Raymond James Comments on Tricon Residential Inc.’s Q4 2023 Earnings (NYSE:TCN)

Tricon Residential Inc. (NYSE:TCN – Get Rating) – Analysts at Raymond James decreased their Q4 2023 earnings per share (EPS) estimates for Tricon Residential in a report issued on Tuesday, May 23rd. Raymond James analyst B. Sturges now expects that the company will post earnings of $0.14 per share for the quarter, down from their previous estimate of $0.15. Raymond James has a “Strong-Buy” rating and a $11.00 price target on the stock. The consensus estimate for Tricon Residential’s current full-year earnings is $0.51 per share. Raymond James also issued estimates for Tricon Residential’s Q4 2024 earnings at $0.17 EPS.

Tricon Residential (NYSE:TCN – Get Rating) last announced its quarterly earnings data on Wednesday, March 1st. The company reported $0.11 EPS for the quarter, missing analysts’ consensus estimates of $0.28 by ($0.17). Tricon Residential had a return on equity of 18.10% and a net margin of 97.08%. The firm had revenue of $180.89 million during the quarter.

Several other analysts also recently issued reports on the company. National Bank Financial dropped their price target on Tricon Residential from C$15.00 to C$13.00 in a research note on Monday, January 30th. Keefe, Bruyette & Woods reduced their price objective on Tricon Residential from $9.00 to $8.50 and set a “market perform” rating for the company in a report on Thursday, March 16th. Mizuho began coverage on Tricon Residential in a research note on Wednesday, March 22nd. They issued a “buy” rating and a $9.00 price target for the company. Wolfe Research upgraded Tricon Residential from a “peer perform” rating to an “outperform” rating and set a $9.25 target price for the company in a research note on Monday, March 13th. Finally, TD Securities lowered their price target on shares of Tricon Residential from $13.00 to $11.50 and set a “buy” rating for the company in a report on Friday, March 3rd. Three analysts have rated the stock with a hold rating, six have assigned a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, Tricon Residential has an average rating of “Moderate Buy” and a consensus price target of $11.52.

Tricon Residential Stock Down 1.6 %

NYSE:TCN opened at $7.76 on Wednesday. Tricon Residential has a 12-month low of $7.18 and a 12-month high of $12.69. The company has a quick ratio of 0.18, a current ratio of 0.18 and a debt-to-equity ratio of 1.25. The firm has a market capitalization of $2.12 billion, a P/E ratio of 5.11 and a beta of 1.14. The stock’s fifty day simple moving average is $7.88 and its 200-day simple moving average is $8.16.

Tricon Residential Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Saturday, July 15th. Shareholders of record on Friday, June 30th will be issued a $0.058 dividend. The ex-dividend date of this dividend is Thursday, June 29th. This represents a $0.23 dividend on an annualized basis and a yield of 2.99%. Tricon Residential’s dividend payout ratio is currently 15.13%.

Hedge Funds Weigh In On Tricon Residential

A number of large investors have recently made changes to their positions in the company. Mitsubishi UFJ Trust & Banking Corp purchased a new stake in shares of Tricon Residential in the 1st quarter valued at $39,000. BlackRock Inc. purchased a new position in shares of Tricon Residential in the first quarter valued at approximately $885,000. Great West Life Assurance Co. Can boosted its stake in shares of 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 purchasing an additional 4,530 shares during the period. Vanguard Group Inc. boosted its stake in shares of Tricon Residential by 531.0% in the first quarter. Vanguard Group Inc. now owns 10,500,305 shares of the company’s stock valued at $166,746,000 after purchasing an additional 8,836,273 shares during the period. Finally, Mackenzie Financial Corp acquired a new stake in Tricon Residential in the first quarter valued at approximately $29,049,000. 57.41% of the stock is owned by hedge funds and other institutional investors.

Tricon Residential Company Profile

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Tricon Residential, Inc is a residential real estate investment company, which engages in renting homes and apartments. It operates through the following business segments: Single-Family Rental, Adjacent Businesses, Private Funds and Advisory and Corporate. The Single-Family Rental Business segment owns and operates single family rental homes.