Tricon Residential (NYSE:TCN) Price Target Cut to $13.00

Tricon Residential (NYSE:TCNGet Rating) had its price target decreased by Raymond James from $15.00 to $13.00 in a report issued on Wednesday, BayStreet.CA reports. Raymond James currently has a strong-buy rating on the stock. Raymond James also issued estimates for Tricon Residential’s FY2022 earnings at $0.75 EPS, Q1 2023 earnings at $0.14 EPS, Q2 2023 earnings at $0.16 EPS, Q3 2023 earnings at $0.17 EPS, Q4 2023 earnings at $0.15 EPS, Q1 2024 earnings at $0.16 EPS, Q2 2024 earnings at $0.17 EPS, Q3 2024 earnings at $0.18 EPS and FY2024 earnings at $0.73 EPS.

A number of other analysts have also recently weighed in on TCN. Morgan Stanley raised their price target on Tricon Residential from $11.75 to $12.75 and gave the company an equal weight rating in a research note on Thursday, August 25th. Citigroup upgraded Tricon Residential from a neutral rating to a buy rating and set a $12.50 price target on the stock in a research note on Monday, September 19th. BMO Capital Markets dropped their price objective on Tricon Residential from C$23.00 to C$19.00 in a report on Friday, August 12th. National Bank Financial dropped their price objective on Tricon Residential from C$18.00 to C$15.00 in a report on Monday, October 24th. Finally, The Goldman Sachs Group dropped their price objective on Tricon Residential from $14.75 to $11.00 and set a buy rating on the stock in a report on Tuesday, October 18th. One research analyst has rated the stock with a hold rating, five have given a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, the stock has an average rating of Buy and a consensus price target of $13.64.

Tricon Residential Stock Down 0.6 %

Tricon Residential stock opened at $8.83 on Wednesday. Tricon Residential has a 1-year low of $7.83 and a 1-year high of $17.23. The company has a debt-to-equity ratio of 1.38, a current ratio of 0.62 and a quick ratio of 0.62. The stock has a market cap of $2.42 billion and a PE ratio of 3.71. The stock’s fifty day moving average is $8.91 and its two-hundred day moving average is $10.37.

Tricon Residential Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Sunday, January 15th. Investors of record on Saturday, December 31st will be issued a dividend of $0.058 per share. This represents a $0.23 dividend on an annualized basis and a dividend yield of 2.63%. The ex-dividend date is Thursday, December 29th. Tricon Residential’s dividend payout ratio is currently 9.66%.

Hedge Funds Weigh In On Tricon Residential

A number of hedge funds and other institutional investors have recently made changes to their positions in TCN. Mitsubishi UFJ Trust & Banking Corp purchased a new position in shares of Tricon Residential during the first quarter worth about $39,000. Advisors Asset Management Inc. purchased a new position in shares of Tricon Residential during the first quarter worth about $42,000. Grayhawk Investment Strategies Inc. purchased a new position in shares of Tricon Residential during the second quarter worth about $48,000. Power Corp of Canada purchased a new stake in Tricon Residential in the 1st quarter valued at approximately $59,000. Finally, EverSource Wealth Advisors LLC purchased a new stake in Tricon Residential in the 2nd quarter valued at approximately $72,000. Hedge funds and other institutional investors own 52.89% of the company’s stock.

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.

Further Reading

Analyst Recommendations for Tricon Residential (NYSE:TCN)

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