Tricon Residential Inc. (NYSE:TCN) Sees Large Growth in Short Interest

Tricon Residential Inc. (NYSE:TCN) was the target of a large growth in short interest in April. As of April 15th, there was short interest totalling 4,560,000 shares, a growth of 61.1% from the March 31st total of 2,830,000 shares. Based on an average daily volume of 6,270,000 shares, the days-to-cover ratio is currently 0.7 days. Currently, 1.9% of the company’s stock are sold short.

Tricon Residential Stock Up 0.1 %

Tricon Residential stock traded up $0.01 during midday trading on Friday, reaching $11.23. The stock had a trading volume of 23,703,230 shares, compared to its average volume of 8,903,803. The stock has a market capitalization of $3.33 billion, a P/E ratio of 38.72 and a beta of 1.43. The firm’s fifty day simple moving average is $11.12 and its 200-day simple moving average is $9.52. The company has a debt-to-equity ratio of 1.41, a quick ratio of 0.49 and a current ratio of 0.49. Tricon Residential has a 1-year low of $6.53 and a 1-year high of $11.24.

Tricon Residential (NYSE:TCN) last announced its quarterly earnings data 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 the consensus estimate of $130.17 million. As a group, analysts expect that Tricon Residential will post 0.61 EPS for the current fiscal year.

Institutional Investors Weigh In On Tricon Residential

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. 1832 Asset Management L.P. raised its stake in shares of Tricon Residential by 3.8% during the 4th quarter. 1832 Asset Management L.P. now owns 13,039,665 shares of the company’s stock worth $118,661,000 after purchasing an additional 471,700 shares in the last quarter. Vanguard Group Inc. raised its position in Tricon Residential by 1.5% during the third quarter. Vanguard Group Inc. now owns 11,531,266 shares of the company’s stock worth $85,331,000 after acquiring an additional 171,518 shares in the last quarter. Land & Buildings Investment Management LLC bought a new stake in Tricon Residential during the third quarter worth $45,874,000. Wellington Management Group LLP grew its position in shares of Tricon Residential by 24.2% in the 4th quarter. Wellington Management Group LLP now owns 5,027,581 shares of the company’s stock valued at $45,754,000 after acquiring an additional 981,023 shares during the period. Finally, Syquant Capital Sas acquired a new position in shares of Tricon Residential during the 1st quarter worth about $43,187,000. 62.28% of the stock is owned by institutional investors.

Analysts Set New Price Targets

A number of brokerages have recently commented on TCN. CIBC lowered Tricon Residential from an “outperform” rating to a “tender” rating and increased their price objective for the company from $10.00 to $11.25 in a report on Monday, January 22nd. Raymond James reissued a “market perform” rating on shares of Tricon Residential in a research note on Monday, January 22nd. Wolfe Research cut Tricon Residential from an “outperform” rating to a “peer perform” rating in a research note on Thursday, February 1st. TD Securities cut Tricon Residential from a “buy” rating to a “tender” rating and raised their price target for the company from $10.50 to $11.25 in a report on Monday, January 22nd. Finally, Keefe, Bruyette & Woods increased their price objective on shares of Tricon Residential from $9.50 to $11.25 and gave the company a “market perform” rating in a report 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 company. Based on data from MarketBeat, Tricon Residential currently has an average rating of “Hold” and an average price target of $10.47.

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.