Tricon Residential (NYSE:TCN) Sets New 1-Year Low at $9.26

Tricon Residential Inc. (NYSE:TCNGet Rating) hit a new 52-week low on Friday . The company traded as low as $9.26 and last traded at $9.31, with a volume of 3911 shares traded. The stock had previously closed at $9.44.

Wall Street Analysts Forecast Growth

TCN has been the topic of a number of research reports. Raymond James increased their price objective on Tricon Residential from $16.00 to $16.50 and gave the company a “strong-buy” rating in a report on Tuesday, August 16th. Morgan Stanley lifted their price objective 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. BMO Capital Markets decreased their price target on Tricon Residential from C$23.00 to C$19.00 in a report on Friday, August 12th. National Bank Financial lifted their target price on Tricon Residential from C$17.00 to C$18.00 in a research report on Monday, August 22nd. Finally, TD Securities boosted their target price on Tricon Residential from $14.50 to $15.00 and gave the stock a “buy” rating in a research report on Friday, August 12th. One equities research analyst has rated the stock with a hold rating, eight have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Buy” and a consensus target price of $16.82.

Tricon Residential Price Performance

The stock has a market cap of $2.53 billion and a P/E ratio of 3.35. The company has a debt-to-equity ratio of 1.31, a current ratio of 0.39 and a quick ratio of 0.39. The company’s 50 day simple moving average is $10.80 and its 200 day simple moving average is $12.38.

Tricon Residential Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Saturday, October 15th. Shareholders of record on Friday, September 30th will be issued a $0.058 dividend. This represents a $0.23 annualized dividend and a yield of 2.51%. The ex-dividend date of this dividend is Thursday, September 29th. Tricon Residential’s dividend payout ratio is currently 8.16%.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the company. Shell Asset Management Co. increased its position in shares of Tricon Residential by 4.9% during the second quarter. Shell Asset Management Co. now owns 28,091 shares of the company’s stock valued at $284,000 after buying an additional 1,300 shares during the period. Pendal Group Ltd lifted its stake in Tricon Residential by 1.3% in the first quarter. Pendal Group Ltd now owns 145,600 shares of the company’s stock worth $2,315,000 after acquiring an additional 1,800 shares during the period. Mitsubishi UFJ Trust & Banking Corp purchased a new stake in Tricon Residential in the first quarter worth $39,000. Advisors Asset Management Inc. bought a new position in Tricon Residential in the first quarter worth $42,000. Finally, Van ECK Associates Corp raised its holdings in Tricon Residential by 15.1% in the first quarter. Van ECK Associates Corp now owns 21,818 shares of the company’s stock worth $347,000 after purchasing an additional 2,857 shares in the last quarter. Institutional investors own 52.89% of the company’s stock.

About Tricon Residential

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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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