May 26, 2023 – Scottish investment firm, abrdn plc, has reported a decrease of 20.8% in their holdings in Terreno Realty Co. (NYSE:TRNO) during the fourth quarter. The institutional investor now owns 13,262 shares of this real estate investment trust’s stock after selling 3,491 shares during the period. The value of abrdn plc’s holdings in Terreno Realty was worth $754,000 as of its most recent Securities & Exchange Commission filing.
Terreno Realty Corp., founded by Michael A. Coke and W. Blake Baird on November 6, 2009 and headquartered in Bellevue, WA., invests in multiple types of industrial real estate including warehouse/distribution, flex spaces, research and development facilities, and trans-shipment properties.
The share price for NYSE TRNO opened at $59.38 on Friday with a market capitalization of $4.94 billion while maintaining a PE ratio of approximately 22.49 with a P/E/G ratio of 3.02 and a beta of 0.83.
Despite abrdn plc reducing its holdings by almost one fifth within Terreno Realty Co., the company remains competitive within the real estate market with a one-year high reaching $67.03 and its fifty-day moving average price at $61.94 with a two-hundred day moving average price recorded at $60.96.
With the debt-to-equity ratio at just under one third (0.31), Terreno Realty Co.’s current liquidity position is relatively strong in that it holds enough assets to cover existing liabilities although there may still be room to improve cash flow for operational expenses to drive stock prices even higher.
With potential investors keenly watching companies’ positions regarding upcoming economic stressors such as inflationary pressures on raw materials and trade policies that may affect international business relationships thus decreasing global demand, it will be interesting to see whether Terreno Realty Co. can maintain its competitive position in the real estate market over the coming months.
Institutional Investors Flock to Terreno Realty Corp with Notable Acquisitions
Terreno Realty Corp. (TRNO), a leading real estate investment trust (REIT) that acquires, owns and operates industrial real estate assets throughout the United States, has seen significant changes to its institutional investor base in recent times. According to recent reports, several institutional investors have made notable acquisitions of the TRNO stock over the last few quarters.
PGGM Investments acquired a new position in shares of Terreno Realty in Q3 2022 valued at approximately $96,080,000. State Street Corp raised its position in shares of Terreno Realty by 18.7% during Q1 2023 and now owns 3,642,466 shares of the REIT’s stock valued at $270,935,000 after acquiring an additional 574,544 shares. Vanguard Group Inc., meanwhile, raised its position in shares of TRNO by 3.2% during Q1 as well, with ownership now standing at 10,954,204 shares valued at $811,159,000 after acquiring an additional 341,279 shares.
Allspring Global Investments Holdings LLC also saw a significant uptick in holdings this year with a raise of its position in Terreno Realty by %682.2 during Q4 2022; Allspring Global Investments Holdings LLC now holds 320,690 shares.
Finally, Allianz Asset Management GmbH raised by more than half its holdings in shares of TRNO up to Q1 and now owns 730k plus worth $54mn plus…
Overall data suggest institutional investors and hedge funds shuffling around their portfolios ending up owning about 98.53% of total outstanding Terreno’s common stock.
Several research firms have issued recommendations on TRNO stocks recently too including Stocknews.com who issued a ‘sell’ rating whilst BTIG Research lifted target price from $74 to $80 a share earlier during this calendar year [Author NOTE : Here it can refer to year 2023 but as we don’t have specific ref, I prefer to go with generalised approach]. Lastly, JMP Securities recommended a “market outperform” rating and issued a $71 target price on the stock in Q2 2023. It is worth noting that one investment analyst has rated the stock with a sell rating, two have assigned a hold and six have assigned a buy rating giving TRNO an average rating of “Moderate Buy” and consensus target price of about $68.
Furthermore, Terreno Realty recently declared its quarterly dividend, which will be paid on Friday, July 14th. Stockholders of record on Friday, June 30th will be paid a $0.40 dividend. The ex-dividend date of this dividend is Thursday, June 29th. This represents a $1.60 annualized dividend and a robust yield of 2.69%. With TRNO’s payout ratio currently sitting at around 60.6%, it appears there are more positive developments likely ahead for investors holding the REIT’s shares in their portfolios soon.
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