Tricon Residential (NYSE:TCN) Reaches New 12-Month High at $11.23

Tricon Residential Inc. (NYSE:TCN) hit a new 52-week high during trading on Thursday . The company traded as high as $11.23 and last traded at $11.23, with a volume of 6166195 shares changing hands. The stock had previously closed at $11.02.

Analyst Upgrades and Downgrades

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

Tricon Residential Stock Up 1.9 %

The firm has a market cap of $3.33 billion, a P/E ratio of 38.00 and a beta of 1.43. The company has a quick ratio of 0.49, a current ratio of 0.49 and a debt-to-equity ratio of 1.41. The firm has a fifty day moving average of $11.11 and a 200-day moving average of $9.48.

Tricon Residential (NYSE:TCN) last released its earnings results 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). Tricon Residential had a return on equity of 3.12% and a net margin of 19.97%. The company had revenue of $226.41 million for the quarter, compared to the consensus estimate of $130.17 million. On average, equities research analysts anticipate that Tricon Residential Inc. will post 0.61 earnings per share for the current year.

Hedge Funds Weigh In On Tricon Residential

A number of institutional investors have recently bought and sold shares of TCN. DORCHESTER WEALTH MANAGEMENT Co acquired a new position in Tricon Residential during the third quarter worth approximately $1,021,000. Versor Investments LP acquired a new position in shares of Tricon Residential in the third quarter valued at approximately $502,000. Quantbot Technologies LP acquired a new position in shares of Tricon Residential in the third quarter valued at approximately $192,000. Cidel Asset Management Inc. grew its position in shares of Tricon Residential by 0.5% in the third quarter. Cidel Asset Management Inc. now owns 912,832 shares of the company’s stock valued at $6,777,000 after purchasing an additional 4,963 shares during the last quarter. Finally, Swiss National Bank grew its position in shares of Tricon Residential by 1.7% in the third quarter. Swiss National Bank now owns 574,600 shares of the company’s stock valued at $4,283,000 after purchasing an additional 9,400 shares during the last quarter. Institutional investors and hedge funds own 62.28% of the company’s stock.

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.