Tricon Residential Inc. (NYSE:TCN) Short Interest Up 61.1% in April

Tricon Residential Inc. (NYSE:TCN) saw a significant increase in short interest in the month of April. As of April 15th, there was short interest totalling 4,560,000 shares, an increase of 61.1% from the March 31st total of 2,830,000 shares. Currently, 1.9% of the company’s shares are short sold. Based on an average daily trading volume, of 6,270,000 shares, the days-to-cover ratio is currently 0.7 days.

Institutional Investors Weigh In On Tricon Residential

Hedge funds have recently modified their holdings of the company. Wellington Management Group LLP boosted its position in Tricon Residential by 128.4% during the third quarter. Wellington Management Group LLP now owns 4,046,558 shares of the company’s stock worth $29,946,000 after acquiring an additional 2,274,603 shares during the last quarter. Caldwell Investment Management Ltd. boosted its holdings in shares of Tricon Residential by 746.8% during the 4th quarter. Caldwell Investment Management Ltd. now owns 810,740 shares of the company’s stock worth $7,393,000 after purchasing an additional 715,000 shares during the last quarter. DORCHESTER WEALTH MANAGEMENT Co purchased a new stake in shares of Tricon Residential in the third quarter valued at approximately $1,021,000. Vanguard Group Inc. increased its holdings in shares of Tricon Residential by 1.5% in the third quarter. Vanguard Group Inc. now owns 11,531,266 shares of the company’s stock valued at $85,331,000 after purchasing an additional 171,518 shares during the last quarter. Finally, Land & Buildings Investment Management LLC purchased a new position in Tricon Residential during the third quarter worth approximately $45,874,000. 62.28% of the stock is owned by hedge funds and other institutional investors.

Tricon Residential Stock Up 0.1 %

NYSE TCN traded up $0.01 on Friday, hitting $11.23. The stock had a trading volume of 23,703,230 shares, compared to its average volume of 8,903,803. 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 stock has a market cap of $3.33 billion, a price-to-earnings ratio of 38.72 and a beta of 1.43. Tricon Residential has a 52-week low of $6.53 and a 52-week high of $11.24. The business’s fifty day moving average price is $11.12 and its 200 day moving average price is $9.52.

Tricon Residential (NYSE:TCN) last issued its quarterly 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). The business had revenue of $226.41 million during 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%. Equities research analysts anticipate that Tricon Residential will post 0.61 earnings per share for the current year.

Wall Street Analysts Forecast Growth

TCN has been the subject of a number of research analyst reports. BMO Capital Markets lowered Tricon Residential from an “outperform” rating to a “market perform” rating in a research note on Monday, January 22nd. CIBC cut Tricon Residential from an “outperform” rating to a “tender” rating and upped their price target for the stock from $10.00 to $11.25 in a research note on Monday, January 22nd. Keefe, Bruyette & Woods upped their target price on shares of Tricon Residential from $9.50 to $11.25 and gave the stock a “market perform” rating in a research report on Monday, January 22nd. TD Securities cut Tricon Residential from a “buy” rating to a “tender” rating and increased their target price for the stock from $10.50 to $11.25 in a research note on Monday, January 22nd. Finally, Citigroup restated a “neutral” rating and set a $11.25 price objective (up from $10.50) on shares of Tricon Residential in a research note on Monday, January 22nd. Seven analysts have rated the stock with a hold rating and one has given a buy rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus price target of $10.47.

About Tricon Residential

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.