Terreno Realty Corporation 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, D.C. All square feet, acres, occupancy and number of properties disclosed in these condensed notes to the consolidated financial statements are unaudited. As of September 30, 2020, the Company owned 219 buildings aggregating approximately 13.1 million square feet, 22 improved land parcels consisting of approximately 85.0 acres and one property under redevelopment expected to contain approximately 0.2 million square feet upon completion. The Company is an internally managed Maryland corporation and elected to be taxed as a real estate investment trust (REIT) under Sections 856 through 860 of the Internal Revenue Code of 1986, as amended (the Code), commencing with its taxable year ended December 31, 2010.
Wall Street Analyst Weigh In
A number of equities analysts recently commented on the stock. Jefferies Financial Group lowered their target price on shares of Terreno Realty from $88.00 to $68.00 and set a "buy" rating for the company in a research note on Thursday, June 30th. The Goldman Sachs Group lowered their target price on shares of Terreno Realty from $79.00 to $70.00 and set a "neutral" rating for the company in a research note on Thursday, June 16th. Piper Sandler decreased their price objective on shares of Terreno Realty to $73.00 in a research note on Monday, July 4th. TheStreet downgraded shares of Terreno Realty from a "b" rating to a "c+" rating in a research note on Thursday, May 19th. Finally, Mizuho decreased their price objective on shares of Terreno Realty from $76.00 to $64.00 and set a "na" rating for the company in a research note on Tuesday, May 17th. Three equities research analysts have rated the stock with a hold rating and five have given a buy rating to the company's stock. According to data from MarketBeat.com, Terreno Realty presently has a consensus rating of "Moderate Buy" and a consensus target price of $74.33.
Terreno Realty Price Performance
Shares of TRNO opened at $63.33 on Tuesday. Terreno Realty has a fifty-two week low of $54.51 and a fifty-two week high of $86.00. The company has a market capitalization of $4.78 billion, a price-to-earnings ratio of 27.78 and a beta of 0.75. The firm has a 50-day simple moving average of $58.58 and a 200-day simple moving average of $66.25. The company has a debt-to-equity ratio of 0.36, a quick ratio of 0.13 and a current ratio of 0.13.
Terreno Realty Increases Dividend
The firm also recently announced a quarterly dividend, which will be paid on Friday, October 14th. Stockholders of record on Friday, September 30th will be paid a dividend of $0.40 per share. This is an increase from Terreno Realty's previous quarterly dividend of $0.34. The ex-dividend date of this dividend is Thursday, September 29th. This represents a $1.60 annualized dividend and a dividend yield of 2.53%. Terreno Realty's dividend payout ratio is 59.65%.