Terreno Realty Co. Plans Quarterly Dividend of $0.45 (NYSE:TRNO)

Terreno Realty Co. (NYSE:TRNO) declared a quarterly dividend on Wednesday, May 8th, Zacks reports. Stockholders of record on Friday, June 28th will be paid a dividend of 0.45 per share by the real estate investment trust on Friday, July 12th. This represents a $1.80 annualized dividend and a dividend yield of 3.28%. The ex-dividend date is Friday, June 28th.

Terreno Realty has raised its dividend payment by an average of 14.9% per year over the last three years and has raised its dividend annually for the last 4 consecutive years. Terreno Realty has a payout ratio of 109.8% indicating that the company cannot currently cover its dividend with earnings alone and is relying on its balance sheet to cover its dividend payments. Research analysts expect Terreno Realty to earn $2.67 per share next year, which means the company should continue to be able to cover its $1.80 annual dividend with an expected future payout ratio of 67.4%.

Terreno Realty Stock Down 0.3 %

Shares of TRNO traded down $0.19 during mid-day trading on Friday, hitting $54.82. 15,858 shares of the company’s stock were exchanged, compared to its average volume of 693,872. The company has a market cap of $5.29 billion, a PE ratio of 30.37, a P/E/G ratio of 2.52 and a beta of 0.85. Terreno Realty has a 52 week low of $50.42 and a 52 week high of $66.63. The company has a 50-day simple moving average of $60.58 and a 200 day simple moving average of $59.93. The company has a debt-to-equity ratio of 0.28, a current ratio of 2.68 and a quick ratio of 2.68.

Terreno Realty (NYSE:TRNO) last issued its quarterly earnings results on Wednesday, February 7th. The real estate investment trust reported $0.68 earnings per share for the quarter, topping the consensus estimate of $0.58 by $0.10. The company had revenue of $86.48 million during the quarter, compared to analysts’ expectations of $84.06 million. Terreno Realty had a net margin of 46.76% and a return on equity of 5.55%. On average, research analysts forecast that Terreno Realty will post 2.42 earnings per share for the current fiscal year.

Analyst Ratings Changes

TRNO has been the subject of several recent analyst reports. The Goldman Sachs Group increased their price objective on Terreno Realty from $60.00 to $66.00 and gave the company a “neutral” rating in a report on Thursday, January 11th. Scotiabank boosted their price objective on shares of Terreno Realty from $64.00 to $66.00 and gave the stock a “sector perform” rating in a research note on Monday, February 12th. Barclays assumed coverage on shares of Terreno Realty in a report on Wednesday, March 27th. They issued an “overweight” rating and a $71.00 target price on the stock. Mizuho lifted their target price on Terreno Realty from $52.00 to $62.00 and gave the stock a “neutral” rating in a research note on Tuesday, April 2nd. Finally, StockNews.com upgraded Terreno Realty from a “sell” rating to a “hold” rating in a research note on Saturday, March 23rd. Six analysts have rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. According to MarketBeat.com, Terreno Realty presently has an average rating of “Hold” and an average price target of $67.11.

About Terreno Realty

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