Legal & General Group Plc Invests $61.76 Million in Terreno Realty Corporation $TRNO

Legal & General Group Plc acquired a new stake in shares of Terreno Realty Corporation (NYSE:TRNO) in the 2nd quarter, HoldingsChannel.com reports. The firm acquired 953,594 shares of the real estate investment trust’s stock, valued at approximately $61,764,000.

A number of other institutional investors have also recently made changes to their positions in TRNO. BlackRock Inc. purchased a new stake in Terreno Realty in the second quarter valued at about $1,213,726,000. State Street Corp boosted its holdings 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 worth $336,139,000 after acquiring an additional 230,444 shares in the last quarter. Principal Financial Group Inc. grew its stake in shares of Terreno Realty by 246.6% during the first quarter. Principal Financial Group Inc. now owns 4,188,453 shares of the real estate investment trust’s stock worth $257,257,000 after acquiring an additional 2,979,982 shares during the last quarter. Norges Bank purchased a new stake in shares of Terreno Realty during the fourth quarter worth about $168,221,000. Finally, Geode Capital Management LLC increased its holdings in shares of Terreno Realty by 0.7% during the fourth quarter. Geode Capital Management LLC now owns 2,718,337 shares of the real estate investment trust’s stock valued at $159,620,000 after acquiring an additional 17,921 shares in the last quarter.

Analyst Upgrades and Downgrades

Several brokerages recently commented on TRNO. Cantor Fitzgerald increased their price objective on shares of Terreno Realty from $75.00 to $77.00 and gave the company an “overweight” rating in a research report on Monday, August 17th. Raymond James Financial assumed coverage on shares of Terreno Realty in a research report on Wednesday, June 17th. They set an “underperform” rating on the stock. Mizuho raised their price target on shares of Terreno Realty from $56.00 to $60.00 and gave the stock an “underperform” rating in a report on Wednesday, August 19th. Piper Sandler lifted their price objective on shares of Terreno Realty from $79.00 to $91.00 and gave the stock an “overweight” rating in a research note on Tuesday, July 21st. Finally, Barclays lifted their price objective on shares of Terreno Realty from $60.00 to $69.00 and gave the stock an “equal weight” rating in a research note on Thursday, July 16th. One investment analyst has rated the stock with a Strong Buy rating, seven have given a Buy rating, three have given a Hold rating and two have issued a Sell rating to the stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $72.86.

Terreno Realty Trading Down 0.8%

Shares of NYSE:TRNO opened at $66.57 on Friday. Terreno Realty Corporation has a 52-week low of $55.71 and a 52-week high of $78.94. The stock has a market cap of $7.25 billion, a price-to-earnings ratio of 17.85 and a beta of 1.03. The company has a quick ratio of 0.43, a current ratio of 0.43 and a debt-to-equity ratio of 0.22. The business has a 50-day moving average price of $69.26 and a 200-day moving average price of $66.32.

Terreno Realty (NYSE:TRNO) last released its earnings results on Wednesday, August 5th. The real estate investment trust reported $0.54 EPS for the quarter, topping analysts’ consensus estimates of $0.41 by $0.13. The firm had revenue of $124.71 million during the quarter, compared to the consensus estimate of $127.15 million. Terreno Realty had a return on equity of 9.21% and a net margin of 77.22%. Equities analysts predict that Terreno Realty Corporation will post 2.82 EPS for the current year.

Terreno Realty Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, October 9th. Shareholders of record on Wednesday, September 30th will be paid a dividend of $0.57 per share. This represents a $2.28 annualized dividend and a yield of 3.4%. The ex-dividend date is Wednesday, September 30th. This is a positive change from Terreno Realty’s previous quarterly dividend of $0.52. Terreno Realty’s dividend payout ratio (DPR) is presently 55.76%.

Insider Activity at Terreno Realty

In other news, President Michael A. Coke sold 8,000 shares of the company’s stock in a transaction on Friday, August 7th. The shares were sold at an average price of $68.38, for a total value of $547,040.00. Following the sale, the president directly owned 425,381 shares of the company’s stock, valued at $29,087,552.78. This represents a 1.85% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP John Tull Meyer sold 4,447 shares of the company’s stock in a transaction on Tuesday, August 11th. The shares were sold at an average price of $68.64, for a total transaction of $305,242.08. Following the completion of the sale, the executive vice president directly owned 131,825 shares in the company, valued at $9,048,468. This trade represents a 3.26% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders own 1.90% of the company’s stock.

Terreno Realty 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.