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

Tricon Residential (NYSE:TCN) had its target price boosted by Raymond James from $9.00 to $10.50 in a research report report published on Friday morning, BayStreet.CA reports. Raymond James currently has 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.

Other equities research analysts have also recently issued reports about the company. Scotiabank lowered their price objective on Tricon Residential from $10.25 to $10.00 and set an outperform rating on the stock in a report on Thursday, November 9th. Royal Bank of Canada reduced their price target on shares of Tricon Residential from $10.00 to $9.00 and set a market perform rating on the stock in a research report on Thursday, October 19th. Morgan Stanley lifted their price target 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. CIBC dropped their target price on shares of 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 given a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, the company currently has an average rating of Moderate Buy and an average target price of $9.95.

Tricon Residential Price Performance

NYSE:TCN opened at $7.88 on Friday. Tricon Residential has a 52 week low of $6.53 and a 52 week high of $9.56. The company has a quick ratio of 0.25, a current ratio of 0.25 and a debt-to-equity ratio of 1.30. The stock has a market capitalization of $2.15 billion, a PE ratio of 14.59 and a beta of 1.27. The stock’s 50-day moving average price is $7.34 and its 200-day moving average price 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, beating analysts’ consensus estimates of $0.14 by $0.04. Tricon Residential had a return on equity of 5.52% and a net margin of 42.50%. The firm had revenue of $124.98 million for the quarter, compared to analysts’ expectations of $135.09 million. As a group, equities analysts expect that Tricon Residential will post 0.56 EPS for the current fiscal year.

Tricon Residential Announces Dividend

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

Hedge Funds Weigh In On Tricon Residential

Hedge funds have recently made changes to their positions in the business. Grayhawk Investment Strategies Inc. boosted its holdings in shares of Tricon Residential by 5,671.9% in the 1st quarter. Grayhawk Investment Strategies Inc. now owns 3,694 shares of the company’s stock valued at $39,000 after buying an additional 3,630 shares during the period. Mitsubishi UFJ Trust & Banking Corp purchased a new position in shares of Tricon Residential in the first quarter worth approximately $39,000. Advisors Asset Management Inc. purchased a new position in shares of Tricon Residential in the first quarter worth approximately $42,000. Power Corp of Canada purchased a new position in shares of Tricon Residential in the first quarter worth approximately $59,000. Finally, Tower Research Capital LLC TRC grew its position in Tricon Residential by 90.2% during the third quarter. Tower Research Capital LLC TRC now owns 8,148 shares of the company’s stock valued at $72,000 after purchasing an additional 3,865 shares in the last quarter. Hedge funds and other 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.