LPL Financial LLC acquired a new stake in Tricon Residential Inc. (NYSE:TCN – Free Report) during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 108,270 shares of the company’s stock, valued at approximately $954,000.
Several other large investors also recently modified their holdings of the stock. Van ECK Associates Corp raised its position in shares of Tricon Residential by 5.5% in the first quarter. Van ECK Associates Corp now owns 26,682 shares of the company’s stock valued at $207,000 after purchasing an additional 1,382 shares during the period. Advisors Asset Management Inc. raised its position in shares of Tricon Residential by 26.9% in the fourth quarter. Advisors Asset Management Inc. now owns 6,664 shares of the company’s stock valued at $51,000 after purchasing an additional 1,414 shares during the period. Great West Life Assurance Co. Can raised its position in shares of Tricon Residential by 1.4% in the first quarter. Great West Life Assurance Co. Can now owns 131,745 shares of the company’s stock valued at $1,018,000 after purchasing an additional 1,866 shares during the period. Mitsubishi UFJ Trust & Banking Corp bought a new position in shares of Tricon Residential in the first quarter valued at about $39,000. Finally, Toroso Investments LLC raised its position in shares of Tricon Residential by 27.1% in the fourth quarter. Toroso Investments LLC now owns 16,326 shares of the company’s stock valued at $126,000 after purchasing an additional 3,486 shares during the period. 55.83% of the stock is owned by institutional investors.
Tricon Residential Trading Up 0.1 %
Shares of Tricon Residential stock opened at $7.68 on Friday. The firm’s 50-day moving average price is $7.35 and its two-hundred day moving average price is $8.14. Tricon Residential Inc. has a 12-month low of $6.53 and a 12-month 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 company has a market capitalization of $2.10 billion, a price-to-earnings ratio of 14.22 and a beta of 1.27.
Tricon Residential Announces Dividend
The business also recently declared a quarterly dividend, which will be paid on Monday, January 15th. Stockholders of record on Sunday, December 31st will be paid a $0.058 dividend. The ex-dividend date of this dividend is Thursday, December 28th. This represents a $0.23 dividend on an annualized basis and a dividend yield of 3.02%. Tricon Residential’s payout ratio is currently 42.59%.
Wall Street Analysts Forecast Growth
TCN has been the topic of a number of recent research reports. Raymond James raised their price target on shares of Tricon Residential from $9.00 to $10.50 and gave the stock a “strong-buy” rating in a research report on Friday. Morgan Stanley raised their price target on shares of Tricon Residential from $9.00 to $9.25 and gave the stock an “equal weight” rating in a research report on Friday, September 1st. CIBC lowered their price target on shares of Tricon Residential from $11.50 to $10.00 and set an “outperform” rating on the stock in a research report on Thursday, November 9th. National Bank Financial reaffirmed a “sector perform under weight” rating on shares of Tricon Residential in a research report on Wednesday, October 25th. Finally, Royal Bank of Canada lowered 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. Four investment analysts have rated the stock with a hold rating, five have issued a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, Tricon Residential presently has an average rating of “Moderate Buy” and a consensus price target of $9.95.
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.
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