National Securities Raises Terreno Realty Corporation (TRNO) Price Target to $35.00
Terreno Realty Corporation (NYSE:TRNO) had its price objective hoisted by equities research analysts at National Securities from $33.00 to $35.00 in a research note issued on Monday. The brokerage presently has a “neutral” rating on the real estate investment trust’s stock. National Securities’ price target indicates a potential upside of 0.52% from the stock’s previous close.
The analysts wrote, “TRNO 2Q17 Recap: With TRNO’s shares near recent all-time highs and having appreciated 59.2% from $20.12 where we initially rated the stock a BUY in a 7/28/15 initiation note, its current 28.42x 2018 P/FFO estimate is at a staggering 40.7% premium to the industrial REIT sector median multiple of 20.20x and appears fully valued. As such, we are maintaining our NEUTRAL rating and adjusting our price target to $35.
With industrial real estate prices up significantly and TRNO’s highly attractive acquisition vintage profile, we expect management to continue to harvest gains in 2017 and 2018 and recycle capital. The future remains bright for TRNO and we continue to favor industrial REIT operators formed >2010, as their portfolios are absent legacy assets and more attractive on a relative basis.
A number of other brokerages have also recently issued reports on TRNO. BidaskClub raised Terreno Realty Corporation from a “buy” rating to a “strong-buy” rating in a research note on Thursday. Stifel Nicolaus reaffirmed a “buy” rating and set a $37.00 price objective (up from $34.50) on shares of Terreno Realty Corporation in a research note on Wednesday, August 9th. Jefferies Group LLC reaffirmed a “hold” rating and set a $35.00 price objective (up from $29.00) on shares of Terreno Realty Corporation in a research note on Friday, June 23rd. Wunderlich raised their price objective on Terreno Realty Corporation from $31.00 to $34.00 and gave the company a “buy” rating in a research note on Monday, May 8th. Finally, Zacks Investment Research raised Terreno Realty Corporation from a “sell” rating to a “hold” rating in a research note on Saturday, May 6th. Six analysts have rated the stock with a hold rating, four have given a buy rating and one has assigned a strong buy rating to the company. The stock has an average rating of “Buy” and an average target price of $32.38.
Shares of Terreno Realty Corporation (NYSE:TRNO) traded up 0.646% on Monday, reaching $35.045. The company’s stock had a trading volume of 64,129 shares. Terreno Realty Corporation has a 12 month low of $24.81 and a 12 month high of $35.80. The firm has a market cap of $1.82 billion, a price-to-earnings ratio of 73.935 and a beta of 0.83. The stock has a 50 day moving average of $34.13 and a 200-day moving average of $30.94.
Terreno Realty Corporation (NYSE:TRNO) last announced its quarterly earnings data on Wednesday, August 2nd. The real estate investment trust reported $0.27 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.28 by $0.01. Terreno Realty Corporation had a net margin of 20.91% and a return on equity of 3.13%. The company had revenue of $32.78 million for the quarter, compared to the consensus estimate of $31.72 million. On average, analysts anticipate that Terreno Realty Corporation will post $0.55 EPS for the current year.
TRADEMARK VIOLATION NOTICE: “National Securities Raises Terreno Realty Corporation (TRNO) Price Target to $35.00” was published by American Banking News and is owned by of American Banking News. If you are viewing this report on another domain, it was illegally stolen and reposted in violation of U.S. & international trademark & copyright legislation. The original version of this report can be accessed at https://www.americanbankingnews.com/2017/08/21/national-securities-raises-terreno-realty-corporation-trno-price-target-to-35-00.html.
Several hedge funds have recently bought and sold shares of TRNO. Eagle Asset Management Inc. raised its stake in Terreno Realty Corporation by 7.9% in the first quarter. Eagle Asset Management Inc. now owns 135,739 shares of the real estate investment trust’s stock worth $3,800,000 after buying an additional 9,895 shares in the last quarter. Pax World Management LLC raised its stake in shares of Terreno Realty Corporation by 117.4% in the first quarter. Pax World Management LLC now owns 391,246 shares of the real estate investment trust’s stock valued at $10,955,000 after buying an additional 211,246 shares during the period. Karp Capital Management Corp bought a new stake in shares of Terreno Realty Corporation during the first quarter valued at approximately $265,000. UBS Asset Management Americas Inc. raised its stake in shares of Terreno Realty Corporation by 24.7% in the first quarter. UBS Asset Management Americas Inc. now owns 78,304 shares of the real estate investment trust’s stock valued at $2,193,000 after buying an additional 15,522 shares during the period. Finally, BNP Paribas Arbitrage SA raised its stake in shares of Terreno Realty Corporation by 1.7% in the first quarter. BNP Paribas Arbitrage SA now owns 16,853 shares of the real estate investment trust’s stock valued at $472,000 after buying an additional 282 shares during the period. Institutional investors own 97.16% of the company’s stock.
About Terreno Realty Corporation
Terreno Realty Corporation acquires, owns and operates industrial real estate in coastal markets in the United States, such as Los Angeles, Northern New Jersey/New York City, San Francisco Bay Area, Seattle, Miami and Washington, District of Columbia (DC)/Baltimore. The Company invests in a range of industrial real estate, including warehouse/distribution, flex (including light industrial and research and development) and trans-shipment.
Receive News & Ratings for Terreno Realty Corporation Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Terreno Realty Corporation and related companies with MarketBeat.com's FREE daily email newsletter.