Tricon Residential (TSE:TCN) Hits New 52-Week Low at $10.90

Tricon Residential Inc. (TSE:TCNGet Rating)’s share price reached a new 52-week low during mid-day trading on Friday . The company traded as low as C$10.90 and last traded at C$10.90, with a volume of 535265 shares trading hands. The stock had previously closed at C$11.15.

Wall Street Analysts Forecast Growth

A number of equities analysts have weighed in on the stock. Morgan Stanley reduced their price objective on shares of Tricon Residential to C$12.75 and set a “hold” rating for the company in a research report on Thursday, August 25th. BMO Capital Markets decreased their price target on shares of Tricon Residential from C$19.00 to C$17.00 in a research note on Wednesday, October 12th. CIBC cut their price objective on Tricon Residential from C$21.00 to C$18.00 and set an “outperform” rating for the company in a research note on Thursday, October 13th. Citigroup raised Tricon Residential to a “buy” rating and set a C$12.50 price target on the stock in a research note on Monday, September 19th. Finally, The Goldman Sachs Group restated a “buy” rating and issued a C$13.00 price objective on shares of Tricon Residential in a report on Tuesday, October 18th. Two investment analysts have rated the stock with a hold rating and six have assigned a buy rating to the company’s stock. According to MarketBeat, Tricon Residential currently has an average rating of “Moderate Buy” and a consensus target price of C$15.64.

Tricon Residential Price Performance

The firm has a market cap of C$3.01 billion and a price-to-earnings ratio of 2.83. The company has a current ratio of 0.39, a quick ratio of 0.30 and a debt-to-equity ratio of 148.86. The stock’s fifty day moving average price is C$12.46 and its 200-day moving average price is C$14.06.

Tricon Residential (TSE:TCNGet Rating) last posted its earnings results on Wednesday, August 10th. The company reported C$1.08 earnings per share (EPS) for the quarter, topping the consensus estimate of C$0.20 by C$0.88. The business had revenue of C$198.01 million for the quarter, compared to analyst estimates of C$193.91 million. As a group, equities research analysts forecast that Tricon Residential Inc. will post 0.6605872 earnings per share for the current fiscal year.

Tricon Residential Cuts Dividend

The business also recently announced a quarterly dividend, which was paid on Saturday, October 15th. Shareholders of record on Saturday, October 15th were paid a dividend of $0.074 per share. This represents a $0.30 annualized dividend and a yield of 2.69%. The ex-dividend date of this dividend was Wednesday, September 28th. Tricon Residential’s dividend payout ratio (DPR) is presently 5.90%.

Insider Activity

In related news, Director David Berman bought 33,000 shares of the company’s stock in a transaction that occurred on Friday, October 14th. The stock was purchased at an average price of C$11.50 per share, for a total transaction of C$379,500.00. Following the acquisition, the director now owns 855,500 shares of the company’s stock, valued at C$9,838,250.

Tricon Residential Company Profile

(Get Rating)

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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