Tricon Residential Inc [NYSE: TCN] traded at a high on Monday, posting a 0.09 gain after which it closed the day’ session at $11.16. The company report on March 28, 2024 at 5:01 PM that Tricon Shareholders Approve Proposed Take Private by Blackstone Real Estate.
Tricon Residential Inc. (NYSE: TCN, TSX: TCN) (“Tricon” or the “Company”) is pleased to announce that at its special meeting (“Meeting”) of shareholders of the Company (“Company Shareholders”) held earlier today, Company Shareholders voted to approve the previously announced statutory plan of arrangement under the Business Corporations Act (Ontario) (the “Arrangement”) pursuant to which Blackstone Real Estate Partners X, together with Blackstone Real Estate Income Trust, Inc. (and together with their respective affiliates, “Blackstone”) will acquire all of the outstanding common shares of Tricon (“Common Shares”) for US$11.25 per Common Share in cash (the “Transaction”).
The Arrangement required the approval of: (i) at least two-thirds (66 2/3%) of the votes cast by Company Shareholders present or represented by proxy at the Meeting, voting as a single class; and (ii) because the proposed Arrangement is a “business combination” subject to Multilateral Instrument 61-101 – Protection of Minority Security Holders in Special Transactions (“MI 61-101”), a simple majority (more than 50%) of the votes cast by Company Shareholders present or represented by proxy at the Meeting, excluding the votes of Blackstone and other Company Shareholders whose votes were required to be excluded pursuant to MI 61-101.
The results of the trading session contributed to over 6022350 shares changing hands. Over the past one week, the price volatility of Tricon Residential Inc stands at 0.40% while the volatility over the past one month is 0.32%.
The market cap for TCN stock reached $3.05 billion, with 272.64 million shares outstanding and 238.83 million shares in the current float. Compared to the average trading volume of 6.75M shares, TCN reached a trading volume of 6022350 in the most recent trading day, which is why market watchdogs consider the stock to be active.
What do top market gurus say about Tricon Residential Inc [TCN]?
Based on careful and fact-backed analyses by Wall Street experts, the current consensus on the target price for TCN shares is $11.06 per share. Analysis on target price and performance of stocks is usually carefully studied by market experts, and the current Wall Street consensus on TCN stock is a recommendation set at 3.22. This rating represents a strong Buy recommendation, on the scale from 1 to 5, where 5 would mean strong sell, 4 represents Sell, 3 is Hold, and 2 indicates Buy.
Wolfe Research have made an estimate for Tricon Residential Inc shares, keeping their opinion on the stock as Peer Perform, with their previous recommendation back on February 01, 2024. The new note on the price target was released on January 22, 2024, representing the official price target for Tricon Residential Inc stock.
The Average True Range (ATR) for Tricon Residential Inc is set at 0.05, with the Price to Sales ratio for TCN stock in the period of the last 12 months amounting to 3.56. The Price to Book ratio for the last quarter was 0.79, with the Price to Cash per share for the same quarter was set at 0.81. Price to Free Cash Flow for TCN in the course of the last twelve months was 33.64.
How has TCN stock performed recently?
Tricon Residential Inc [TCN] gain into the green zone at the end of the last week, gaining into a positive trend and gaining by 0.18. With this latest performance, TCN shares gained by 0.27% in over the last four-week period, additionally plugging by 51.42% over the last 6 months – not to mention a rise of 47.81% in the past year of trading.
Overbought and oversold stocks can be easily traced with the Relative Strength Index (RSI), where an RSI result of over 70 would be overbought, and any rate below 30 would indicate oversold conditions. An RSI rate of 50 would represent a neutral market momentum. The current RSI for TCN stock in for the last two-week period is set at 64.34, with the RSI for the last a single of trading hit 60.40, and the three-weeks RSI is set at 67.58 for Tricon Residential Inc [TCN]. The present Moving Average for the last 50 days of trading for this stock 11.09, while it was recorded at 11.14 for the last single week of trading, and 8.96 for the last 200 days.
Earnings analysis for Tricon Residential Inc [TCN]
With the latest financial reports released by the company, Tricon Residential Inc posted 0.08/share EPS, while the average EPS was predicted by analysts to be reported at 0.13/share. When compared, the two values demonstrate that the company fail the estimates by a Surprise Factor of -38.50%. The progress of the company may be observed through the prism of EPS growth rate, while Wall Street analysts are focusing on predicting the 5-year EPS growth rate for TCN.
Insider trade positions for Tricon Residential Inc [TCN]
The top three institutional holders of TCN stocks are: VANGUARD GROUP INC with ownership of 1.32 billion shares, which is approximately 8.4983%. BLACKROCK INC., holding 1.04 billion shares of the stock with an approximate value of $200.69 billion in TCN stocks shares; and BERKSHIRE HATHAWAY INC, currently with $174.35 billion in TCN stock with ownership which is approximately 5.8386%.
