Terreno Realty Co. (TRNO) To Go Ex-Dividend on September 30th

Terreno Realty Co. (NYSE:TRNO) declared a quarterly dividend on Wednesday, August 7th, Wall Street Journal reports. Shareholders of record on Monday, September 30th will be paid a dividend of 0.49 per share by the real estate investment trust on Friday, October 11th. This represents a $1.96 annualized dividend and a yield of 2.91%. The ex-dividend date is Monday, September 30th. This is a positive change from Terreno Realty’s previous quarterly dividend of $0.45.

Terreno Realty has increased its dividend payment by an average of 14.9% annually over the last three years. Terreno Realty has a dividend payout ratio of 121.7% indicating that the company cannot currently cover its dividend with earnings alone and is relying on its balance sheet to cover its dividend payments. Research analysts expect Terreno Realty to earn $2.65 per share next year, which means the company should continue to be able to cover its $1.96 annual dividend with an expected future payout ratio of 74.0%.

Terreno Realty Price Performance

TRNO stock opened at $67.34 on Friday. Terreno Realty has a 12 month low of $50.42 and a 12 month high of $71.63. The company has a current ratio of 2.34, a quick ratio of 2.34 and a debt-to-equity ratio of 0.24. The firm has a market capitalization of $6.53 billion, a P/E ratio of 35.07, a price-to-earnings-growth ratio of 3.16 and a beta of 0.90. The firm has a 50 day moving average of $68.32 and a 200-day moving average of $62.48.

Terreno Realty (NYSE:TRNO) last announced its earnings results on Wednesday, August 7th. The real estate investment trust reported $0.37 earnings per share for the quarter, missing analysts’ consensus estimates of $0.54 by ($0.17). Terreno Realty had a net margin of 45.69% and a return on equity of 5.08%. The company had revenue of $94.25 million during the quarter, compared to analysts’ expectations of $89.07 million. As a group, sell-side analysts predict that Terreno Realty will post 2.42 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

TRNO has been the topic of several recent analyst reports. BNP Paribas started coverage on shares of Terreno Realty in a report on Tuesday, June 4th. They issued an “outperform” rating and a $68.00 target price on the stock. Scotiabank raised their price objective on shares of Terreno Realty from $59.00 to $70.00 and gave the stock a “sector perform” rating in a report on Monday, August 26th. Mizuho reiterated an “underperform” rating and set a $62.00 target price on shares of Terreno Realty in a report on Thursday, September 5th. The Goldman Sachs Group lifted their price target on Terreno Realty from $60.00 to $68.00 and gave the company a “neutral” rating in a research report on Monday, August 12th. Finally, Wedbush reissued a “neutral” rating and set a $70.00 price objective (up previously from $57.00) on shares of Terreno Realty in a research report on Friday, August 16th. Two investment analysts have rated the stock with a sell rating, five have issued a hold rating and four have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus target price of $69.56.

Insider Activity

In other news, EVP John Tull Meyer sold 6,145 shares of the business’s stock in a transaction that occurred on Friday, August 9th. The shares were sold at an average price of $68.64, for a total transaction of $421,792.80. Following the completion of the transaction, the executive vice president now directly owns 110,988 shares of the company’s stock, valued at $7,618,216.32. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other Terreno Realty news, EVP John Tull Meyer sold 6,145 shares of the firm’s stock in a transaction dated Friday, August 9th. The stock was sold at an average price of $68.64, for a total value of $421,792.80. Following the transaction, the executive vice president now directly owns 110,988 shares of the company’s stock, valued at $7,618,216.32. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, President Michael A. Coke sold 7,500 shares of the company’s stock in a transaction dated Friday, August 9th. The shares were sold at an average price of $68.53, for a total transaction of $513,975.00. Following the sale, the president now directly owns 402,164 shares of the company’s stock, valued at approximately $27,560,298.92. The disclosure for this sale can be found here. Insiders have sold a total of 18,643 shares of company stock valued at $1,277,581 over the last ninety days. 2.40% of the stock is currently owned by corporate insiders.

About Terreno Realty

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.