Tricon Residential (NYSE:TCN) Price Target Raised to $9.25 at Morgan Stanley

Tricon Residential (NYSE:TCN) had its price target lifted by Morgan Stanley from $9.00 to $9.25 in a report released on Friday, Benzinga reports. Morgan Stanley currently has an equal weight rating on the stock.

A number of other research analysts have also issued reports on TCN. Raymond James dropped their price target on shares of Tricon Residential from $12.00 to $11.25 and set a strong-buy rating on the stock in a research note on Friday, August 18th. VNET Group reissued a reiterates rating on shares of Tricon Residential in a research note on Monday, June 26th. National Bank Financial downgraded Tricon Residential from an outperform rating to a sector perform rating in a research note on Thursday, August 10th. Finally, Scotiabank reiterated a sector outperform rating and issued a $11.00 price objective on shares of Tricon Residential in a research report on Friday, June 30th. Four investment analysts have rated the stock with a hold rating, seven have given a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, the company has an average rating of Moderate Buy and an average price target of $10.94.

Tricon Residential Stock Performance

Shares of TCN stock opened at $8.47 on Friday. The stock’s 50-day moving average price is $8.83 and its 200 day moving average price is $8.35. The company has a quick ratio of 0.17, a current ratio of 0.17 and a debt-to-equity ratio of 1.31. The stock has a market capitalization of $2.31 billion, a PE ratio of 10.08 and a beta of 1.21. Tricon Residential has a 52-week low of $7.18 and a 52-week high of $11.05.

Tricon Residential (NYSE:TCN) last released its earnings results on Tuesday, August 8th. The company reported $0.16 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.13 by $0.03. Tricon Residential had a return on equity of 8.12% and a net margin of 51.84%. The business had revenue of $124.06 million for the quarter. As a group, equities research analysts forecast that Tricon Residential will post 0.56 EPS for the current year.

Tricon Residential Dividend Announcement

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

Institutional Investors Weigh In On Tricon Residential

A number of institutional investors and hedge funds have recently bought and sold shares of TCN. Grayhawk Investment Strategies Inc. raised its holdings in shares of Tricon Residential by 5,671.9% in the first quarter. Grayhawk Investment Strategies Inc. now owns 3,694 shares of the company’s stock worth $39,000 after acquiring an additional 3,630 shares during the last quarter. Mitsubishi UFJ Trust & Banking Corp acquired a new position in Tricon Residential in the 1st quarter valued at about $39,000. Advisors Asset Management Inc. acquired a new stake in shares of Tricon Residential during the 1st quarter worth about $42,000. Power Corp of Canada purchased a new stake in shares of Tricon Residential during the first quarter worth about $59,000. Finally, Tower Research Capital LLC TRC raised its position in shares of Tricon Residential by 90.2% in the third quarter. Tower Research Capital LLC TRC now owns 8,148 shares of the company’s stock valued at $72,000 after buying an additional 3,865 shares during 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.