings of the stock. State Street Corp boosted its stake in Terreno Realty by 4.0% in the second quarter. State Street Corp now owns 5,944,559 shares of the real estate investment trust's stock valued at $336,139,000 after acquiring an additional 230,444 shares during the period. T. Rowe Price Investment Management Inc. lifted its position in shares of Terreno Realty by 2.4% during the 1st quarter. T. Rowe Price Investment Management Inc. now owns 5,271,442 shares of the real estate investment trust's stock valued at $333,261,000 after acquiring an additional 125,940 shares during the last quarter. Price T Rowe Associates Inc. MD raised its stake in Terreno Realty by 14.4% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 4,158,754 shares of the real estate investment trust's stock valued at $262,918,000 after purchasing an additional 523,950 shares during the period. Norges Bank acquired a new stake in Terreno Realty during the 2nd quarter valued at $156,525,000. Finally, Geode Capital Management LLC increased its stake in shares of Terreno Realty by 3.6% in the second quarter. Geode Capital Management LLC now owns 2,631,838 shares of the real estate investment trust's stock worth $147,584,000 after acquiring an additional 92,519 shares during the last quarter.

Wall Street Analyst Weigh In

A number of brokerages have issued reports on TRNO. Wall Street Zen upgraded Terreno Realty from a "sell" rating to a "hold" rating in a research report on Tuesday, May 20th. The Goldman Sachs Group set a $64.00 price objective on Terreno Realty and gave the stock a "buy" rating in a research report on Tuesday. Wells Fargo & Company set a $72.00 price objective on Terreno Realty in a research report on Sunday, July 13th. Finally, Barclays reduced their target price on Terreno Realty from $57.00 to $56.00 and set an "equal weight" rating on the stock in a research report on Tuesday, May 27th. 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 data from MarketBeat.com, the stock presently has a consensus rating of "Hold" and a consensus price target of $64.60.

Terreno Realty Company 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.

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