Tricon Residential (NYSE:TCN) Rating Increased to Strong-Buy at Raymond James

Tricon Residential (NYSE:TCN – Get Rating) was upgraded by investment analysts at Raymond James from an “outperform” rating to a “strong-buy” rating in a research note issued on Tuesday, MarketBeat Ratings reports. The firm currently has a $16.00 price objective on the stock, down from their prior price objective of $17.00. Raymond James’ target price points to a potential upside of 41.97% from the stock’s current price.

Several other analysts have also issued reports on the company. Morgan Stanley dropped their target price on Tricon Residential from $13.50 to $11.75 and set an “equal weight” rating on the stock in a report on Friday, July 15th. TD Securities upgraded Tricon Residential from a “hold” rating to a “buy” rating and dropped their target price for the stock from $18.00 to $17.00 in a report on Thursday, May 12th. Royal Bank of Canada dropped their target price on Tricon Residential from $18.00 to $17.00 and set an “outperform” rating on the stock in a report on Thursday, May 12th. BMO Capital Markets upped their target price on Tricon Residential from C$22.50 to C$23.00 in a report on Thursday, April 14th. Finally, National Bank Financial dropped their target price on Tricon Residential from C$21.00 to C$17.00 in a report on Wednesday, July 20th. One research analyst has rated the stock with a hold rating, seven have assigned a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, Tricon Residential has a consensus rating of “Buy” and a consensus target price of $17.60.

Tricon Residential Price Performance

TCN stock opened at $11.27 on Tuesday. The company has a quick ratio of 0.52, a current ratio of 0.52 and a debt-to-equity ratio of 1.29. The business has a 50-day moving average of $10.71 and a 200-day moving average of $13.39. Tricon Residential has a fifty-two week low of $9.33 and a fifty-two week high of $17.23.

Tricon Residential (NYSE:TCN – Get Rating) last posted its quarterly earnings data on Tuesday, May 10th. The company reported $0.59 earnings per share for the quarter, topping the consensus estimate of $0.15 by $0.44. The firm had revenue of $138.79 million for the quarter, compared to analyst estimates of $138.60 million. On average, equities analysts anticipate that Tricon Residential will post 0.61 EPS for the current fiscal year.

Hedge Funds Weigh In On Tricon Residential

A number of large investors have recently made changes to their positions in TCN. Lazard Asset Management LLC bought a new position in shares of Tricon Residential during the fourth quarter worth approximately $30,000. Mitsubishi UFJ Trust & Banking Corp bought a new position in shares of Tricon Residential during the first quarter worth approximately $39,000. Advisors Asset Management Inc. bought a new position in shares of Tricon Residential during the first quarter worth approximately $42,000. ETF Managers Group LLC bought a new position in shares of Tricon Residential during the fourth quarter worth approximately $59,000. Finally, Power Corp of Canada bought a new position in shares of Tricon Residential during the first quarter worth approximately $59,000. Institutional investors own 49.96% of the company’s stock.

About Tricon Residential

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Founded in 1988, Tricon is a rental housing company focused on serving the middle-market demographic. Tricon owns and operates approximately 31,000 single-family rental homes and multi-family rental units in 21 markets across the United States and Canada, managed with an integrated technology-enabled operating platform.

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