Intact Investment Management Inc. Purchases 384,500 Shares of Tricon Residential Inc. (NYSE:TCN)

Intact Investment Management Inc. boosted its position in shares of Tricon Residential Inc. (NYSE:TCN) by 42.6% in the fourth quarter, Holdings Channel.com reports. The institutional investor owned 1,287,307 shares of the company’s stock after acquiring an additional 384,500 shares during the period. Intact Investment Management Inc.’s holdings in Tricon Residential were worth $11,717,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Vanguard Group Inc. boosted its stake in Tricon Residential by 1.5% during the third quarter. Vanguard Group Inc. now owns 11,531,266 shares of the company’s stock valued at $85,331,000 after buying an additional 171,518 shares during the last quarter. Land & Buildings Investment Management LLC bought a new position in Tricon Residential during the third quarter valued at approximately $45,874,000. Wellington Management Group LLP lifted its stake in shares of Tricon Residential by 128.4% in the 3rd quarter. Wellington Management Group LLP now owns 4,046,558 shares of the company’s stock valued at $29,946,000 after purchasing an additional 2,274,603 shares during the last quarter. Van Lanschot Kempen Investment Management N.V. lifted its stake in shares of Tricon Residential by 3.6% in the 3rd quarter. Van Lanschot Kempen Investment Management N.V. now owns 1,555,459 shares of the company’s stock valued at $11,510,000 after purchasing an additional 53,920 shares during the last quarter. Finally, Cidel Asset Management Inc. lifted its stake 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 purchasing an additional 4,963 shares during the last quarter. 62.28% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently issued reports on TCN shares. 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. CIBC lowered Tricon Residential from an “outperform” rating to a “tender” rating and raised their price objective for the company from $10.00 to $11.25 in a research note on Monday, January 22nd. 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, Keefe, Bruyette & Woods raised their price objective 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 assigned a buy rating to the company’s stock. Based on data from MarketBeat, Tricon Residential has a consensus rating of “Hold” and an average target price of $10.47.

Tricon Residential Trading Up 0.1 %

Shares of NYSE TCN traded up $0.01 during midday trading on Friday, hitting $11.23. The company’s stock had a trading volume of 23,703,230 shares, compared to its average volume of 8,903,803. 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 business’s 50 day moving average is $11.12 and its two-hundred day moving average is $9.52. Tricon Residential Inc. has a 12-month low of $6.53 and a 12-month high of $11.24. The firm has a market cap of $3.33 billion, a P/E ratio of 38.74 and a beta of 1.43.

Tricon Residential (NYSE:TCN) last released its quarterly earnings data on Tuesday, February 27th. The company reported ($0.14) EPS for the quarter, missing the consensus estimate of $0.14 by ($0.28). The firm had revenue of $226.41 million for the quarter, compared to analysts’ expectations of $130.17 million. Tricon Residential had a return on equity of 3.12% and a net margin of 19.97%. As a group, equities research analysts expect that Tricon Residential Inc. will post 0.61 EPS for the current year.

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.