Tricon Residential (NYSE:TCN) Sees Unusually-High Trading Volume

Tricon Residential Inc. (NYSE:TCN) saw strong trading volume on Friday . 10,198,458 shares traded hands during trading, an increase of 37% from the previous session’s volume of 7,456,973 shares.The stock last traded at $11.23 and had previously closed at $11.22.

Analysts Set New Price Targets

TCN has been the topic of a number of research analyst reports. Wolfe Research downgraded shares of Tricon Residential from an “outperform” rating to a “peer perform” rating in a research note on Thursday, February 1st. Citigroup reiterated a “neutral” rating and issued a $11.25 price target (up previously from $10.50) on shares of Tricon Residential in a research report on Monday, January 22nd. BMO Capital Markets downgraded shares of Tricon Residential from an “outperform” rating to a “market perform” rating in a research report on Monday, January 22nd. TD Securities cut shares of Tricon Residential from a “buy” rating to a “tender” rating and raised their price objective for the company from $10.50 to $11.25 in a research note on Monday, January 22nd. Finally, Keefe, Bruyette & Woods raised their target price on shares of Tricon Residential from $9.50 to $11.25 and gave the company a “market perform” rating in a report on Monday, January 22nd. Seven research analysts have rated the stock with a hold rating and one has assigned a buy rating to the stock. According to data from MarketBeat.com, Tricon Residential presently has a consensus rating of “Hold” and a consensus price target of $10.47.

Tricon Residential Trading Up 0.1 %

The business’s 50-day moving average price is $11.12 and its 200 day moving average price is $9.49. The company has a debt-to-equity ratio of 1.41, a current ratio of 0.49 and a quick ratio of 0.49. The firm has a market capitalization of $3.33 billion, a price-to-earnings ratio of 38.69 and a beta of 1.43.

Tricon Residential (NYSE:TCN) last released its earnings results on Tuesday, February 27th. The company reported ($0.14) earnings per share for the quarter, missing the consensus estimate 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 for the quarter, compared to the consensus estimate of $130.17 million. On average, equities analysts forecast that Tricon Residential Inc. will post 0.61 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Tricon Residential

Several institutional investors have recently modified their holdings of TCN. Land & Buildings Investment Management LLC bought a new position in shares of Tricon Residential during the third quarter worth about $45,874,000. Syquant Capital Sas bought a new position in shares of Tricon Residential during the first quarter worth about $43,187,000. Norges Bank acquired a new stake in Tricon Residential in the fourth quarter worth about $27,627,000. Heitman Real Estate Securities LLC acquired a new stake in Tricon Residential in the fourth quarter worth about $23,096,000. Finally, Wellington Management Group LLP lifted its holdings in Tricon Residential by 128.4% in the third quarter. Wellington Management Group LLP now owns 4,046,558 shares of the company’s stock worth $29,946,000 after purchasing an additional 2,274,603 shares during the period. Institutional investors own 62.28% of the company’s stock.

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.