Tricon Residential (NYSE:TCN) PT Raised to $10.50 at Raymond James

Tricon Residential (NYSE:TCN) had its target price increased by Raymond James from $9.00 to $10.50 in a note issued to investors on Friday, BayStreet.CA reports. The brokerage currently has a “strong-buy” rating on the stock. Raymond James’ target price would indicate a potential upside of 35.66% from the company’s previous close.

Other analysts also recently issued research reports about the stock. Scotiabank decreased their target price on shares of Tricon Residential from $10.25 to $10.00 and set an “outperform” rating for the company in a research report on Thursday, November 9th. Royal Bank of Canada decreased their target price on shares of Tricon Residential from $10.00 to $9.00 and set a “market perform” rating for the company in a research report on Thursday, October 19th. CIBC decreased their target price on shares of Tricon Residential from $11.50 to $10.00 and set an “outperform” rating for the company in a research report on Thursday, November 9th. Morgan Stanley increased their target price on shares of Tricon Residential from $9.00 to $9.25 and gave the company an “equal weight” rating in a research report on Friday, September 1st. Finally, National Bank Financial reissued a “sector perform under weight” rating on shares of Tricon Residential in a research report on Wednesday, October 25th. Four research analysts have rated the stock with a hold rating, five have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $9.95.

Tricon Residential Price Performance

Shares of TCN stock traded up $0.07 on Friday, reaching $7.74. The company had a trading volume of 289,822 shares, compared to its average volume of 998,789. The stock has a market capitalization of $2.11 billion, a PE ratio of 14.33 and a beta of 1.27. The company has a quick ratio of 0.25, a current ratio of 0.25 and a debt-to-equity ratio of 1.30. Tricon Residential has a one year low of $6.53 and a one year high of $9.56. The business’s 50-day moving average is $7.37 and its 200 day moving average is $8.14.

Tricon Residential (NYSE:TCN) last posted its earnings results on Tuesday, November 7th. The company reported $0.18 EPS for the quarter, topping analysts’ consensus estimates of $0.14 by $0.04. The firm had revenue of $124.98 million during the quarter, compared to analysts’ expectations of $135.09 million. Tricon Residential had a net margin of 42.50% and a return on equity of 5.52%. Equities research analysts forecast that Tricon Residential will post 0.56 EPS for the current fiscal year.

Institutional Trading of Tricon Residential

Several hedge funds have recently bought and sold shares of the business. Bank of Montreal Can bought a new position in Tricon Residential during the 2nd quarter valued at $172,610,000. Vanguard Group Inc. lifted its stake in Tricon Residential by 531.0% during the 1st quarter. Vanguard Group Inc. now owns 10,500,305 shares of the company’s stock valued at $166,746,000 after acquiring an additional 8,836,273 shares in the last quarter. Centersquare Investment Management LLC lifted its stake in Tricon Residential by 1,031.1% during the 2nd quarter. Centersquare Investment Management LLC now owns 7,059,458 shares of the company’s stock valued at $62,194,000 after acquiring an additional 6,435,358 shares in the last quarter. Land & Buildings Investment Management LLC bought a new position in Tricon Residential during the 3rd quarter valued at $45,874,000. Finally, T. Rowe Price Investment Management Inc. lifted its stake in Tricon Residential by 47.6% during the 4th quarter. T. Rowe Price Investment Management Inc. now owns 16,487,824 shares of the company’s stock valued at $127,122,000 after acquiring an additional 5,320,361 shares in the last quarter. Institutional investors and hedge funds own 55.83% of the company’s stock.

About Tricon Residential

Tricon Residential Inc (NYSE: TCN, TSX: TCN) is an owner and operator of a growing portfolio of approximately 37,000 single-family rental homes in the U.S. Sun Belt and multi-family apartments in Canada. Our commitment to enriching the lives of our employees, residents and local communities underpins Tricon's culture and business philosophy.