Tricon Residential (NYSE:TCN) Price target cut to C$19.00 by BMO Capital Markets analysts
TCN has been the subject of several other reports. Royal Bank of Canada lowered its price target on Tricon Residential shares from $18.00 to $17.00 and set an “outperform” rating for the company in a Thursday, May 12 report. National Bank Financial reduced its price target on Tricon Residential from CA$21.00 to CA$17.00 in a Wednesday, July 20 report. Morgan Stanley lowered its price target on Tricon Residential from $13.50 to $11.75 and set an “equal weight” rating on the stock in a Friday, July 15 research note. TD Securities raised its price target on Tricon Residential from $14.50 to $15.00 and gave the company a “buy” rating in a report on Friday. Finally, Raymond James upgraded Tricon Residential from an “outperform” rating to a “strong buy” rating and lowered its price target for the company from $17.00 to $16.00 in a rating of research from Tuesday, August 2. One equity research analyst gave the stock a hold rating, seven gave the stock a buy rating and one gave the stock a strong buy rating. Based on data from MarketBeat, Tricon Residential currently has a consensus rating of “Buy” and an average target price of $17.00.
Tricon residential stock up 0.7%
Shares of Tricon Residential were up $0.08 midday Friday, hitting $11.83. The company’s shares had a trading volume of 25,644 shares, compared to an average volume of 877,202. Tricon Residential has a 1-year low of $9.33 and a 1-year high of $17.23. The company has a quick ratio of 0.52, a current ratio of 0.52 and a leverage ratio of 1.29. The company has a market capitalization of $3.24 billion and a P/E ratio of 4.20. The stock has a 50-day simple moving average of $10.58 and a 200-day simple moving average of $13.23.
Tricon Residential (NYSE: TCN – Get a rating) last reported quarterly earnings data on Tuesday, May 10. The company reported earnings per share (EPS) of $0.59 for the quarter, beating the consensus estimate of $0.15 by $0.44. Tricon Residential had a return on equity of 31.31% and a net margin of 170.54%. The company posted revenue of $138.79 million in the quarter, versus a consensus estimate of $138.60 million. As a group, sell-side analysts expect Tricon Residential to post year-to-date earnings of 0.61 per share.
Institutional entries and exits
Several institutional investors have recently bought and sold shares of the company. The Public Sector Pension Investment Board increased its position in Tricon Residential shares by 2.9% in the second quarter. The Public Sector Pension Investment Board now owns 675,224 shares of the company valued at $6,831,000 after buying an additional 19,072 shares in the last quarter. Grayhawk Investment Strategies Inc. bought a new position in Tricon Residential in Q2 worth approximately $48,000. Trexquant Investment LP acquired a new position in shares of Tricon Residential during the second quarter worth approximately $457,000. UBS Group AG increased its position in Tricon Residential shares by 1,661.2% in the second quarter. UBS Group AG now owns 153,913 shares of the company valued at $1,560,000 after acquiring an additional 145,174 shares during the period. Finally, JPMorgan Chase & Co. increased its position in Tricon Residential shares by 192.5% in the second quarter. JPMorgan Chase & Co. now owns 413,529 shares of the company valued at $4,194,000 after acquiring an additional 272,158 shares during the period. Institutional investors hold 49.96% of the company’s shares.
Tricon Residential Company Profile
Founded in 1988, Tricon is a rental housing company focused on middle market customers. 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-based operating platform.
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