Why Tricon Residential Inc (NYSE: TCN) Stock Shouldn’t Be Ignored In 2024

In today’s recent session, 3.71 million shares of the Tricon Residential Inc (NYSE:TCN) were traded. Most recently the company’s share price was $11.18, and it changed around $0.03 or 0.28% from the last close, which brings the market valuation of the company to $3.06B. TCN at last check was trading at a discount to its 52-week high of $11.19, offering almost -0.09% off that amount. The share price’s 52-week low was $6.53, which indicates that the recent value has risen by an impressive 41.59% since then. We note from Tricon Residential Inc’s average daily trading volume that its 10-day average is 7.39 million shares, with the 3-month average coming to 6.75 million.

Tricon Residential Inc (NYSE:TCN) trade information

Instantly TCN has been showing a green trend so far today with a performance of 0.28% on intraday trading today. The performance over the last five days has remained in the green territory. The company’s shares are currently up 22.87% year-to-date, but still up 0.37% over the last five days. On the other hand, Tricon Residential Inc (NYSE:TCN) is 0.46% up in the 30-day period. We can see from the shorts that 2.8 million shares have been sold at a short interest cover period of 0.93 day(s).

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The consensus price target as assigned by Wall Street analysts is $9.67, which translates to bulls needing to decrease their stock price by -15.62% from its current value. Analyst projections state that TCN is forecast to be at a low of $8.5 and a high of $11.

Tricon Residential Inc (TCN) estimates and forecasts

Tricon Residential Inc share prices are performing particularly well compared to other companies within the same industry. As is evident from the statistics, the company’s shares have risen 51.71 percent over the past six months and at a 46.34% annual growth rate that is well above the industry average of 8.20%. Moreover, analysts have decided to roll up on their fiscal year 2024 revenue estimates. The rating firms predict that it will gain 87.50% in revenue this quarter, and will report a decrease of -6.30% in the next quarter. The year-over-year growth rate is expected to be -37.50%, down from the previous year.

Consensus estimates provided by 1 financial analysts predict the company will bring in an average of $121.4 million in revenue for the current quarter. 1 analysts expect Tricon Residential Inc to make $123.32 million in revenue for the quarter ending Jun 2024. The company’s sales for the same quarters a year ago were $110.87 million and $113.31 million respectively. Analysts predict that the company’s current quarter sales will jump, forecast at 9.50%. Forecasts for the next quarter put sales growth at 8.80%.

Looking at the company’s year-over-year earnings, the past five years showed a negative earnings growth rate of -21.57%.

TCN Dividends

Tricon Residential Inc’s next quarterly earnings report is expected to be released around May 07 and May 13. The annual dividend yield of the stock is 1.56 percent and its annual dividend per share was 0.17. It is important to note, however, that the 1.56% dividend yield ratio should be regarded as a guide only, as many other factors should be taken into consideration before making any investment decision.

Tricon Residential Inc (NYSE:TCN)’s Major holders

Upon looking at major shareholders, it appears that insiders hold 3.38% of Tricon Residential Inc shares, and 80.48% of them are in the hands of institutional investors. The stock currently has a share float of 83.30%. Tricon Residential Inc stock is held by 252 institutions, with Bank of Montreal/Can/ being the largest institutional investor. By Jun 29, 2023, it held 7.17% of the shares, which is about 19.58 million shares worth $172.5 million.

T. Rowe Price Investment Management, Inc., with 6.65% or 18.15 million shares worth $159.93 million as of Jun 29, 2023, holds the second largest percentage of outstanding shares.

Price (T.Rowe) Small-Cap Value Fund and Delaware Group Equity Funds V-Small Cap Value Fund were the top two Mutual Funds as of Jun 29, 2023. The former held 6.49 million shares worth $57.14 million, making up 2.38% of all outstanding shares. On the other hand, Delaware Group Equity Funds V-Small Cap Value Fund held roughly 4.87 million shares worth around $39.23 million, which represents about 1.79% of the total shares outstanding.