Tricon Residential (NYSE:TCN) Shares Gap Up to $10.87

Shares of Tricon Residential Inc. (NYSE:TCNGet Rating) gapped up prior to trading on Tuesday . The stock had previously closed at $10.87, but opened at $11.24. Tricon Residential shares last traded at $10.96, with a volume of 2,209 shares trading hands.

Wall Street Analyst Weigh In

TCN has been the subject of several analyst reports. Royal Bank of Canada decreased their price objective on Tricon Residential from $18.00 to $17.00 and set an “outperform” rating for the company in a report on Thursday, May 12th. National Bank Financial decreased their price objective on Tricon Residential from C$21.00 to C$17.00 in a report on Wednesday, July 20th. BMO Capital Markets upped their price target on Tricon Residential from C$22.50 to C$23.00 in a report on Thursday, April 14th. Raymond James raised Tricon Residential from an “outperform” rating to a “strong-buy” rating and reduced their price target for the stock from $17.00 to $16.00 in a report on Tuesday. Finally, TD Securities raised Tricon Residential from a “hold” rating to a “buy” rating and reduced their price target for the stock from $18.00 to $17.00 in a report on Thursday, May 12th. One equities research analyst has rated the stock with a hold rating, seven have issued a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, Tricon Residential has a consensus rating of “Buy” and a consensus target price of $17.60.

Tricon Residential Stock Up 2.8 %

The company has a 50 day simple moving average of $10.71 and a 200 day simple moving average of $13.39. The company has a current ratio of 0.52, a quick ratio of 0.52 and a debt-to-equity ratio of 1.29.

Tricon Residential (NYSE:TCNGet Rating) last posted its quarterly earnings data on Tuesday, May 10th. The company reported $0.59 EPS 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 analysts’ expectations of $138.60 million. Equities research analysts forecast that Tricon Residential Inc. will post 0.61 earnings per share for the current year.

Tricon Residential Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, July 15th. Stockholders of record on Thursday, June 30th were given a $0.058 dividend. The ex-dividend date of this dividend was Wednesday, June 29th. This represents a $0.23 dividend on an annualized basis and a dividend yield of 2.06%.

Institutional Investors Weigh In On Tricon Residential

Large investors have recently made changes to their positions in the stock. Lazard Asset Management LLC purchased a new position in Tricon Residential in the fourth quarter worth approximately $30,000. Mitsubishi UFJ Trust & Banking Corp purchased a new position in Tricon Residential in the first quarter worth approximately $39,000. Advisors Asset Management Inc. purchased a new position in Tricon Residential in the first quarter worth approximately $42,000. ETF Managers Group LLC purchased a new position in Tricon Residential in the fourth quarter worth approximately $59,000. Finally, Power Corp of Canada purchased a new position in Tricon Residential in the first quarter worth approximately $59,000. 49.96% of the stock is currently owned by hedge funds and other institutional investors.

Tricon Residential Company Profile

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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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