Tricon Residential Inc. (NYSE: TCN, TSX: TCN) has been the center of attention for investors and analysts alike, and for good reason. The 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 has received an average rating of “Moderate Buy” from the twelve analysts that are currently covering the firm, as Bloomberg Ratings reports.
It is no secret that Tricon Residential offers a unique investment opportunity to those seeking exposure to real estate markets. Their commitment to enriching the lives of their employees, residents, and local communities not only elevates their business philosophy but also enhances their reputation as a socially responsible company.
The stock has achieved remarkable progress over the past year with three equities research analysts rating it as “hold,” six giving it a “buy” rating, and one labelling it with a strong buy rating. Analysts expect its growth trend to continue as they have assigned an average twelve-month price objective of $11.52 for Tricon Residential’s shares.
In addition to this outstanding performance, shareholders will soon receive a quarterly dividend payment on Saturday, July 15th. Those who were investors of record on Friday, June 30th will be issued a dividend worth $0.058 per share with an annualized dividend yield of 2.72%. It is noteworthy that Tricon Residential’s payout ratio remains at a moderate 15.13%, indicating room for more growth.
Investors are understandably intrigued by this impressive company’s performance over the past year. With robust financials on display, Tricon Residential is expected to continue delivering exceptional returns for its investors in the years to come.
As we approach mid-year 2023, it is indeed an exciting time for Tricon Residential’s stakeholders and supporters. Investors should keep track of this promising stock as it continues making waves in the real estate industry, making a positive impact on the communities it operates in.
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Tricon Residential Receives Mixed, But Mostly Optimistic, Investment Recommendations from Brokerages
Tricon Residential, a leading housing solution provider, has been the subject of recent analysis and investment recommendations from various brokerages, including Raymond James and Mizuho. In March 2023, Raymond James dropped their price objective on Tricon Residential shares from $13.00 to $11.00 while setting a “strong-buy” rating for the company. Meanwhile, Mizuho initiated coverage of Tricon Residential stock with a “buy” rating and a $9.00 price objective.
TD Securities similarly lowered their target price on shares of Tricon Residential to $11.50, albeit also maintaining a “buy” rating for the company. Keefe, Bruyette & Woods was less bullish on the residential solutions provider as they lowered their target price on shares of Tricon Residential from $9.00 to $8.50 and set a “market perform” rating for the company in a research note on Thursday, March 16th.
However, Wolfe Research offered more positive analysis of Tricon Residential’s potential as they raised shares of the company from a “peer perform” rating to an “outperform” rating while setting a $9.25 target price for the stock.
Tricon Residential currently has a market cap of $2.32 billion and its stock opened at $8.52 on June 9th, 2023 – with a 50-day moving average of $8.02 and a 200-day moving average of $8.12.
Several hedge funds have shown interest in Tricon Residential recently by increasing their holdings in the company significantly – most notably T. Rowe Price Investment Management Inc., which lifted its holdings in Tricon by 47.6% in the fourth quarter alone after buying an additional 5,320,361 shares in that period.
In conclusion, analysts appear divided but mostly optimistic about Tricon’s future prospects as it continues to evolve and position itself as a leader in providing residential solutions that meet changing market demands.
