Tricon Residential (TSE:TCN) Reaches New 12-Month High Following Analyst Upgrade

Shares of Tricon Residential Inc. (TSE:TCN) reached a new 52-week high during trading on Thursday after BMO Capital Markets raised their price target on the stock from C$18.00 to C$19.00. BMO Capital Markets currently has an outperform rating on the stock. Tricon Residential traded as high as C$17.57 and last traded at C$17.10, with a volume of 112154 shares changing hands. The stock had previously closed at C$17.10.

Several other equities analysts also recently issued reports on TCN. National Bankshares upped their price objective on shares of Tricon Residential from C$16.00 to C$18.00 and gave the company an “outperform” rating in a research note on Monday, August 16th. Royal Bank of Canada upped their price objective on shares of Tricon Residential from C$14.00 to C$15.50 and gave the company an “outperform” rating in a research note on Wednesday. Scotiabank increased their price target on shares of Tricon Residential from C$15.25 to C$17.50 in a research note on Friday, August 13th. TD Securities increased their price target on shares of Tricon Residential from C$18.00 to C$19.50 and gave the stock a “na” rating in a research note on Friday, October 1st. Finally, CIBC reaffirmed a “buy” rating and set a C$19.00 price target on shares of Tricon Residential in a research note on Wednesday. Five analysts have rated the stock with a buy rating, Based on data from MarketBeat, Tricon Residential currently has an average rating of “Buy” and a consensus target price of C$17.78.

The company’s 50 day moving average price is C$16.10 and its 200-day moving average price is C$14.50. The company has a market cap of C$4.68 billion and a price-to-earnings ratio of 10.55. The company has a debt-to-equity ratio of 185.34, a quick ratio of 0.31 and a current ratio of 0.36.

Tricon Residential (TSE:TCN) last announced its quarterly earnings data on Wednesday, August 11th. The company reported C$0.89 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of C$0.14 by C$0.75. The business had revenue of C$130.14 million during the quarter. As a group, sell-side analysts forecast that Tricon Residential Inc. will post 1.23 earnings per share for the current year.

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, October 15th. Stockholders of record on Friday, October 15th will be paid a $0.07 dividend. The ex-dividend date is Tuesday, September 28th. This represents a $0.28 annualized dividend and a dividend yield of 1.63%. Tricon Residential’s dividend payout ratio is currently 13.52%.

About Tricon Residential (TSE:TCN)

Founded in 1988, Tricon is a rental housing company focused on serving the middle-market demographic. 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-enabled operating platform.

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