Raymond James Boosts Tricon Residential (NYSE:TCN) Price Target to $10.50

Tricon Residential (NYSE:TCN) had its price target upped by Raymond James from $9.00 to $10.50 in a research note published on Friday, BayStreet.CA reports. They currently have a strong-buy rating on the stock. Raymond James also issued estimates for Tricon Residential’s Q4 2023 earnings at $0.14 EPS, Q2 2024 earnings at $0.16 EPS, Q4 2024 earnings at $0.15 EPS, FY2024 earnings at $0.62 EPS, Q1 2025 earnings at $0.16 EPS, Q2 2025 earnings at $0.17 EPS, Q3 2025 earnings at $0.18 EPS and FY2025 earnings at $0.67 EPS.

A number of other brokerages have also weighed in on TCN. Royal Bank of Canada decreased their target price on Tricon Residential from $10.00 to $9.00 and set a market perform rating on the stock in a research note on Thursday, October 19th. Scotiabank cut their price objective on Tricon Residential from $10.25 to $10.00 and set an outperform rating for the company in a report on Thursday, November 9th. Morgan Stanley upped their price objective on Tricon Residential from $9.00 to $9.25 and gave the stock an equal weight rating in a report on Friday, September 1st. CIBC cut their price objective on Tricon Residential from $11.50 to $10.00 and set an outperform rating for the company in a report on Thursday, November 9th. Finally, National Bank Financial reiterated a sector perform under weight rating on shares of Tricon Residential in a report on Wednesday, October 25th. Four analysts have rated the stock with a hold rating, five have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat.com, Tricon Residential currently has a consensus rating of Moderate Buy and a consensus price target of $9.95.

Tricon Residential Stock Performance

NYSE:TCN opened at $7.88 on Friday. The company has a debt-to-equity ratio of 1.30, a quick ratio of 0.25 and a current ratio of 0.25. Tricon Residential has a 52-week low of $6.53 and a 52-week high of $9.56. The firm has a market cap of $2.15 billion, a price-to-earnings ratio of 14.59 and a beta of 1.27. The business’s fifty day moving average is $7.34 and its 200 day moving average is $8.14.

Tricon Residential (NYSE:TCN) last announced its earnings results on Tuesday, November 7th. The company reported $0.18 earnings per share for the quarter, topping analysts’ consensus estimates of $0.14 by $0.04. The business had revenue of $124.98 million for the quarter, compared to analyst estimates of $135.09 million. Tricon Residential had a return on equity of 5.52% and a net margin of 42.50%. Research analysts predict that Tricon Residential will post 0.56 EPS for the current year.

Tricon Residential Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, January 15th. Shareholders of record on Sunday, December 31st will be given a dividend of $0.058 per share. This represents a $0.23 dividend on an annualized basis and a yield of 2.94%. The ex-dividend date of this dividend is Thursday, December 28th. Tricon Residential’s payout ratio is 42.59%.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of TCN. Integrated Wealth Concepts LLC raised its position in shares of Tricon Residential by 130.1% in the 3rd quarter. Integrated Wealth Concepts LLC now owns 154,387 shares of the company’s stock worth $1,142,000 after acquiring an additional 87,290 shares in the last quarter. The Manufacturers Life Insurance Company increased its position in Tricon Residential by 2.1% during the 3rd quarter. The Manufacturers Life Insurance Company now owns 1,629,001 shares of the company’s stock valued at $12,127,000 after buying an additional 33,253 shares in the last quarter. Sei Investments Co. increased its position in Tricon Residential by 0.8% during the 3rd quarter. Sei Investments Co. now owns 298,590 shares of the company’s stock valued at $2,210,000 after buying an additional 2,327 shares in the last quarter. Legal & General Group Plc increased its position in Tricon Residential by 0.9% during the 3rd quarter. Legal & General Group Plc now owns 1,338,768 shares of the company’s stock valued at $9,941,000 after buying an additional 11,940 shares in the last quarter. Finally, Ameriprise Financial Inc. increased its position in Tricon Residential by 14.6% during the 3rd quarter. Ameriprise Financial Inc. now owns 256,720 shares of the company’s stock valued at $1,900,000 after buying an additional 32,721 shares in the last quarter. Institutional investors 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.