Terreno Realty Corporation (NYSE:TRNO) to Issue Dividend Increase - $0.57 Per Share

Key Points

• Terreno Realty raised its quarterly dividend 9.6% to $0.57 per share, payable October 9 to shareholders of record September 30. The annualized dividend is $2.28, implying a yield of about 3.3%.
• The REIT’s current payout ratio is elevated at 123.1%, meaning earnings do not fully cover the dividend; however, analysts expect coverage to improve to an estimated 69.1% payout ratio next year.
• Analysts maintain a consensus “Moderate Buy” rating with an average price target of $71.71, above the stock’s reported $69.56 opening price. Terreno also recently beat quarterly EPS estimates, reporting $0.54 versus the $0.41 consensus.

Terreno Realty Corporation (NYSE:TRNO - Get Free Report) announced a quarterly dividend on Wednesday, August 5th. Investors of record on Wednesday, September 30th will be paid a dividend of 0.57 per share by the real estate investment trust on Friday, October 9th. This represents a c) annualized dividend and a yield of 3.3%. The ex-dividend date of this dividend is Wednesday, September 30th. This is a 9.6% increase from Terreno Realty's previous quarterly dividend of $0.52.

Terreno Realty has increased its dividend payment by an average of 0.1%per year over the last three years and has increased its dividend annually for the last 5 consecutive years. Terreno Realty has a payout ratio of 123.1% meaning the company cannot currently cover its dividend with earnings alone and is relying on its balance sheet to cover its dividend payments. Analysts expect Terreno Realty to earn $3.01 per share next year, which means the company should continue to be able to cover its $2.08 annual dividend with an expected future payout ratio of 69.1%.

Terreno Realty Price Performance

Shares of NYSE:TRNO opened at $69.56 on Thursday. The stock has a market cap of $7.39 billion, a price-to-earnings ratio of 17.01 and a beta of 1.03. The company has a debt-to-equity ratio of 0.23, a current ratio of 0.91 and a quick ratio of 0.91. Terreno Realty has a 12 month low of $53.00 and a 12 month high of $78.94. The stock's 50 day moving average price is $68.25 and its 200 day moving average price is $65.66.

Terreno Realty (NYSE:TRNO - Get Free Report) last issued its quarterly earnings results on Wednesday, August 5th. The real estate investment trust reported $0.54 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.41 by $0.13. Terreno Realty had a return on equity of 10.35% and a net margin of 86.44%.The firm had revenue of $124.71 million during the quarter, compared to analyst estimates of $127.17 million. Equities research analysts anticipate that Terreno Realty will post 2.81 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

Several research analysts recently weighed in on the company. Wells Fargo & Company decreased their target price on Terreno Realty from $68.00 to $64.00 and set an "equal weight" rating for the company in a research note on Monday, June 1st. Barclays raised 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 report on Thursday, July 16th. Robert W. Baird set a $69.00 target price on shares of Terreno Realty in a report on Friday, May 8th. Scotiabank decreased their price target on shares of Terreno Realty from $70.00 to $68.00 and set a "sector outperform" rating on the stock in a research report on Thursday, June 18th. Finally, UBS Group set a $68.00 price objective on Terreno Realty in a research note on Thursday, June 18th. One equities research analyst has rated the stock with a Strong Buy rating, seven have assigned a Buy rating, three have issued a Hold rating and two have issued a Sell rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $71.71.

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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