Swiss National Bank Cuts Stake in Tricon Residential Inc. (NYSE:TCN)

Swiss National Bank reduced its position in shares of Tricon Residential Inc. (NYSE:TCN) by 10.4% in the first quarter, according to its most recent filing with the SEC. The fund owned 565,200 shares of the company’s stock after selling 65,800 shares during the quarter. Swiss National Bank owned about 0.21% of Tricon Residential worth $4,377,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in the stock. Mitsubishi UFJ Trust & Banking Corp purchased a new stake in Tricon Residential in the 1st quarter valued at about $39,000. Advisors Asset Management Inc. purchased a new stake in Tricon Residential during the 1st quarter worth approximately $42,000. Power Corp of Canada acquired a new stake in Tricon Residential during the 1st quarter worth about $59,000. Tower Research Capital LLC TRC lifted its holdings in shares of Tricon Residential by 90.2% during the third quarter. Tower Research Capital LLC TRC now owns 8,148 shares of the company’s stock worth $72,000 after purchasing an additional 3,865 shares during the period. Finally, Capital Square LLC purchased a new stake in shares of Tricon Residential in the 1st quarter valued at $96,000. Hedge funds and other institutional investors own 55.83% of the company’s stock.

Wall Street Analyst Weigh In

TCN has been the subject of several recent research reports. Scotiabank reiterated a “sector outperform” rating and set a $11.00 price target on shares of Tricon Residential in a research report on Friday, June 30th. VNET Group reissued a “reiterates” rating on shares of Tricon Residential in a report on Monday, June 26th. Raymond James dropped their price target on Tricon Residential from $12.00 to $11.25 and set a “strong-buy” rating for the company in a research report on Friday, August 18th. Finally, National Bank Financial lowered Tricon Residential from an “outperform” rating to a “sector perform” rating in a report on Thursday, August 10th. Four investment analysts have rated the stock with a hold rating, seven have given a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $10.88.

Tricon Residential Stock Down 0.8 %

TCN stock opened at $8.47 on Friday. The firm has a market cap of $2.31 billion, a PE ratio of 10.08 and a beta of 1.21. Tricon Residential Inc. has a one year low of $7.18 and a one year high of $11.05. The company has a debt-to-equity ratio of 1.31, a quick ratio of 0.17 and a current ratio of 0.17. The firm’s 50 day moving average price is $8.83 and its 200-day moving average price is $8.36.

Tricon Residential (NYSE:TCN) last announced its quarterly earnings data on Tuesday, August 8th. The company reported $0.16 EPS for the quarter, topping analysts’ consensus estimates of $0.13 by $0.03. The business had revenue of $124.06 million during the quarter. Tricon Residential had a return on equity of 8.12% and a net margin of 51.84%. On average, equities research analysts anticipate that Tricon Residential Inc. will post 0.56 EPS for the current year.

Tricon Residential Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Sunday, October 15th. Investors of record on Saturday, September 30th will be given a $0.058 dividend. This represents a $0.23 annualized dividend and a yield of 2.74%. The ex-dividend date of this dividend is Thursday, September 28th. Tricon Residential’s dividend payout ratio (DPR) is presently 27.38%.

Tricon Residential Profile

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.