Raymond James Increases Tricon Residential (NYSE:TCN) Price Target to $10.50

Tricon Residential (NYSE:TCN) had its target price upped by equities research analysts at Raymond James from $9.00 to $10.50 in a research report issued on Friday, BayStreet.CA reports. The brokerage presently has a “strong-buy” rating on the stock. Raymond James’ target price suggests a potential upside of 35.66% from the stock’s current price.

TCN has been the subject of a number of other research reports. Scotiabank cut their price objective on shares of Tricon Residential from $10.25 to $10.00 and set an “outperform” rating for the company in a report on Thursday, November 9th. CIBC cut their price objective on shares of Tricon Residential from $11.50 to $10.00 and set an “outperform” rating for the company in a report on Thursday, November 9th. National Bank Financial reaffirmed a “sector perform under weight” rating on shares of Tricon Residential in a report on Wednesday, October 25th. Royal Bank of Canada cut their target price on shares of Tricon Residential from $10.00 to $9.00 and set a “market perform” rating for the company in a research note on Thursday, October 19th. Finally, Morgan Stanley boosted their target price on shares of Tricon Residential from $9.00 to $9.25 and gave the stock an “equal weight” rating in a research note on Friday, September 1st. Four equities research analysts have rated the stock with a hold rating, five have given a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, Tricon Residential presently has a consensus rating of “Moderate Buy” and an average price target of $9.95.

Tricon Residential Stock Performance

NYSE TCN traded up $0.07 on Friday, reaching $7.74. 289,822 shares of the company’s stock traded hands, compared to its average volume of 998,789. The firm has a market cap of $2.11 billion, a price-to-earnings ratio of 14.33 and a beta of 1.27. The stock has a 50 day moving average price of $7.37 and a 200-day moving average price of $8.14. Tricon Residential has a fifty-two week low of $6.53 and a fifty-two week 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 (NYSE:TCN) last released its quarterly earnings data on Tuesday, November 7th. The company reported $0.18 earnings per share for the quarter, beating analysts’ consensus estimates of $0.14 by $0.04. Tricon Residential had a net margin of 42.50% and a return on equity of 5.52%. The company had revenue of $124.98 million during the quarter, compared to analysts’ expectations of $135.09 million. Equities research analysts predict that Tricon Residential will post 0.56 EPS for the current fiscal year.

Institutional Trading of Tricon Residential

Several large investors have recently bought and sold shares of TCN. 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 position in Tricon Residential in the 1st quarter valued at about $42,000. Grayhawk Investment Strategies Inc. boosted its holdings in Tricon Residential by 5,671.9% in the 1st quarter. Grayhawk Investment Strategies Inc. now owns 3,694 shares of the company’s stock valued at $39,000 after purchasing an additional 3,630 shares during the last quarter. Power Corp of Canada acquired a new position in Tricon Residential in the 1st quarter valued at about $59,000. Finally, Tower Research Capital LLC TRC boosted its holdings in Tricon Residential by 90.2% in the 3rd quarter. Tower Research Capital LLC TRC now owns 8,148 shares of the company’s stock valued at $72,000 after purchasing an additional 3,865 shares during the last quarter. Hedge funds and other institutional investors own 55.83% of the company’s stock.

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.