Tricon Residential (NYSE:TCN) PT Lowered to $13.50 at Morgan Stanley

Tricon Residential (NYSE:TCN – Get Rating) had its price objective dropped by Morgan Stanley from $15.75 to $13.50 in a research report issued to clients and investors on Friday, Stock Target Advisor reports. The brokerage currently has an “equal weight” rating on the stock. Morgan Stanley’s target price would suggest a potential upside of 10.75% from the stock’s current price.

TCN has been the topic of a number of other research reports. Zacks Investment Research upgraded Tricon Residential from a “hold” rating to a “buy” rating and set a $17.00 price target on the stock in a research report on Tuesday, March 8th. BMO Capital Markets upped their price target on Tricon Residential from C$22.50 to C$23.00 in a research report on Thursday, April 14th. Royal Bank of Canada reduced their price target on Tricon Residential from $18.00 to $17.00 and set an “outperform” rating on the stock in a research report on Thursday, May 12th. TD Securities upgraded Tricon Residential from a “hold” rating to a “buy” rating and cut their target price for the company from $18.00 to $17.00 in a research report on Thursday, May 12th. Finally, Raymond James dropped their price target on Tricon Residential from C$18.50 to C$17.00 and set an “outperform” rating on the stock in a research note on Wednesday, May 18th. One investment analyst has rated the stock with a hold rating and nine have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of “Buy” and a consensus target price of $17.88.

TCN stock traded up $0.11 during midday trading on Friday, reaching $12.19. 5,702 shares of the stock were exchanged, compared to its average volume of 798,825. Tricon Residential has a 52 week low of $8.49 and a 52 week high of $17.23. The company has a current ratio of 0.52, a quick ratio of 0.52 and a debt-to-equity ratio of 1.29. The company has a fifty day moving average price of $14.56 and a 200 day moving average price of $14.69.

Tricon Residential (NYSE:TCN – Get Rating) last issued its quarterly earnings data on Tuesday, May 10th. The company reported $0.59 earnings per share for the quarter, topping analysts’ consensus estimates of $0.15 by $0.44. The firm had revenue of $138.79 million for the quarter, compared to the consensus estimate of $138.60 million. As a group, sell-side analysts predict that Tricon Residential will post 0.62 EPS for the current fiscal year.

Institutional investors and hedge funds have recently modified their holdings of the stock. National Bank of Canada FI purchased a new stake in shares of Tricon Residential during the fourth quarter valued at approximately $14,689,000. Baker Ellis Asset Management LLC bought a new position in Tricon Residential during the fourth quarter valued at $359,000. Shell Asset Management Co. bought a new position in Tricon Residential during the fourth quarter valued at $411,000. Pembroke Management LTD bought a new position in Tricon Residential during the fourth quarter valued at $27,961,000. Finally, O Shaughnessy Asset Management LLC bought a new position in Tricon Residential during the fourth quarter valued at $835,000. 49.96% of the stock is owned by institutional investors.

Tricon Residential Company Profile (Get Rating)

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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