Tricon Residential (NYSE:TCN) Reaches New 12-Month High at $11.25

Tricon Residential Inc. (NYSE:TCN)’s stock price reached a new 52-week high during trading on Wednesday . The stock traded as high as $11.25 and last traded at $11.25, with a volume of 3513414 shares trading hands. The stock had previously closed at $11.23.

Analyst Ratings Changes

Several research firms recently commented on TCN. CIBC lowered Tricon Residential from an “outperform” rating to a “tender” rating and increased their target price for the company from $10.00 to $11.25 in a report on Monday, January 22nd. BMO Capital Markets lowered Tricon Residential from an “outperform” rating to a “market perform” rating in a report on Monday, January 22nd. Citigroup reaffirmed a “neutral” rating and set a $11.25 price objective (up previously from $10.50) on shares of Tricon Residential in a report on Monday, January 22nd. Keefe, Bruyette & Woods raised their price objective on Tricon Residential from $9.50 to $11.25 and gave the stock a “market perform” rating in a report on Monday, January 22nd. Finally, TD Securities lowered Tricon Residential from a “buy” rating to a “tender” rating and raised their price objective for the stock from $10.50 to $11.25 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 company’s stock. According to data from MarketBeat, Tricon Residential presently has an average rating of “Hold” and a consensus target price of $10.47.

Tricon Residential Stock Up 0.1 %

The firm has a market cap of $3.34 billion, a price-to-earnings ratio of 38.76 and a beta of 1.43. The firm’s 50 day moving average price is $11.13 and its two-hundred day moving average price is $9.61. The company has a debt-to-equity ratio of 1.41, a current ratio of 0.49 and a quick ratio of 0.49.

Tricon Residential (NYSE:TCN) last announced 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 return on equity of 3.12% and a net margin of 19.97%. The business had revenue of $226.41 million for the quarter, compared to analyst estimates of $130.17 million. As a group, sell-side analysts forecast that Tricon Residential Inc. will post 0.61 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Tricon Residential

Hedge funds have recently added to or reduced their stakes in the company. Abel Hall LLC acquired a new stake in Tricon Residential in the fourth quarter valued at about $91,000. Perigon Wealth Management LLC acquired a new stake in Tricon Residential in the first quarter valued at about $113,000. Naviter Wealth LLC acquired a new stake in Tricon Residential in the fourth quarter valued at about $100,000. Ieq Capital LLC lifted its position in Tricon Residential by 8.3% in the fourth quarter. Ieq Capital LLC now owns 19,673 shares of the company’s stock valued at $179,000 after purchasing an additional 1,500 shares during the period. Finally, Pursue Wealth Partners LLC acquired a new stake in Tricon Residential in the fourth quarter valued at about $203,000. 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.