Fintel reports that on July 6, 2023, JMP Securities reiterated coverage of Terreno Realty (NYSE:TRNO) with a Market Outperform recommendation.
Analyst Price Forecast Suggests 23.98% Upside
As of July 6, 2023, the average one-year price target for Terreno Realty is 73.13. The forecasts range from a low of 67.67 to a high of $84.00. The average price target represents an increase of 23.98% from its latest reported closing price of 58.99.
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The projected annual revenue for Terreno Realty is 303MM, an increase of 5.75%. The projected annual non-GAAP EPS is 1.30.
Terreno Realty Declares $0.40 Dividend
On May 3, 2023 the company declared a regular quarterly dividend of $0.40 per share ($1.60 annualized). Shareholders of record as of June 30, 2023 will receive the payment on July 14, 2023. Previously, the company paid $0.40 per share.
At the current share price of $58.99 / share, the stock’s dividend yield is 2.71%.
Looking back five years and taking a sample every week, the average dividend yield has been 2.18%, the lowest has been 1.61%, and the highest has been 3.13%. The standard deviation of yields is 0.33 (n=236).
The current dividend yield is 1.60 standard deviations above the historical average.
Additionally, the company’s dividend payout ratio is 0.65. The payout ratio tells us how much of a company’s income is paid out in dividends. A payout ratio of one (1.0) means 100% of the company’s income is paid in a dividend. A payout ratio greater than one means the company is dipping into savings in order to maintain its dividend – not a healthy situation. Companies with few growth prospects are expected to pay out most of their income in dividends, which typically means a payout ratio between 0.5 and 1.0. Companies with good growth prospects are expected to retain some earnings in order to invest in those growth prospects, which translates to a payout ratio of zero to 0.5.
The company’s 3-Year dividend growth rate is 0.48%, demonstrating that it has increased its dividend over time.
What is the Fund Sentiment?
There are 677 funds or institutions reporting positions in Terreno Realty. This is an increase of 34 owner(s) or 5.29% in the last quarter. Average portfolio weight of all funds dedicated to TRNO is 0.37%, an increase of 9.09%. Total shares owned by institutions increased in the last three months by 8.08% to 97,249K shares. 
The put/call ratio of TRNO is 0.17, indicating a bullish outlook.
What are Other Shareholders Doing?
Principal Financial Group holds 4,469K shares representing 5.43% ownership of the company. In it’s prior filing, the firm reported owning 4,906K shares, representing a decrease of 9.79%. The firm decreased its portfolio allocation in TRNO by 44.27% over the last quarter.
T. Rowe Price Investment Management holds 4,316K shares representing 5.24% ownership of the company. In it’s prior filing, the firm reported owning 4,324K shares, representing a decrease of 0.17%. The firm increased its portfolio allocation in TRNO by 5.96% over the last quarter.
VGSIX – Vanguard Real Estate Index Fund Investor Shares holds 3,343K shares representing 4.06% ownership of the company. In it’s prior filing, the firm reported owning 3,370K shares, representing a decrease of 0.81%. The firm increased its portfolio allocation in TRNO by 5.08% over the last quarter.
Price T Rowe Associates holds 3,142K shares representing 3.81% ownership of the company. In it’s prior filing, the firm reported owning 2,836K shares, representing an increase of 9.74%. The firm increased its portfolio allocation in TRNO by 17.11% over the last quarter.
Invesco holds 3,102K shares representing 3.77% ownership of the company. In it’s prior filing, the firm reported owning 2,175K shares, representing an increase of 29.88%. The firm decreased its portfolio allocation in TRNO by 85.72% over the last quarter.
Terreno Realty Background Information
(This description is provided by the company.)
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, D.C.
Additional reading:
- Subsidiaries of Registrant.
- Second Amendment, dated as of September 2, 2022, to the Sixth Amended and Restated Senior Credit Agreement, among Terreno Realty LLC, as “Borrower”, KeyBank National Association, both individually as a “Lender” and as “Administrative Agent”, MUFG Union Bank, N.A., as co-syndication agent and joint lead arranger, PNC Bank, National Association, as co-syndication agent, PNC Capital Markets LLC, as joint lead arranger, Regions Bank, as co-syndication agent, Regions Capital Markets, as joint lead arranger and the several banks, financial institutions and other entities which may from time to time become parties as additional “Lenders” (previously filed as Exhibit 10.1 to the Registrant’s Current Report on Form 8-K on September 6, 2022 and incorporated herein by reference).
- First Amendment, dated as of June 29, 2022, to the Sixth Amended and Restated Senior Credit Agreement, among Terreno Realty LLC, as “Borrower”, KeyBank National Association, both individually as a “Lender” and as “Administrative Agent”, MUFG Union Bank, N.A., as co-syndication agent and joint lead arranger, PNC Bank, National Association, as co-syndication agent, PNC Capital Markets LLC, as joint lead arranger, Regions Bank, as co-syndication agent, Regions Capital Markets, as joint lead arranger and the several banks, financial institutions and other entities which may from time to time become parties as additional “Lenders” (previously filed as Exhibit 10.1 to the Registrant’s Current Report on Form 8-K on July 5, 2022 and incorporated herein by reference).
- Subsidiaries of Registrant.
- Sixth Amended and Restated Senior Credit Agreement, dated as of August 20, 2021, among Terreno Realty LLC, KeyBank National Association, both individually as a “Lender” and as “Administrative Agent”, MUFG Union Bank, N.A., as co-syndication agent and joint lead arranger, PNC Bank, National Association, as co-syndication agent, PNC Capital Markets LLC, as joint lead arranger, Regions Bank, as co-syndication agent, Regions Capital Markets, as joint lead arranger and the several banks, financial institutions and other entities which may from time to time become parties as additional “Lenders” (previously filed as Exhibit 10.1 to the Registrant’s Current Report on Form 8-K on August 26, 2021 and incorporated herein by reference).
This story originally appeared on Fintel.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
