Tricon Residential (NYSE:TCN) Sees Large Volume Increase

Tricon Residential Inc. (NYSE:TCN) shares saw strong trading volume on Friday . 10,198,458 shares traded hands during trading, an increase of 37% from the previous session’s volume of 7,456,973 shares.The stock last traded at $11.23 and had previously closed at $11.22.

Wall Street Analyst Weigh In

Several equities research analysts have recently weighed in on the company. Wolfe Research lowered Tricon Residential from an “outperform” rating to a “peer perform” rating in a research report on Thursday, February 1st. TD Securities lowered Tricon Residential from a “buy” rating to a “tender” rating and raised their target price for the stock from $10.50 to $11.25 in a research 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. Raymond James restated a “market perform” rating on shares of Tricon Residential in a research note on Monday, January 22nd. Finally, BMO Capital Markets downgraded Tricon Residential from an “outperform” rating to a “market perform” rating 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 MarketBeat.com, Tricon Residential currently has an average rating of “Hold” and a consensus price target of $10.47.

Tricon Residential Stock Up 0.1 %

The firm has a 50 day simple moving average of $11.12 and a two-hundred day simple moving average of $9.54. The company has a market capitalization of $3.33 billion, a PE ratio of 38.72 and a beta of 1.43. 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 (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 net margin of 19.97% and a return on equity of 3.12%. The company had revenue of $226.41 million during the quarter, compared to analysts’ expectations of $130.17 million. Research analysts expect that Tricon Residential Inc. will post 0.61 EPS for the current year.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently modified their holdings of the stock. DORCHESTER WEALTH MANAGEMENT Co acquired a new stake in shares of Tricon Residential in the 3rd quarter valued at approximately $1,021,000. Versor Investments LP acquired a new stake in shares of Tricon Residential in the 3rd quarter valued at approximately $502,000. Quantbot Technologies LP acquired a new stake in shares of Tricon Residential in the 3rd quarter valued at approximately $192,000. Cidel Asset Management Inc. lifted its holdings in shares of Tricon Residential by 0.5% in the 3rd quarter. Cidel Asset Management Inc. now owns 912,832 shares of the company’s stock valued at $6,777,000 after buying an additional 4,963 shares during the period. Finally, Swiss National Bank lifted its holdings in shares of Tricon Residential by 1.7% in the 3rd quarter. Swiss National Bank now owns 574,600 shares of the company’s stock valued at $4,283,000 after buying an additional 9,400 shares during the period. 62.28% of the stock is currently owned by hedge funds and other 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.