Terreno Realty (NYSE:TRNO) Cut to Sell at Zacks Investment Research

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Terreno Realty (NYSE:TRNO) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a note issued to investors on Saturday, Zacks.com reports.

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. “

Several other research analysts have also commented on TRNO. Goldman Sachs Group started coverage on Liberty Property Trust in a research report on Wednesday, May 15th. They set a “neutral” rating and a $49.00 price target for the company. KeyCorp raised their price target on Terreno Realty from $49.00 to $52.00 and gave the stock an “overweight” rating in a research report on Wednesday, July 10th. Finally, Mitsubishi UFJ Financial Group raised their price target on Terreno Realty to $45.00 and gave the stock a “neutral” rating in a research report on Friday, May 3rd. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating and three have assigned a buy rating to the company’s stock. The stock currently has a consensus rating of “Hold” and a consensus target price of $49.25.

TRNO opened at $49.72 on Friday. Terreno Realty has a 52 week low of $33.52 and a 52 week high of $50.79. The stock’s fifty day moving average price is $47.64. The company has a quick ratio of 2.41, a current ratio of 2.41 and a debt-to-equity ratio of 0.34.

Terreno Realty (NYSE:TRNO) last released its quarterly earnings results on Wednesday, May 1st. The real estate investment trust reported $0.25 EPS for the quarter, missing the consensus estimate of $0.35 by ($0.10). Terreno Realty had a return on equity of 5.62% and a net margin of 44.18%. The firm had revenue of $40.88 million for the quarter, compared to analysts’ expectations of $40.02 million. Equities research analysts predict that Terreno Realty will post 1.41 earnings per share for the current fiscal year.

Several institutional investors and hedge funds have recently added to or reduced their stakes in TRNO. California State Teachers Retirement System boosted its holdings in Terreno Realty by 3.7% in the fourth quarter. California State Teachers Retirement System now owns 90,995 shares of the real estate investment trust’s stock valued at $3,200,000 after purchasing an additional 3,207 shares during the period. Norges Bank purchased a new position in Terreno Realty in the fourth quarter valued at $26,019,000. Campbell & CO Investment Adviser LLC purchased a new position in Terreno Realty in the first quarter valued at $646,000. Aviva PLC boosted its holdings in Terreno Realty by 43.0% in the fourth quarter. Aviva PLC now owns 18,719 shares of the real estate investment trust’s stock valued at $658,000 after purchasing an additional 5,628 shares during the period. Finally, State of Alaska Department of Revenue boosted its holdings in Terreno Realty by 4.0% in the first quarter. State of Alaska Department of Revenue now owns 19,718 shares of the real estate investment trust’s stock valued at $828,000 after purchasing an additional 764 shares during the period. Institutional investors and hedge funds own 99.78% of the company’s stock.

Terreno Realty Company Profile

Terreno Realty Corporation 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

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