Terreno Realty (NYSE:TRNO) Upgraded to “Buy” at Zacks Investment Research

Terreno Realty (NYSE:TRNO) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a report issued on Thursday, Zacks.com reports. The brokerage presently has a $76.00 price objective on the real estate investment trust’s stock. Zacks Investment Research‘s target price indicates a potential upside of 12.81% from the company’s previous close.

According to Zacks, “Terreno Realty Corporation is an internally managed real estate investment trust (REIT) focused on acquiring industrial real estate located in major coastal U.S. markets. The Company’s main focus is on markets in Los Angeles Area; Northern New Jersey/New York City; San Francisco Bay Area; Seattle Area; Miami Area; and Washington, D.C./Baltimore. Terreno Realty Corporation focuses on investing in several types of industrial real estate, including warehouse/distribution, flex (including light manufacturing, and research and development) and trans-shipment. The Company will target functional buildings in infill locations that may be shared by multiple tenants and that cater to customer demand within the various submarkets, in which it operates. The Company will utilize local third-party property managers for day-to-day property management. Terreno Realty Corporationy will make all operating and leasing decisions on its properties. “

A number of other research firms also recently weighed in on TRNO. BTIG Research lifted their price target on Terreno Realty from $67.00 to $70.00 and gave the company a “buy” rating in a research note on Friday, April 16th. Mizuho reaffirmed a “neutral” rating and set a $65.00 price objective on shares of Terreno Realty in a report on Wednesday, July 14th. KeyCorp lifted their price objective on Terreno Realty from $67.00 to $71.00 and gave the stock an “overweight” rating in a report on Thursday, July 15th. Finally, Berenberg Bank cut Terreno Realty from a “buy” rating to a “hold” rating and set a $70.00 price objective for the company. in a report on Thursday, May 27th. Three equities research analysts have rated the stock with a hold rating and six have assigned a buy rating to the company. The stock currently has an average rating of “Buy” and an average target price of $68.63.

Terreno Realty stock opened at $67.37 on Thursday. The company has a debt-to-equity ratio of 0.29, a quick ratio of 1.22 and a current ratio of 1.22. Terreno Realty has a 1-year low of $52.63 and a 1-year high of $68.65. The stock has a market capitalization of $4.69 billion, a P/E ratio of 55.68 and a beta of 0.57. The company has a 50 day simple moving average of $65.27.

Terreno Realty (NYSE:TRNO) last posted its quarterly earnings results on Thursday, May 6th. The real estate investment trust reported $0.24 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.39 by ($0.15). Terreno Realty had a net margin of 43.23% and a return on equity of 5.20%. The business had revenue of $50.69 million during the quarter, compared to analysts’ expectations of $49.23 million. Research analysts expect that Terreno Realty will post 1.65 EPS for the current fiscal year.

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Exane Derivatives raised its holdings in shares of Terreno Realty by 7.6% in the first quarter. Exane Derivatives now owns 2,316 shares of the real estate investment trust’s stock worth $134,000 after acquiring an additional 164 shares during the last quarter. Thrivent Financial for Lutherans raised its holdings in shares of Terreno Realty by 0.7% in the first quarter. Thrivent Financial for Lutherans now owns 28,128 shares of the real estate investment trust’s stock worth $1,625,000 after acquiring an additional 200 shares during the last quarter. Glenmede Trust Co. NA raised its holdings in shares of Terreno Realty by 1.3% in the first quarter. Glenmede Trust Co. NA now owns 15,704 shares of the real estate investment trust’s stock worth $907,000 after acquiring an additional 203 shares during the last quarter. Prudential Financial Inc. raised its holdings in shares of Terreno Realty by 6.2% in the first quarter. Prudential Financial Inc. now owns 6,287 shares of the real estate investment trust’s stock worth $363,000 after acquiring an additional 366 shares during the last quarter. Finally, The PNC Financial Services Group Inc. raised its holdings in shares of Terreno Realty by 12.9% in the first quarter. The PNC Financial Services Group Inc. now owns 4,065 shares of the real estate investment trust’s stock worth $234,000 after acquiring an additional 463 shares during the last quarter. 97.50% of the stock is owned by institutional investors.

About Terreno Realty

Terreno Realty Corporation and together with its subsidiaries, the ÂCompanyÂ) 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 condensed notes to the consolidated financial statements are unaudited.

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