NewEdge Wealth LLC Acquires 2,500 Shares of Tricon Residential Inc. (NYSE:TCN)

NewEdge Wealth LLC increased its holdings in Tricon Residential Inc. (NYSE:TCN) by 12.5% in the 4th quarter, according to its most recent filing with the SEC. The institutional investor owned 22,514 shares of the company’s stock after buying an additional 2,500 shares during the quarter. NewEdge Wealth LLC’s holdings in Tricon Residential were worth $205,000 at the end of the most recent reporting period.

Several other large investors also recently bought and sold shares of TCN. Mitsubishi UFJ Trust & Banking Corp bought a new stake in Tricon Residential in the 1st quarter worth about $39,000. BlackRock Inc. bought a new stake in Tricon Residential in the 1st quarter worth about $885,000. Great West Life Assurance Co. Can increased its holdings in Tricon Residential by 5.8% in the 1st quarter. Great West Life Assurance Co. Can now owns 82,305 shares of the company’s stock worth $1,393,000 after buying an additional 4,530 shares in the last quarter. Vanguard Group Inc. grew its stake in shares of Tricon Residential by 531.0% during the 1st quarter. Vanguard Group Inc. now owns 10,500,305 shares of the company’s stock valued at $166,746,000 after purchasing an additional 8,836,273 shares during the period. Finally, Mackenzie Financial Corp bought a new stake in shares of Tricon Residential during the 1st quarter valued at about $29,049,000. 62.28% of the stock is currently owned by institutional investors.

Tricon Residential Stock Up 0.6 %

NYSE TCN opened at $11.06 on Friday. The stock’s 50 day moving average is $11.11 and its 200 day moving average is $9.35. The company has a current ratio of 0.49, a quick ratio of 0.49 and a debt-to-equity ratio of 1.41. Tricon Residential Inc. has a 12 month low of $6.53 and a 12 month high of $11.19. The stock has a market cap of $3.28 billion, a PE ratio of 38.12 and a beta of 1.43.

Tricon Residential (NYSE:TCN) last posted its quarterly earnings results on Tuesday, February 27th. The company reported ($0.14) EPS for the quarter, missing analysts’ consensus estimates 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 during the quarter, compared to analysts’ expectations of $130.17 million. Research analysts predict that Tricon Residential Inc. will post 0.61 EPS for the current fiscal year.

Wall Street Analyst Weigh In

TCN has been the subject of a number of recent research reports. BMO Capital Markets downgraded Tricon Residential from an “outperform” rating to a “market perform” rating in a research note on Monday, January 22nd. TD Securities downgraded Tricon Residential from a “buy” rating to a “tender” rating and boosted their price target for the company from $10.50 to $11.25 in a research note on Monday, January 22nd. CIBC downgraded Tricon Residential from an “outperform” rating to a “tender” rating and boosted their price target for the company from $10.00 to $11.25 in a research note on Monday, January 22nd. Wolfe Research downgraded Tricon Residential from an “outperform” rating to a “peer perform” rating in a research note on Thursday, February 1st. Finally, Keefe, Bruyette & Woods boosted their price target on Tricon Residential from $9.50 to $11.25 and gave the company a “market perform” rating in a research note on Monday, January 22nd. Seven equities research analysts have rated the stock with a hold rating and one has issued a buy rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus price target of $10.47.

Tricon Residential 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.