Tricon Residential Inc. (NYSE:TCN) Short Interest Update

Tricon Residential Inc. (NYSE:TCNGet Free Report) saw a large increase in short interest in February. As of February 15th, there was short interest totalling 2,710,000 shares, an increase of 23.7% from the January 31st total of 2,190,000 shares. Based on an average daily trading volume, of 5,460,000 shares, the days-to-cover ratio is currently 0.5 days. Currently, 1.1% of the shares of the stock are sold short.

Tricon Residential Price Performance

Shares of TCN stock remained flat at $11.12 during trading on Monday. 2,853,890 shares of the stock were exchanged, compared to its average volume of 7,543,919. The firm’s 50 day moving average is $10.32 and its two-hundred day moving average is $8.69. 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 $3.04 billion, a P/E ratio of 38.34 and a beta of 1.44. Tricon Residential has a twelve month low of $6.53 and a twelve month high of $11.15.

Analyst Ratings Changes

TCN has been the subject of several analyst reports. Scotiabank cut their price target on shares of Tricon Residential from $10.25 to $10.00 and set an “outperform” rating for the company in a report on Thursday, November 9th. BMO Capital Markets cut shares of Tricon Residential from an “outperform” rating to a “market perform” rating in a report on Monday, January 22nd. TD Securities lowered shares of Tricon Residential from a “buy” rating to a “tender” rating and lifted their price target for the company from $10.50 to $11.25 in a research note on Monday, January 22nd. Raymond James reaffirmed a “market perform” rating on shares of Tricon Residential in a research note on Monday, January 22nd. Finally, CIBC lowered shares of Tricon Residential from an “outperform” rating to a “tender” rating and lifted their price target for the company from $10.00 to $11.25 in a research note on Monday, January 22nd. Seven research analysts have rated the stock with a hold rating and two have issued a buy rating to the company’s stock. According to MarketBeat, the company presently has an average rating of “Hold” and an average target price of $10.20.

Read Our Latest Stock Report on TCN

Institutional Trading of Tricon Residential

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Mitsubishi UFJ Trust & Banking Corp bought a new stake in Tricon Residential during the first quarter worth $39,000. Advisors Asset Management Inc. acquired a new position in shares of Tricon Residential in the first quarter valued at $42,000. Power Corp of Canada acquired a new position in shares of Tricon Residential in the first quarter valued at $59,000. Tower Research Capital LLC TRC grew its stake in shares of Tricon Residential by 90.2% in the third quarter. Tower Research Capital LLC TRC now owns 8,148 shares of the company’s stock valued at $72,000 after acquiring an additional 3,865 shares in the last quarter. Finally, XTX Topco Ltd acquired a new position in shares of Tricon Residential in the first quarter valued at about $88,000. 55.83% of the stock is owned by institutional investors.

About Tricon Residential

(Get Free Report)

Tricon Residential Inc (NYSE: TCN, TSX: TCN) is an owner and operator of a growing portfolio of approximately 37,000 single-family rental homes in the U.S. Sun Belt and multi-family apartments in Canada. Our commitment to enriching the lives of our employees, residents and local communities underpins Tricon's culture and business philosophy.

Further Reading

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