Tricon Residential Inc. (NYSE:TCN) Shares Bought by NewEdge Wealth LLC

NewEdge Wealth LLC boosted its stake in shares of Tricon Residential Inc. (NYSE:TCN) by 12.5% during the fourth quarter, HoldingsChannel.com reports. The institutional investor owned 22,514 shares of the company’s stock after purchasing an additional 2,500 shares during the quarter. NewEdge Wealth LLC’s holdings in Tricon Residential were worth $205,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the stock. Advisors Asset Management Inc. boosted its stake in Tricon Residential by 26.9% during the fourth quarter. Advisors Asset Management Inc. now owns 6,664 shares of the company’s stock worth $51,000 after buying an additional 1,414 shares during the last quarter. Great West Life Assurance Co. Can raised its position in Tricon Residential by 1.4% in the first quarter. Great West Life Assurance Co. Can now owns 131,745 shares of the company’s stock valued at $1,018,000 after purchasing an additional 1,866 shares during the period. Sei Investments Co. raised its position in Tricon Residential by 0.8% in the third quarter. Sei Investments Co. now owns 298,590 shares of the company’s stock valued at $2,210,000 after purchasing an additional 2,327 shares during the period. Mitsubishi UFJ Trust & Banking Corp purchased a new stake in Tricon Residential in the first quarter valued at $39,000. Finally, LPL Financial LLC raised its position in Tricon Residential by 2.3% in the third quarter. LPL Financial LLC now owns 110,738 shares of the company’s stock valued at $819,000 after purchasing an additional 2,468 shares during the period. Institutional investors and hedge funds own 62.28% of the company’s stock.

Tricon Residential Trading Up 0.6 %

NYSE:TCN opened at $11.06 on Friday. The stock has a 50-day simple moving average of $11.11 and a 200-day simple moving average of $9.35. The stock has a market cap of $3.28 billion, a P/E ratio of 38.12 and a beta of 1.43. Tricon Residential Inc. has a 1 year low of $6.53 and a 1 year high of $11.19. The company has a debt-to-equity ratio of 1.41, a quick ratio of 0.49 and a current ratio of 0.49.

Tricon Residential (NYSE:TCN) last released its quarterly earnings data on Tuesday, February 27th. The company reported ($0.14) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.14 by ($0.28). The business had revenue of $226.41 million for the quarter, compared to analyst estimates of $130.17 million. Tricon Residential had a return on equity of 3.12% and a net margin of 19.97%. As a group, analysts anticipate that Tricon Residential Inc. will post 0.61 earnings per share for the current fiscal year.

Analysts Set New Price Targets

A number of equities research analysts have commented on TCN shares. BMO Capital Markets downgraded Tricon Residential from an “outperform” rating to a “market perform” rating in a research report on Monday, January 22nd. TD Securities downgraded Tricon Residential from a “buy” rating to a “tender” rating and lifted their target price for the company from $10.50 to $11.25 in a research report on Monday, January 22nd. CIBC downgraded Tricon Residential from an “outperform” rating to a “tender” rating and lifted their target price for the company from $10.00 to $11.25 in a research report on Monday, January 22nd. Citigroup restated a “neutral” rating and issued a $11.25 target price (up previously from $10.50) on shares of Tricon Residential in a research report on Monday, January 22nd. Finally, Raymond James reiterated a “market perform” rating on shares of Tricon Residential in a report on Monday, January 22nd. Seven equities research analysts have rated the stock with a hold rating and one has given a buy rating to the stock. According to MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus price target of $10.47.

Tricon Residential 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.