Tricon Residential (NYSE:TCN) Sees Strong Trading Volume

Tricon Residential Inc. (NYSE:TCN) saw unusually-strong trading volume on Friday . Approximately 37,935,744 shares were traded during trading, an increase of 461% from the previous session’s volume of 6,768,107 shares.The stock last traded at $11.00 and had previously closed at $11.17.

Wall Street Analyst Weigh In

Several equities analysts have weighed in on TCN shares. CIBC cut Tricon Residential from an “outperform” rating to a “tender” rating and raised their price target for the company from $10.00 to $11.25 in a report on Monday, January 22nd. Raymond James reaffirmed a “market perform” rating on shares of Tricon Residential in a research note on Monday, January 22nd. Keefe, Bruyette & Woods raised their price objective on Tricon Residential from $9.50 to $11.25 and gave the company a “market perform” rating in a research note on Monday, January 22nd. Wolfe Research lowered Tricon Residential from an “outperform” rating to a “peer perform” rating in a research note on Thursday, February 1st. Finally, BMO Capital Markets lowered Tricon Residential from an “outperform” rating to a “market perform” rating in a research note on Monday, January 22nd. Seven research analysts have rated the stock with a hold rating and one has issued a buy rating to the company. Based on data from MarketBeat.com, Tricon Residential currently has an average rating of “Hold” and a consensus target price of $10.47.

Tricon Residential Price Performance

The stock has a market cap of $3.02 billion, a price-to-earnings ratio of 38.07 and a beta of 1.43. The company’s fifty day moving average is $11.12 and its two-hundred day moving average is $9.27. The company has a current ratio of 0.49, a quick ratio of 0.49 and a debt-to-equity ratio of 1.41.

Tricon Residential (NYSE:TCN) last posted its quarterly earnings data on Tuesday, February 27th. The company reported ($0.14) EPS for the quarter, missing analysts’ consensus estimates of $0.14 by ($0.28). Tricon Residential had a net margin of 19.97% and a return on equity of 3.12%. The business had revenue of $226.41 million during the quarter, compared to analyst estimates of $130.17 million. As a group, research analysts predict that Tricon Residential Inc. will post 0.6 earnings per share for the current year.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of the business. Mitsubishi UFJ Trust & Banking Corp acquired a new stake in shares of Tricon Residential in the 1st quarter worth about $39,000. BlackRock Inc. acquired a new position in shares of Tricon Residential in the first quarter worth about $885,000. Great West Life Assurance Co. Can boosted its holdings in shares of Tricon Residential by 5.8% during the first quarter. Great West Life Assurance Co. Can now owns 82,305 shares of the company’s stock worth $1,393,000 after purchasing an additional 4,530 shares during the period. Vanguard Group Inc. boosted its holdings in shares of Tricon Residential by 531.0% during the first quarter. Vanguard Group Inc. now owns 10,500,305 shares of the company’s stock worth $166,746,000 after purchasing an additional 8,836,273 shares during the period. Finally, Mackenzie Financial Corp acquired a new stake in shares of Tricon Residential during the first quarter worth approximately $29,049,000. 62.28% of the stock is currently owned by institutional investors.

Tricon Residential Company Profile

Tricon Residential Inc (NYSE: TCN, TSX: TCN) is an owner, operator and developer of a growing portfolio of approximately 38,000 single-family rental homes in the U.S. Sun Belt and multi-family apartments in Toronto, Canada. Our commitment to enriching the lives of our employees, residents and local communities underpins Tricon's culture and business philosophy.