Tricon Residential Inc. (NYSE:TCN) Receives $10.47 Consensus Price Target from Brokerages

Shares of Tricon Residential Inc. (NYSE:TCN) have earned an average recommendation of “Hold” from the eight analysts that are covering the stock, MarketBeat reports. Seven research analysts have rated the stock with a hold recommendation and one has issued a buy recommendation on the company. The average 12 month price objective among brokers that have covered the stock in the last year is $10.47.

A number of brokerages have issued reports on TCN. Keefe, Bruyette & Woods upped their price target on shares of Tricon Residential from $9.50 to $11.25 and gave the company a “market perform” rating in a research note on Monday, January 22nd. CIBC lowered shares of Tricon Residential from an “outperform” rating to a “tender” rating and increased their price objective for the stock from $10.00 to $11.25 in a research note on Monday, January 22nd. Citigroup reiterated a “neutral” rating and issued a $11.25 price objective (up previously from $10.50) on shares of Tricon Residential in a research note on Monday, January 22nd. BMO Capital Markets lowered shares of Tricon Residential from an “outperform” rating to a “market perform” rating in a research note on Monday, January 22nd. Finally, TD Securities lowered shares of Tricon Residential from a “buy” rating to a “tender” rating and increased their price objective for the stock from $10.50 to $11.25 in a research note on Monday, January 22nd.

Tricon Residential Stock Performance

Shares of Tricon Residential stock opened at $11.16 on Friday. The company has a current ratio of 0.49, a quick ratio of 0.49 and a debt-to-equity ratio of 1.41. Tricon Residential has a 12-month low of $6.53 and a 12-month high of $11.19. The firm has a market capitalization of $3.05 billion, a price-to-earnings ratio of 38.48 and a beta of 1.43. The firm’s 50 day simple moving average is $11.11 and its two-hundred day simple moving average is $9.18.

Tricon Residential (NYSE:TCN) last issued its quarterly earnings results on Tuesday, February 27th. The company reported ($0.14) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.14 by ($0.28). Tricon Residential had a net margin of 19.97% and a return on equity of 3.12%. The company had revenue of $226.41 million for the quarter, compared to analyst estimates of $130.17 million. Analysts predict that Tricon Residential will post 0.6 EPS for the current year.

Hedge Funds Weigh In On Tricon Residential

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Mitsubishi UFJ Trust & Banking Corp purchased a new position in shares of Tricon Residential in the first quarter worth about $39,000. Advisors Asset Management Inc. purchased a new position in shares of Tricon Residential in the first quarter worth about $42,000. Power Corp of Canada purchased a new position in shares of Tricon Residential in the first quarter worth about $59,000. Tower Research Capital LLC TRC lifted its stake in shares of Tricon Residential by 90.2% in the third quarter. Tower Research Capital LLC TRC now owns 8,148 shares of the company’s stock worth $72,000 after buying an additional 3,865 shares in the last quarter. Finally, Abel Hall LLC purchased a new position in shares of Tricon Residential in the fourth quarter worth about $91,000. 62.28% of the stock is owned by hedge funds and other institutional investors.

About Tricon Residential

Tricon Residential Inc (NYSE: TCN, TSX: TCN) is an owner, operator and developer of a growing portfolio of approximately 38,000 single-family rental homes in the U.S. Sun Belt and multi-family apartments in Toronto, Canada. Our commitment to enriching the lives of our employees, residents and local communities underpins Tricon's culture and business philosophy.