Tricon Residential (NYSE:TCN) Reaches New 1-Year High at $11.23

Shares of Tricon Residential Inc. (NYSE:TCN) reached a new 52-week high during mid-day 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.

Analysts Set New Price Targets

TCN has been the topic of a number of research reports. Raymond James restated a “market perform” rating on shares of Tricon Residential in a research note on Monday, January 22nd. Citigroup restated a “neutral” rating and set a $11.25 price target (up previously from $10.50) on shares of Tricon Residential in a research note on Monday, January 22nd. Keefe, Bruyette & Woods raised their price target on Tricon Residential from $9.50 to $11.25 and gave the stock a “market perform” rating in a research note 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 note on Monday, January 22nd. Finally, Wolfe Research downgraded Tricon Residential from an “outperform” rating to a “peer perform” rating in a research note on Thursday, February 1st. Seven investment analysts have rated the stock with a hold rating and one has given a buy rating to the company’s stock. According to MarketBeat, the company has an average rating of “Hold” and an average target price of $10.47.

Tricon Residential Stock Performance

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 company has a 50 day moving average of $11.11 and a 200 day moving average of $9.48. The firm has a market cap of $3.33 billion, a price-to-earnings ratio of 38.00 and a beta of 1.43.

Tricon Residential (NYSE:TCN) last announced 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). Tricon Residential had a net margin of 19.97% and a return on equity of 3.12%. The firm had revenue of $226.41 million for the quarter, compared to analyst estimates of $130.17 million. As a group, equities research analysts expect that Tricon Residential Inc. will post 0.61 EPS for the current fiscal year.

Hedge Funds Weigh In On Tricon Residential

A number of institutional investors and hedge funds have recently added to or reduced their stakes in TCN. Land & Buildings Investment Management LLC bought a new position in Tricon Residential during the 3rd quarter valued at $45,874,000. Syquant Capital Sas bought a new position in Tricon Residential during the 1st quarter valued at $43,187,000. Norges Bank bought a new position in Tricon Residential during the 4th quarter valued at $27,627,000. Heitman Real Estate Securities LLC bought a new position in Tricon Residential during the 4th quarter valued at $23,096,000. Finally, Wellington Management Group LLP boosted its stake in Tricon Residential by 128.4% during the 3rd quarter. Wellington Management Group LLP now owns 4,046,558 shares of the company’s stock valued at $29,946,000 after purchasing an additional 2,274,603 shares in the last quarter. 62.28% of the stock is 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.