Tricon Residential (NYSE:TCN) Sees Large Volume Increase

Shares of Tricon Residential Inc. (NYSE:TCN - Get Free Report) saw an uptick in trading volume on Friday . 37,935,744 shares traded hands during trading, an increase of 461% from the previous session's volume of 6,768,107 shares.The stock last traded at $11.00 and had previously closed at $11.17.

Analyst Upgrades and Downgrades

A number of brokerages recently commented on TCN. Keefe, Bruyette & Woods increased 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. Wolfe Research lowered Tricon Residential from an "outperform" rating to a "peer perform" rating in a research note on Thursday, February 1st. BMO Capital Markets lowered Tricon Residential from an "outperform" rating to a "market perform" rating in a research note on Monday, January 22nd. TD Securities lowered Tricon Residential from a "buy" rating to a "tender" rating and raised their price objective for the company from $10.50 to $11.25 in a research note on Monday, January 22nd. Finally, Citigroup reaffirmed a "neutral" rating and issued a $11.25 price objective (up from $10.50) on shares of Tricon Residential in a research note on Monday, January 22nd. Seven research analysts have rated the stock with a hold rating and one has assigned a buy rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of "Hold" and a consensus price target of $10.47.

Tricon Residential Price Performance

The company has a current ratio of 0.49, a quick ratio of 0.49 and a debt-to-equity ratio of 1.41. The stock has a market capitalization of $3.02 billion, a P/E ratio of 38.07 and a beta of 1.43. The stock has a 50 day moving average of $11.12 and a 200-day moving average of $9.25.

Tricon Residential (NYSE:TCN - Get Free Report) last issued its quarterly earnings results on Tuesday, February 27th. The company reported ($0.14) earnings per share (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 for the quarter, compared to the consensus estimate of $130.17 million. On average, equities research analysts anticipate that Tricon Residential Inc. will post 0.6 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Tricon Residential

Institutional investors and hedge funds have recently modified their holdings of the business. Vanguard Group Inc. increased its holdings in Tricon Residential by 531.0% during the 1st quarter. Vanguard Group Inc. now owns 10,500,305 shares of the company's stock worth $166,746,000 after purchasing an additional 8,836,273 shares during the period. Land & Buildings Investment Management LLC purchased a new position in Tricon Residential during the 3rd quarter worth $45,874,000. T. Rowe Price Investment Management Inc. increased its holdings in Tricon Residential by 47.6% during the 4th quarter. T. Rowe Price Investment Management Inc. now owns 16,487,824 shares of the company's stock worth $127,122,000 after purchasing an additional 5,320,361 shares during the period. Syquant Capital Sas purchased a new position in Tricon Residential during the 1st quarter worth $43,187,000. Finally, Price T Rowe Associates Inc. MD increased its holdings in Tricon Residential by 52.0% during the 2nd quarter. Price T Rowe Associates Inc. MD now owns 10,179,634 shares of the company's stock worth $103,221,000 after purchasing an additional 3,483,476 shares during the period. 62.28% of the stock is owned by institutional investors.

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.