Tricon Residential Inc. (NYSE:TCN – Free Report) – Analysts at Raymond James lowered their FY2024 earnings per share estimates for Tricon Residential in a research report issued to clients and investors on Monday, January 8th. Raymond James analyst B. Sturges now expects that the company will post earnings per share of $0.61 for the year, down from their previous estimate of $0.62. Raymond James currently has a “Strong-Buy” rating and a $10.50 price objective on the stock. The consensus estimate for Tricon Residential’s current full-year earnings is $0.56 per share.
Tricon Residential (NYSE:TCN – Get Free Report) last issued its quarterly earnings data on Tuesday, November 7th. The company reported $0.18 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.14 by $0.04. The company had revenue of $124.98 million for the quarter, compared to analyst estimates of $135.09 million. Tricon Residential had a return on equity of 5.52% and a net margin of 42.50%.
Other equities research analysts also recently issued research reports about the stock. Scotiabank decreased their target price on shares of Tricon Residential from $10.25 to $10.00 and set an “outperform” rating for the company in a research note on Thursday, November 9th. Royal Bank of Canada reduced their price objective on shares of Tricon Residential from $10.00 to $9.00 and set a “market perform” rating for the company in a research report on Thursday, October 19th. CIBC reduced their price objective on shares of Tricon Residential from $11.50 to $10.00 and set an “outperform” rating for the company in a research report on Thursday, November 9th. Finally, National Bank Financial restated a “sector perform under weight” rating on shares of Tricon Residential in a research report on Wednesday, October 25th. Three research 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.com, Tricon Residential currently has an average rating of “Moderate Buy” and a consensus price target of $10.00.
Tricon Residential Stock Performance
Shares of TCN stock opened at $9.12 on Thursday. The stock’s 50-day moving average is $8.25 and its two-hundred day moving average is $8.22. The firm has a market cap of $2.49 billion, a price-to-earnings ratio of 16.89 and a beta of 1.45. Tricon Residential has a 1 year low of $6.53 and a 1 year high of $9.56. The company has a debt-to-equity ratio of 1.30, a quick ratio of 0.25 and a current ratio of 0.25.
Tricon Residential Dividend Announcement
The business also recently announced a quarterly dividend, which will be paid on Monday, January 15th. Shareholders of record on Sunday, December 31st will be issued a $0.058 dividend. The ex-dividend date is Thursday, December 28th. This represents a $0.23 dividend on an annualized basis and a yield of 2.54%. Tricon Residential’s dividend payout ratio (DPR) is presently 42.59%.
Institutional Inflows and Outflows
A number of hedge funds have recently added to or reduced their stakes in TCN. Mitsubishi UFJ Trust & Banking Corp purchased a new position in Tricon Residential in the first quarter valued at about $39,000. BlackRock Inc. purchased a new position in Tricon Residential in the first quarter valued at about $885,000. Great West Life Assurance Co. Can increased its holdings in Tricon Residential by 5.8% in the first quarter. Great West Life Assurance Co. Can now owns 82,305 shares of the company’s stock valued at $1,393,000 after buying an additional 4,530 shares in the last quarter. Vanguard Group Inc. increased its stake in shares of Tricon Residential by 531.0% during the 1st quarter. Vanguard Group Inc. now owns 10,500,305 shares of the company’s stock worth $166,746,000 after purchasing an additional 8,836,273 shares in the last quarter. Finally, Mackenzie Financial Corp purchased a new position in shares of Tricon Residential during the 1st quarter worth approximately $29,049,000. 55.83% of the stock is owned by hedge funds and other institutional investors.
Tricon Residential Company 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.
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