Tricon Residential Inc. Plans Quarterly Dividend of $0.06 (NYSE:TCN)

Tricon Residential Inc. (NYSE:TCN – Get Rating) declared a quarterly dividend on Thursday, May 12th, Wall Street Journal reports. Investors of record on Thursday, June 30th will be given a dividend of 0.058 per share on Friday, July 15th. This represents a $0.23 annualized dividend and a yield of 1.82%. The ex-dividend date of this dividend is Wednesday, June 29th.

TCN opened at $12.75 on Friday. The company has a fifty day moving average of $15.14 and a 200 day moving average of $14.82. Tricon Residential has a fifty-two week low of $5.49 and a fifty-two week high of $17.23. The company has a quick ratio of 0.58, a current ratio of 0.58 and a debt-to-equity ratio of 1.20.

Tricon Residential (NYSE:TCN – Get Rating) last posted its earnings results on Wednesday, March 2nd. The company reported $0.46 earnings per share for the quarter, beating the consensus estimate of $0.12 by $0.34. The company had revenue of $123.37 million for the quarter. Sell-side analysts predict that Tricon Residential will post 0.63 earnings per share for the current year.

Several research firms have commented on TCN. Zacks Investment Research upgraded shares of Tricon Residential from a “hold” rating to a “buy” rating and set a $17.00 price objective for the company in a research report on Tuesday, March 8th. Royal Bank of Canada lowered their price objective on shares of Tricon Residential from $18.00 to $17.00 and set an “outperform” rating for the company in a research report on Thursday. TD Securities upgraded shares of Tricon Residential from a “hold” rating to a “buy” rating and lowered their price objective for the company from $18.00 to $17.00 in a research report on Thursday. Raymond James set a $18.50 price objective on shares of Tricon Residential and gave the company an “outperform” rating in a research report on Thursday. Finally, BMO Capital Markets increased their price objective on shares of Tricon Residential from C$22.50 to C$23.00 in a research report on Thursday, April 14th. One investment analyst has rated the stock with a hold rating and nine have issued a buy rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of “Buy” and an average price target of $18.25.

Several institutional investors have recently added to or reduced their stakes in TCN. Mitsubishi UFJ Trust & Banking Corp bought a new stake in shares of Tricon Residential in the 1st quarter worth about $39,000. Marshall Wace LLP bought a new stake in Tricon Residential during the 4th quarter valued at about $175,000. Virtu Financial LLC bought a new stake in Tricon Residential during the 4th quarter valued at about $229,000. Barclays PLC bought a new stake in Tricon Residential during the 4th quarter valued at about $496,000. Finally, Cubist Systematic Strategies LLC bought a new stake in Tricon Residential during the 4th quarter valued at about $640,000. Hedge funds and other institutional investors own 49.96% of the company’s stock.

Tricon Residential Company Profile (Get Rating)

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.

See Also